Silver Run Acquisition Corporation has announced that they completed an acquisition deal with Centennial Resource Production, LLC. Centennial Resource Production, LLC is located in the Southern Delaware Basin and they specialize in oil and natural gas. The company is an affiliate of NGP Energy Capital Management, LLC and the acquisition deal was unanimously approved by stockholders of both Silver Run and Centennial Resource Production. The stockholders meeting took place on October 7, 2016.
The acquisition gives Silver Run Acquisition Corporation an 89 percent controlling stake in Centennial Resource Production, LLC. This new acquisition has also given way to a new name for Silver Run. The company is now known as Centennial Resource Development, Inc.
The new merger has increased its governing board from four members to eight members. Centennial Resource Production, LLC is publicly traded on NASDAQ and its symbol is CDEV. The sale of Silver Run Acquisition Corporation was spearheaded by a huge sell off of the common stock of the company. Riverstone Energy Limited and their controlling interests were able to purchase a total of $810 million of Class A common stock of Silver Run Acquisition Corporation. NGP Energy Capital Management, LLC still holds on to the remaining 11 percent of Centennial Resource Production. They have a representative on the new board and that representative is Mr. Tony Weber.
It has been said that it was Citigroup Global Markets, Inc. that acted as a consultant and advisor to both Silver Run and Riverstone in the acquisition deal. Riverstone was founded in 2000 by Pierre Lapeyre and David Leuschen. Other companies that helped Silver Run in the deal were Goldman Sachs, Evercore Group LLC, and Duetsche Bank Securities Incorporated. Centennial Resource Production were represented and worked with the expertise and counsel of Credit Suisse Securities USA, Barclays Capital, and the law firm of Tudor, Pickering, Holt, & Company. It was reported that Redstone sought the legal counsel and representation of Latham & Watkins LLP.