October 14, 2016
RSP Permian acquired oil and gas firm Silver Hill, with properties in the Permian Basin, for approximately $2.4 billion. The final price will be based on the share value as of Oct. 12.
Silver Hill, a privately held company, had approximately 41,000 net acres in Loving and Winkler counties in West Texas. RSP indicated the deal could push production from its current 35,000 barrels of oil per day to between 52,000-56,000.
The transaction is anticipated to close by the end of the year for part of the company (Silver Hill Energy Partners). The remaining sale, for Silver Hill E&P II, is anticipated to close early next year.
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