Centennial Resource Development launches its new website: www.CDEVinc.com
A newly formed oil and gas E&P company, Centennial Resource Development (ticker: CDEV), (www.CDEVinc.com) is the Southern Delaware’s newest player, though its executive team and board of directors are anything but new to the basin.
Centennial Resource Development: The Next Core Delaware Pure Play
Silver Run transaction with CDEV
CDEV was christened Centennial Resource Development by Silver Run Acquisition Corp. on Oct. 12, 2016, following the completion of Silver Run’s purchase of 89% controlling interest in CDEV’s operating company—Centennial Resource Production. In connection with the acquisition, Silver Run changed its name to Centennial Resource Development, Inc. The shares of CDEV are traded on Nasdaq under the ticker symbol CDEV. Energy-focused private equity investor Riverstone Holdings and its affiliates are the single largest stockholder of CDEV, with an approximate 51% ownership interest in the company.
Centennial Resource Development: dressed for the party with a clean balance sheet and $100 million earmarked “Southern Delaware”
As of October 11, 2016, CDEV has no outstanding debt and approximately $100 million of cash on hand. CDEV’s assets and operations are concentrated in the Delaware portion of the Permian and consist of more than 40,000 net acres and 1,350+ drilling locations primarily in Reeves County, with acreage in Ward and Pecos counties in West Texas.
Why is the industry in love with the Southern Delaware basin?
Make no mistake about it, for oil field development and production, the Permian basin is carrying the U.S. shale industry. The Permian leads all other U.S. basins in rig count, in spite of the worst downturn in recent memory. Why?
Pick one: its favorable operating environment, stacked pay potential, high oil content, extensive infrastructure base, significant service provider network, and historically high drilling success rates.
CDEV is expecting the Delaware Basin to evolve past the Wolfcamp. “While we have developed our acreage primarily in the Wolfcamp zone, we believe the Avalon and Bone Spring shales are prospective on our leasehold,” the company said.
For more information, please visit the CDEV website: www.CDEVinc.com.
