DALLAS, March 1, 2017 /PRNewswire/ -- RSP Permian, Inc.
("RSP" or the "Company") (NYSE: RSPP) has completed the second part
of its previously announced acquisitions of Silver Hill Energy
Partners, LLC ("SHEP I") and Silver Hill E&P II, LLC ("SHEP
II," and together with SHEP I, "Silver Hill"). The
Company closed the acquisition of SHEP II for an aggregate purchase
price of approximately $646 million
of cash and 16 million shares of RSP common stock, subject to
certain customary post-closing adjustments. As previously
announced, on February 24, 2017, RSP
stockholders overwhelmingly approved the issuance of the
approximately 16 million shares of RSP common stock as partial
consideration for the acquisition of SHEP II.
RSP closed the acquisition of SHEP I on November 28, 2016 for a purchase price of
approximately $604 million of cash
and approximately 15 million shares of RSP common stock.
Silver Hill owns approximately 68,000 gross, 41,000 net acres in
northeast Loving and northwest
Winkler Counties, Texas, and at the time of the acquisition
announcement had approximately 15 MBoe/d of net production (69%
oil, 86% liquids) from 58 wells (49 horizontals) producing from
seven horizontal zones.
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 and
Delaware Basin, sub-basins of the
Permian Basin. 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 Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended. These
forward-looking statements are based on our current expectations
and beliefs concerning future developments and their potential
effect on the Company. While management believes that these
forward-looking statements are reasonable as and when made, there
can be no assurance that future developments affecting us will be
those that management anticipates.
The Company's forward-looking statements involve significant
risks and uncertainties (some of which are beyond our control) and
assumptions that could cause actual results to differ materially
from the Company's historical experience and present expectations
or projections. Furthermore, we may not be able to recognize the
expected benefits from the Silver Hill transactions (including our
expectations for production growth). Information concerning these
risks and other factors can be found in RSP's filings with the SEC,
including its Annual Report on Form 10-K and any subsequent
Quarterly Report on Form 10-Q, which can be obtained free of charge
on the SEC's web site located at http://www.sec.gov.
Consequently, all of the forward-looking statements made in this
news release are qualified by these cautionary statements and there
can be no assurances that the actual results or developments
anticipated by us will be realized, or even if realized, that they
will have the expected consequences to or effects on us, our
business or operations. We have no intention, and disclaim any
obligation, to update or revise any forward-looking statements,
whether as a result of new information, future results or
otherwise.
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SOURCE RSP Permian, Inc.