A Southern Delaware Basin E&P that skipped its IPO in June is likely to go public after all, just not as it had expected.

Mark Papa-led Silver Run Acquisition Corp. (NASDAQ: SRAQ) said July 22 it has agreed to acquire a controlling interest in Centennial Resource Production LLC, an independent oil and natural gas company located in the core of the Southern Delaware Basin.

The purchase will cost Silver Run $1 billion in equity. The deal also pays off Centennial’s $188 million debt. Combined with Centennial, Silver Run will create a company Papa estimates to hold an enterprise value of $1.7 billion. Silver Run will be renamed Centennial Resource Development Corp. and hit the ground running with $100 million in cash and zero debt. Centennial will trade on the NASDAQ stock exchange under the ticker symbol CDEV.

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