WildHorse Resource Development Corporation (NYSE:WRD), today announced the closing of the previously announced acquisition of approximately 111,000 net acres in the East Texas Eagle Ford from the Anadarko Petroleum Corporation (“APC”) and affiliates of Kohlberg Kravis Roberts & Co. L.P. (“KKR”). After customary purchase price adjustments, WRD paid $594.4 million to close the transaction, consisting of $533.6 million in cash and approximately 5.5 million shares of WRD common stock valued at $60.8 million.
“With the closing of this strategic acquisition, WildHorse is now the second largest operator in the Eagle Ford trend with approximately 385,000 net acres. The acquisition acreage almost perfectly overlaps our existing position and is 95% held by production. Furthermore, we have added 711 net locations at our 91 boe per foot type curve which gives us over 8 years of additional drilling inventory at our current pace,” said Jay Graham, Chairman and Chief Executive Officer of WRD. “We are very excited about getting to work on the consolidated position. In the second quarter of 2017, we have already brought online 6 wells adjacent to the acquired acreage, and we plan to drill several wells directly on the new acreage in the third quarter. In addition, with an increase of our borrowing base to $650 million and the closing of our preferred stock issuance, our balance sheet remains strong, enabling us to develop this tremendous asset,” added Jay Graham.