NGLF Energy, LLC signed a definitive agreement to acquire unknown stake in North Louisiana Properties from Riviera Resources, Inc. (OTCPK:RVRA) for $26.5 million on July 27, 2020. The consideration is subject to closing adjustments. Riviera Resources will sell the remaining stake in the assets. The transaction is subject to all consents from governmental bodies and all approvals from governmental bodies required for the contemplated transactions and satisfactory completion of due diligence, as well as the satisfaction of closing conditions. After closing the transaction, the Riviera will continue to own upstream assets primarily located in the Mid-Continent region. The transaction is expected to closed in the third quarter of 2020. The estimated net proceeds from the sale are expected to be added to cash on the Riviera Resources' balance sheet and allow the option to return more capital in the future. RBC Richardson Barr acted as a financial advisor and Rahul D. Vashi, P.C. of Kirkland & Ellis LLP acted as a legal advisor in the transaction. Matthew May and Logan Schroeder of Cook, Yancey, King & Gallowa acted as legal advisor to NGLF Energy, LLC.