DALLAS, Sept. 2, 2014 /PRNewswire/ -- RSP Permian,
Inc. ("RSP" or the "Company") (NYSE: RSPP) has closed its
previously announced acquisitions in Glasscock County for an aggregate purchase
price of $257 million in cash, subject to certain post-closing
adjustments. As previously disclosed, the acquisitions
include 6,652 net surface acres, or 19,367 net effective horizontal
acres, in Glasscock County with
156 net horizontal drilling locations and 316 net vertical
locations on 20-acre spacing. The acquired properties include
over 125 million Boe of resource potential based on internal
estimates and are 100% operated by RSP.
In conjunction with the closing of the acquisitions, RSP
announces that the Company has closed an amendment to its revolving
credit facility that provides for, among other things: (i)
increasing the borrowing base to $500
million from $375 million;
(ii) increasing the lenders' maximum facility commitments to
$1.0 billion from $500 million; (iii) extending the maturity date
two additional years to August 2019;
and (iv) allowing RSP the ability to issue senior notes.
"We are pleased to have extended the term and increased the size
of our borrowing base, providing us greater access under our credit
facility to execute our growth plans. We appreciate the
support of our bank group and believe this expanded credit facility
demonstrates our continued success increasing our production and
reserve base through both our drilling program and strategic
acquisitions," stated Steve Gray,
Chief Executive Officer of RSP.
About RSP Permian, Inc.
RSP is an independent oil and natural gas company focused on the
acquisition, exploration, development and production of
unconventional oil and associated liquids-rich natural gas reserves
in the Permian Basin of West
Texas. The vast majority of our acreage is located on large,
contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian
Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Dawson, Ector
and Glasscock. The Company's common stock is traded on the
NYSE under the ticker symbol "RSPP." For more information,
visit www.rsppermian.com.
Forward-Looking Statements
This news release contains forward-looking statements within the
meaning of the federal securities laws. All statements, other than
historical facts, that address activities that RSP assumes, plans,
expects, believes, intends or anticipates (and other similar
expressions) will, should or may occur in the future are
forward-looking statements. Forward-looking statements are based on
management's current beliefs, based on currently available
information, as to the outcome and timing of future events. These
forward-looking statements involve certain risks and uncertainties
that could cause the results to differ materially from those
expected by the management of RSP. Information concerning these
risks and other factors can be found in RSP's filings with the SEC,
including its Form 10-K, which can be obtained free of charge on
the SEC's web site located at http://www.sec.gov. RSP undertakes no
obligation to update or revise any forward-looking statement.
SOURCE RSP Permian, Inc.