NGP sells majority stake in Centennial Resource Production
October 13, 2016
Energy Exploration | Denver, CO | Reverse Merger
NGP has sold an 89% stake in Centennial Resource Production, an oil & natural gas company with properties in the Southern Delaware Basin in West Texas, to Silver Run Acquisition. As part of the deal, Silver Run has renamed itself Centennial Resource Development and switched its symbol on the NASDAQ from SRAQ to CDEV; the new entity began trading at $16 per share and closed Wednesday at $16.40. In connection with the transaction, Riverstone has also acquired $810 million in Class A stock in the former Silver Run, a 51% stake. NGP still owns the remaining 11% of CRP.