WildHorse Resource Development Corp. acquires Eagle Ford properties for $625 million

HOUSTON -- WildHorse Resource Development Corporation today announced that it has entered into a definitive agreement to acquire approximately 111,000 net acres and associated production from Anadarko Petroleum Corporation and affiliates of Kohlberg Kravis Roberts & Co. L.P. for aggregate consideration of $625 million, subject to certain customary closing conditions. Fourth-quarter 2016 net production on the acquired properties was 7,583 boed consisting of 72% oil from 386 operated wells. The transaction is expected to close on or about June 30, 2017, with an effective date of Jan. 1, 2017.

Key acquisition highlights:

• Approximately 111,000 net acres (95% held by production) in Burleson, Brazos, Lee, Milam, Robertson, and Washington Counties next to WRD’s existing acreage position
• Approximately 7,500 boed of net production for fourth-quarter 2016 consisting of approximately 72% oil and 89% liquids from 68 Eagle Ford, 299 Austin Chalk, 19 Buda/Georgetown operated wells
• 949 net Eagle Ford locations and 22.9 MMboe of proved developed producing reserves (73% oil and 88% liquids)
• Leverage neutral transaction structure maintains a pro-forma net debt to annualized EBITDAXtarget of 2.0x or less