Silver Run Acquisition Corp. has completed its acquisitionof an 89% controlling interest in oil and natural gas company from funds controlled by, and affiliates of, NGP Energy Capital Management LLC.
In connection with the transaction, Silver Run has beenrenamed Centennial Resource Development Inc., with its common stock andwarrants to begin trading on NASDAQ under the symbols CDEV and CDEVW,respectively, on Oct. 12. The company funded a portion of the cashconsideration for the transaction with proceeds from the sale of 101,000,000 ofits Class A common stock at $10 per share, according to an Oct. 11 newsrelease.
RiverstoneHoldings LLC and certain of its controlled investment funds boughtabout $810 million worth of Silver Run shares, including $175 million fromRiverstone Energy Ltd.,and now owns 51% controlling interest in the company.
NGP has retained an 11% interest in Centennial ResourceProduction and has appointed Tony Weber as a director on the newly renamedcompany's board of directors. Silver Run's four-member board of directors hasalso been increased to consist of eight members, namely Mark Papa, Maire Baldwin, KarlBandtel, Pierre Lapeyre Jr., David Leuschen, JeffreyTepper, Robert Tichio and Tony Weber.
The transaction was approved by the boards of directors ofboth companies.