Riverstone acquiring majority of Centennial Resource

Energy-focused private investment firm Riverstone Energy announced on Thursday that it has signed an agreement, along with other funds associated with Riverstone Holdings, to acquire a majority stake in Centennial Resource Development from NGP Energy Capital and other related funds.

The FTSE 250 company said Centennial is an exploration and production company focused on the acquisition and development of oil and liquids-rich natural gas resources in the Permian Delaware Basin, West Texas.

“The investment by REL is expected to comprise up to $175m depending upon approval for the transaction by the other Riverstone affiliated funds,” the firm’s board said in a statement.

Closing of the transaction is expected to occur in late September.