HOUSTON, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Riviera Resources, Inc. (OTCQX: RVRA) announces that it has closed on the sale of its interest in properties located in the Arkoma Basin in Oklahoma. In addition, the Company also announces its fourth quarter 2018 earnings conference call.

Asset Sales Update
On January 17, 2019, the Company closed on the previously announced Arkoma Sale for a contract price of $68 million and after customary closing adjustments and transaction costs, the Company received net cash proceeds of approximately $65 million. The net proceeds from the sale are expected to be added to cash on the Company’s balance sheet and will be used, in part, to fund the Company’s previously announced share repurchase program.

ABOUT RIVIERA RESOURCES

Riviera Resources, Inc. is an independent oil and natural gas company with a strategic focus on efficiently operating its mature low-decline assets, developing its growth-oriented assets, and returning capital to its stockholders. Riviera’s properties are located in the Hugoton Basin, East Texas, North Louisiana, Michigan/Illinois, the Uinta Basin and Mid-Continent regions. Riviera also owns Blue Mountain Midstream LLC, a midstream company centered in the core of the Merge play in the Anadarko Basin.