Nov 28 Privately held Silverback Exploration LLC
will sell oil and gas assets in the Delaware Basin, Texas, for
$855 million to Centennial Resource Development Inc,
which is backed by energy private equity fund Riverstone
The assets have net production of about 3,500 barrels of oil
equivalent per day.
The deal will increase Centennial's 2020 oil production goal
to 50,000 barrels of oil per day from 30,000 barrels of oil per
day, the company said.
Riverstone agreed to invest up to $500 million in
Centennial's common and convertible preferred shares.
Centennial was formed earlier this year through a business
combination of Centennial Resource Production LLC and Silver Run
Acquisition Corp, a special purpose acquisition company formed
by Centennial Chief Executive Mark Papa and Riverstone Holdings.
Weil, Gotshal & Manges LLP acted as Centennial's legal
adviser. Latham & Watkins LLP was Riverstone's legal adviser and
Kelly Hart & Hallman LLP provided legal advice to Silverback.
Tudor, Pickering, Holt & Co was Silverback's financial
(Reporting by Anet Josline Pinto in Bengaluru; Editing by Savio
D'Souza and Martina D'Couto)