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Silver Run Acquisition to buy controlling interest in Delaware Basin oil, gas firm

Silver Run Acquisition Corp. agreed to acquire a controllinginterest in Centennial Resource Production LLC in the southern Delaware Basin.

Centennial is a pure-play company with 42,500 net acres primarilyin Reeves and Ward counties, 1,357 gross identified potential horizontaldrilling locations and about 7,200 boe/d of net production.

Silver Run expects to fund the acquisition through a private placement of 101 millionSilver Run class A common shares priced at $10 per share, for net proceeds of$1 billion, according to a July 22 news release. Riverstone Holdings LLC and certain of its affiliates will purchaseabout $810 million worth of shares, including up to $175million from Riverstone Energy Ltd., while certain funds managed byCapital World Investors and certain funds managed by FidelityManagement and Research Company will purchase $200 million worthof shares.

On July 6, an affiliate of Riverstone agreed to purchaseabout 89% interest in Centennial from funds controlled by, and affiliates of,NGP Energy Capital ManagementLLC. However, on July 22, Riverstone agreed to cede its right topurchase interest in Centennial to Silver Run. Upon the closing of Silver Run'sacquisition of Centennial and related transactions, Riverstone will have around51% ownership interest in Silver Run.

NGP is expected to retain about 11% of the outstandinginterests in Centennial, and will have a representative on the Silver Run'sboard, the release said.

The acquisitionis expected to close on September, subject to certain conditions, includingapproval of Silver Run stockholders. Upon consummation, Silver Run is expectedto be renamed Centennial Resource Development Corp and will trade on the NASDAQstock exchange under the ticker symbol CDEV.