AUSTIN, Texas, April 20, 2017 /PRNewswire/ -- Parsley
Energy, Inc. (NYSE: PE) ("Parsley," "Parsley Energy," or the
"Company") today announced the closing of the previously announced
acquisition of certain entities holding undeveloped acreage and
producing oil and gas properties in the core of the Midland Basin
from Double Eagle Energy Permian LLC and certain of its affiliates
("Double Eagle") for an aggregate purchase price of approximately
$2.8 billion, consisting of
approximately $1.4 billion in cash
and approximately 39.8 million units of Parsley Energy, LLC
(together with a corresponding number of shares of the Company's
Class B Common Stock).
"We are thrilled to complete the acquisition of Double Eagle's
premier Midland Basin assets and appreciate the diligent effort of
all parties involved," stated Bryan
Sheffield, Chairman and CEO of Parsley Energy. "With
promising initial well results on acquired properties and progress
toward trades that will enhance the value of the consolidated
acreage position, our enthusiasm for this combination has only
increased."
Bracewell LLP acted as legal counsel to Parsley on the
transaction, and Double Eagle and certain of their affiliates were
represented by Vinson & Elkins LLP.
About Parsley Energy, Inc.
Parsley Energy, Inc. is an independent oil and natural gas
company focused on the acquisition and development of
unconventional oil and natural gas reserves in the Permian Basin in
West Texas.
Forward Looking Statements
Certain statements contained in this news release constitute
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements represent Parsley Energy's expectations or beliefs
concerning future events, and it is possible that the results
described in this news release will not be achieved. These
forward-looking statements are subject to risks, uncertainties and
other factors, many of which are outside of Parsley Energy's
control, which could cause actual results to differ materially from
the results discussed in the forward-looking statements. Any
forward-looking statement speaks only as of the date on which it is
made, and, except as required by law, Parsley Energy does not
undertake any obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise. New factors emerge from time to time, and it is not
possible for Parsley Energy to predict all such factors. When
considering these forward-looking statements, you should keep in
mind the risk factors and other cautionary statements found in our
filings with the SEC, including our Annual Report on Form 10-K. The
risk factors and other factors noted in our SEC filings could cause
our actual results to differ materially from those contained in any
forward-looking statement.
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SOURCE Parsley Energy, Inc.