The deal adds 47,000 net acres in Eddy County, New Mexico, and 300 gross undeveloped locations in the Permian Basin’s Northwest Shelf to Riley’s portfolio. (Source: Shutterstock)
Riley Exploration Permian Inc. said on July 2 it closed on its $142 million deal to buy EnCap’s Silverback Exploration II LLC.
The deal adds 47,000 net acres in Eddy County, New Mexico, and 300 gross undeveloped locations in the Permian Basin’s Northwest Shelf to Riley’s portfolio.
When the deal was first announced in May, Riley said the deal was accretive to its long-term strategy, despite market volatility.
RELATED
Riley Permian Buys Northwest Shelf E&P Silverback II for $142MM
Silverback Exploration II is backed by private equity firm EnCap Investments LP. EnCap’s initial investment in Silverback II was a $500 million equity investment in 2017.
Silverback’s first iteration sold to Centennial Resource Development LLC for roughly $855 million. The deal included 35,000 acres in the Permian’s Delaware Basin in Reeves County, Texas.
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