Centennial Resource Development to Acquire the Upstream Assets of Silverback Exploration in Reeves County for $855 million.
Kelly Hart & Hallman LLP represented Silverback Exploration, LLC in the sale of its oil and gas leasehold interests and related upstream assets in Reeves County for a purchase price of $855 million. Silverback is an EnCap Investments portfolio company. The purchaser is Riverstone Holdings, LLC. As part of the transaction, Riverstone has agreed to assign its rights to purchase the Silverback assets to Centennial Resource Development, Inc. The Kelly Hart team included Todd Spake, David Cook, Tom Hegi, Drew Neal and Seth Burt. Latham & Watkins LLP acted as legal counsel to Riverstone, and Weil, Gotshal & Manges LLP acted as legal counsel to Centennial.