Colorado energy company makes big $855M Texas purchase

DENVER BUSINESS JOURNAL - A Denver energy company said it's spending $855 million to buy 35,000 acres of Texas oilfield assets.

Centennial Resource Development Inc. (Nasdaq: CDEV) said it's buying the leasehold interests and related upstream assets in Reeves County from Silverback Exploration LLC.

Centennial officials said the company will now be one of the biggest operators in the Texas Delaware Basin, with more than 77,000 acres.

"While we did not expect to make such a significant acquisition so quickly, we could not pass up the opportunity to accretively add core acreage offsetting our existing Centennial assets at such a compelling price," said Mark Papa, Centennial CEO, in a statement.

Read more at the Denver Business Journal: http://bit.ly/2fXdtFu

Copyright 2016 Denver Business Journal


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