Private Equity | Capital Markets | Private Equity Activity
Centennial Resources Ups Borrowing Base; Close Silverback Deal
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Riverstone backed, Centennial Resource Development has closed on its previously annouced acquition of Silverback Exploration Delaware Basin Assets for $855 million.
In conjunction with the acquistion closing the company's lenders also increased its borrowing base from $200 to $250 million. The borrowing base remains undrawn.
About Silverback Exploration, LLC
Silverback Exploration, LLC is a San Antonio-based, independent oil and gas company focused on the pursuit of leasing and drilling opportunities in domestic resource plays, both conventional and unconventional. Silverback was formed in November 2013 with an equity commitment from EnCap Investments, L.P.
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.
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