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.