Centennial Resource Development Provides Update Regarding Its Acquisition of the Upstream Assets of Silverback Exploration
January 31 2017 - 4:05PM
As previously announced, on December 28, 2016, Centennial Resource
Development, Inc. together with its affiliates, including
Centennial Resource Production, LLC (“Centennial” or the “Company”)
(NASDAQ:CDEV) (NASDAQ:CDEVW), completed the acquisition of
leasehold interests and related upstream assets in Reeves County,
Texas from Silverback Exploration, LLC and Silverback Operating,
LLC (collectively, “Silverback”). The acquired acreage
included 11,694 net acres subject to an area of mutual interest
(the “AMI”) among certain third parties (the “AMI Counterparties”)
and Centennial, pursuant to which the AMI Counterparties
collectively had the right to acquire an aggregate of 80.75% of the
interests that Centennial acquired from Silverback in the acreage
subject to the AMI. Centennial has announced today that the
AMI Counterparties did not exercise their purchase rights as to the
11,694 net acres within the AMI prior to the expiration of those
rights on January 30, 2017, and the AMI Counterparties have no
further right to participate in the acquisition of the interests
acquired from Silverback. Centennial currently owns over
77,000 contiguous net acres located primarily in Reeves County
within the Delaware Basin.
About Centennial Resource Development,
Inc.
Centennial Resource Development, Inc. is an
independent oil and natural gas company focused on the development
and acquisition of unconventional oil and associated liquids-rich
natural gas reserves in the Permian Basin. The Company’s assets and
operations, which are held and conducted through Centennial
Resource Production, LLC, are concentrated in the Delaware Basin, a
sub-basin of the Permian Basin. For additional information about
the Company, please visit www.cdevinc.com.
Contact:
Hays Mabry
Director, Investor Relations
(713) 357-1393
ir@cdevinc.com
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