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Centennial Starts With a Bang; Upsizes Well Performance
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Centennial Resource Development reported results for the third quarter of 2016.
Key Points: The Company completed its acquisition of an approximate 89% membership interest in CRP on October 11, 2016, and such membership interest constitutes the only significant asset of the Company. CRP had one rig running for most of the third quarter, spudded four wells and completed two wells.Recent significant events that occurred in October 2016 include the following:
On October 11, 2016, the Company consummated the previously announced acquisition of approximately 89% of the outstanding membership interests in CRP. The Company fully repaid $189 million of outstanding debt of CRP at the closing of the acquisition. CRP amended its credit agreement to increase the borrowing base under the…- ✓ Full news archive — U.S., Canada & international coverage
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