Denver-based Centennial Resource Development, Inc. announced it has closed the previously announced sale of non-core assets to affiliates of Henry Resources, LLC and Pickering Energy Partners, LP for a cash purchase price of $101 million, subject to customary closing adjustments.
The properties sold include approximately 6,200 net leasehold acres and related assets located on the southernmost portion of the company’s Reeves County, Texas position.
“We are pleased to have closed this transaction and plan to utilize the proceeds to reduce borrowings on the Company’s revolver,” said Sean R. Smith, Chief Executive Officer. “This divestiture enhances our financial flexibility as we head into next year.”
Centennial Resource Development, Inc. is an independent oil and natural gas company focused on the development of 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.