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RSP Permian, Inc. Prices Initial Public Offering

DALLAS, Jan. 16, 2014 /PRNewswire/ -- RSP Permian, Inc. (the "Company") today announced the pricing of its initial public offering of 20,000,000 shares of its common stock at $19.50 per share.  The shares are expected to begin trading on the New York Stock Exchange on January 17, 2014 under the ticker symbol "RSPP."  The Company is selling 9,225,000 shares of its common stock, and the selling stockholders named in the registration statement are selling 10,775,000 shares of the Company's common stock.  The selling stockholders have granted the underwriters a 30-day option to purchase up to an additional 3,000,000 shares of the Company's common stock from the selling stockholders if the underwriters sell more than 20,000,000 shares of the Company's common stock.  The offering is expected to close on January 23, 2014, subject to customary closing conditions.

The Company intends to use the net proceeds of approximately $166.0 million to fully repay its term loan, to make cash payments to certain existing investors as partial consideration for the properties contributed to the Company by such persons, to pay cash bonuses to certain of the Company's employees in connection with the successful completion of the offering, to reduce outstanding borrowings under its revolving credit facility and to fund a portion of its capital expenditure plan.  The Company will not receive any of the proceeds from the sale of shares of the Company's common stock by the selling stockholders.

Barclays, J.P. Morgan, Tudor, Pickering, Holt & Co., Raymond James, RBC Capital Markets and UBS Investment Bank are acting as joint book-running managers for this offering. 

A registration statement on Form S-1 relating to these securities has been filed with and declared effective by the Securities and Exchange Commission.  This offering will be made only by means of a written prospectus.  A copy of the prospectus meeting the requirements of Section 10 of the Securities Act of 1933 may be obtained, when available, from:

Barclays

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

[email protected]

Toll-Free: 1-888-603-5847

J.P. Morgan

c/o Broadridge Financial Solutions

1155 Long Island Avenue

Edgewood, NY 11717

Toll-Free: 1-866-803-9204

Tudor, Pickering, Holt & Co.

Attn: Prospectus Department

Heritage Plaza

1111 Bagby, Suite 5100

Houston, TX 77002

Telephone: (713) 333-7100




Raymond James

Attn: Prospectus Department

880 Carillon Parkway

St. Petersburg, FL 33716

[email protected]

Toll-Free: 1-800-248-8863

RBC Capital Markets

Attn: Prospectus Department

Three World Financial Center

200 Vesey Street, 8th Floor

New York, NY 10281

Toll-Free: 1-877-822-4089

UBS Investment Bank

Attn: Prospectus Department

299 Park Avenue

New York, NY 10171

Toll-Free: 1-888-827-7275

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of the securities described in the registration statement or the prospectus in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

RSP Permian, Inc. is an independent oil and natural gas company focused on the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. 

This release includes "forward-looking statements" within the meaning of federal securities laws. Such forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond RSP Permian, Inc.'s control. All statements, other than historical facts included in this release, are forward-looking statements. All forward-looking statements speak only as of the date of this release. Although the Company believes that the plans, intentions and expectations reflected in or suggested by the forward-looking statements are reasonable, there is no assurance that these plans, intentions or expectations will be achieved. Therefore, actual outcomes and results could materially differ from what is expressed, implied or forecast in such statements.

We caution you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond our control, incident to the exploration for and development, production, gathering and sale of oil and natural gas. These risks include, but are not limited to, commodity price volatility, inflation, lack of availability of drilling and production equipment and services, environmental risks, drilling and other operating risks, regulatory changes, the uncertainty inherent in estimating natural gas and oil reserves and in projecting future rates of production, cash flow and access to capital and the timing of development expenditures.

SOURCE RSP Permian, Inc.

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