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Rosehill Resources Inc. Announces Partial Conversion of Class B Common Stock

HOUSTON, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Rosehill Resources Inc. (a??Rosehilla?? or the a??Companya??) (NASDAQ: ROSE, ROSEW, ROSEU) today announced that Tema Oil & Gas Company (a??Temaa??) has exchanged 14.1 million shares of its Class B Common Stock for an equivalent number of shares of Class A Common Stock. After the exchange, Tema holds approximately 15.7 million shares of Class B Common Stock and 14.1 million shares of Class A Common Stock.
Tema has informed the Company that the exchange was driven in part by tax planning considerations and that Tema has no intention to sell the newly exchanged shares of Class A Common Stock in the immediate future. As a result of the exchange, the Company does not expect any change to Temaa??s voting rights and all accounting impacts will be reflected in the Companya??s financials for the period ending December 31, 2019.Since its conversion from a special purpose acquisition company in 2017, the Company has maintained dual share classes of common stock for the purposes of allowing certain benefits and voting rights related to its organizational structure, commonly referred to as an a??Up-Ca?? structure. Tema, as sole owner of the Companya??s Class B Common Stock, generally has the right to exchange all or a portion of its Class B Common Stock (together with the transfer and surrender of an equal number of common units of Rosehill Operating Company, LLC) in exchange for an equivalent number of shares of the Companya??s Class A Common Stock.A About Rosehill Resources Inc.Rosehill Resources Inc. is an independent oil and gas exploration company with assets positioned in the Delaware Basin portion of the Permian Basin. The Companya??s strategy includes the focused development of its multi-bench assets in the Northern Delaware Basin and the Southern Delaware Basin, as well as adding economic drilling inventory to support future growth.
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