Silver Run Acquisition Corporation Announces Completion of New Acquisition

Silver Run Acquisition Corporation recently announced that it has completed an acquisition of controlling interest in Centennial Resource Production, an oil and natural gas company. NGP Energy Capital Management also contributed to the acquisition. Both companies had the transaction approved by their respective boards of directors. The acquisition was approved by Silver Run’s stockholders. Because of the transaction, Silver Run was renamed Centennial Resource Development Inc. All stock and warrants will be traded through NASDAQ. The size of the board of directors has increased from four members to eight members.

Riverstone has purchased some common stock in Silver Run. Some funds managed by Capital World Investors and Fidelity Management purchased some Class A Common Stock as well. Some of the proceeds from the stock sale helped fund cash for the transaction. Riverstone and its affiliates are stockholders of Silver Rain. Centennial Resource Production amended its credit agreement to permit the transaction.

Silver Run Acquisition Corporation is an energy focused entity that was formed to enter into a merger, asset acquisition, stock purchase, and capital stock exchange with one or more businesses. The company’s plan after the transaction is to look at the development of oil and natural gas reserves around the Permian Basin. All assets are held through Centennial Resource Production, and are concentrated in the Delaware Basin. There are multiple properties in the Reeves, Pecos, and Ward Counties in West Texas.

Riverstone Holdings LLC is an energy and power focused private investment firm founded by Pierre Lapeyre, Jr. and David Leuschen. Riverstone conducts different capital investments in the midstream, power, exploration, and production of the energy industry. Riverstone Holdings has offices in the United States, Mexico, and Europe. Riverstone Holdings have invested in Latin America, Europe, Asia, and North America. NGP is a private equity firm in the natural resources industry.

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