|By PR Newswire||
|September 2, 2014 08:06 AM EDT||
DALLAS, Sept. 2, 2014 /PRNewswire/ -- RSP Permian, Inc. ("RSP" or the "Company") (NYSE: RSPP) has closed its previously announced acquisitions in Glasscock County for an aggregate purchase price of $257 million in cash, subject to certain post-closing adjustments. As previously disclosed, the acquisitions include 6,652 net surface acres, or 19,367 net effective horizontal acres, in Glasscock County with 156 net horizontal drilling locations and 316 net vertical locations on 20-acre spacing. The acquired properties include over 125 million Boe of resource potential based on internal estimates and are 100% operated by RSP.
In conjunction with the closing of the acquisitions, RSP announces that the Company has closed an amendment to its revolving credit facility that provides for, among other things: (i) increasing the borrowing base to $500 million from $375 million; (ii) increasing the lenders' maximum facility commitments to $1.0 billion from $500 million; (iii) extending the maturity date two additional years to August 2019; and (iv) allowing RSP the ability to issue senior notes.
"We are pleased to have extended the term and increased the size of our borrowing base, providing us greater access under our credit facility to execute our growth plans. We appreciate the support of our bank group and believe this expanded credit facility demonstrates our continued success increasing our production and reserve base through both our drilling program and strategic acquisitions," stated Steve Gray, Chief Executive Officer of RSP.
About RSP Permian, Inc.
RSP 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. The vast majority of our acreage is located on large, contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Dawson, Ector and Glasscock. The Company's common stock is traded on the NYSE under the ticker symbol "RSPP." For more information, visit www.rsppermian.com.
This news release contains forward-looking statements within the meaning of the federal securities laws. All statements, other than historical facts, that address activities that RSP assumes, plans, expects, believes, intends or anticipates (and other similar expressions) will, should or may occur in the future are forward-looking statements. Forward-looking statements are based on management's current beliefs, based on currently available information, as to the outcome and timing of future events. These forward-looking statements involve certain risks and uncertainties that could cause the results to differ materially from those expected by the management of RSP. Information concerning these risks and other factors can be found in RSP's filings with the SEC, including its Form 10-K, which can be obtained free of charge on the SEC's web site located at http://www.sec.gov. RSP undertakes no obligation to update or revise any forward-looking statement.
SOURCE RSP Permian, Inc.
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