Riverstone Energy cashes in part of Centennial Resource Development – Riverstone Energy Limited has announced that it is participating in an offering of shares in Centennial Resource Development. The offering is by affiliates of Riverstone Holdings LLC (which includes Riverstone Energy) and Natural Gas Partners. Riverstone Energy has participated for its proportional share of the offering, resulting in the sale of 4,346,633 shares, equivalent to 18.2% of its total investment in Centennial. The selling stockholders also granted the underwriters a 30-day option to purchase up to 3,750,000 additional shares. If exercised, this would result in the sale of up to an additional 651,995 shares by Riverstone Energy.
Information on pricing will be released in due course but Riverstone Energy’s holding in Centennial after this transaction (and excluding the option for underwriters to purchase additional shares), is 19,542,288 shares, which results in a gross unrealised value of $411 million based on the Centennial share price at yesterday’s market close.
About Centennial Resource Development, Inc.
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin. The company’s assets and operations, which are held and conducted through Centennial Resource Production, LLC, are concentrated in the Delaware Basin, a sub-basin of the Permian Basin.
RSE : Riverstone Energy cashes in part of Centennial Resource Development