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BRIEF-Centennial Resource increases 2020 oil production target to 60,000 barrels per day

May 1 Centennial Resource Development Inc

* Centennial resource development announces strategic entry into northern delaware basin and increases 2020 oil production target to 60,000 barrels per day

* Centennial resource - to buy certain undeveloped acreage and producing oil and gas properties in northern delaware basin from gmt exploration company

* Centennial resource development inc - deal for total consideration of approximately $350 million in cash

* Centennial resource- ro-forma for pending deal, co is increasing mid-point of its 2017 production guidance to 25,750 boe/d from 24,500 boe/d

* Centennial resource development inc - is raising mid-point of its 2017 oil production guidance from 14,850 bbls/d to 15,750 bbls/d

* Centennial resource development inc - centennial expects to add one operated horizontal rig on gmt acreage

* Centennial resource development inc - expects to spud approximately five gross horizontal wells through year-end on gmt acreage

* Centennial resource development - raising 2020 production target to 60,000 barrels of oil per day from previous target of 50,000 bbls/d

* Centennial resource - has increased mid-point of its full-year 2017 drilling and completion capital expenditure guidance by approximately $38 million

* Centennial resource-intends to finance purchase price of deal from gmt through proceeds from one or more capital markets transactions

* Centennial resource development inc - anticipates that financing for deal will be leverage neutral on a forward-looking and pro forma basis Source text for Eikon: Further company coverage:

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