Centennial Resource Development,Inc. (NASDAQ:SRAQU) Files An 8-K Other Events

Item 8.01 Other Events.

On November28, 2016, Centennial Resource Development,Inc.
(together with its affiliates, Centennial) issued a press
release, a copy of which is attached as Exhibit99.1 to this
Current Report on Form8-K, announcing that, subject to the
satisfaction of certain conditions, Centennial has agreed to
acquire 50% of the leasehold interests and related upstream
assets in Reeves County from Silverback Exploration, LLC and
Silverback Operating, LLC (collectively, Silverback). On
November21, 2016, an affiliate of Riverstone Holdings LLC
(Riverstone) entered into a purchase agreement with Silverback to
acquire 50% of its leasehold interests and related upstream
assets in Reeves County for an aggregate purchase price of $855
million in cash, subject to certain adjustments. On November27,
2016, Riverstone, Centennial and certain of their affiliates
entered into an agreement to assign, under which Riverstone has
agreed to assign, and Centennial has agreed to assume,
Riverstones right to purchase such Silverback assets, subject to
the satisfaction of certain conditions. Certain third parties
have the right, exercisable within 30 days of receipt of a notice
of the acquisition, to acquire up to 80% of approximately 10,000
net acres within the approximately 35,000 net acres being
acquired at the purchase price paid by Centennial.

In connection with the acquisition, Riverstone and affiliated
funds have committed to invest up to $500 million in a
combination of Centennial common and convertible preferred shares
at the common equivalent of $14.54 per share, subject to
adjustment. The preferred shares will be convertible into common
shares upon the approval of Centennials stockholders of such
conversion at a special meeting. Holders of the preferred shares
will not be entitled to a preferred dividend, but will be
entitled to participate in dividends payable on the common stock.
The preferred shares will also have a liquidation preference of
$0.0001 per share and holders will be entitled to participate
with common stockholders in distributions upon liquidation.
Receipt of the funds necessary to effect the acquisition to
financing arrangements satisfactory to Centennial is a condition
to its obligation to effect the assignment.

On November28, 2016, Centennial will provide information
regarding the proposed transaction in an investor presentation. A
copy of the investor presentation is furnished as Exhibit99.2
hereto.

Item 9.01Financial Statements and
Exhibits.

(d)Exhibits. The following exhibits are filed with this Form8-K:

About Centennial Resource Development, Inc. (NASDAQ:SRAQU)

Centennial Resource Development, Inc., formerly Silver Run Acquisition Corporation, is an emerging growth company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company focuses on identifying, acquiring and building a company in the energy industry. The Company has not generated any revenue. The Company’s subsidiaries include Centennial Resource Production, LLC, Centennial Resource Management, LLC, Atlantic Exploration, LLC and Centennial Crude Gathering, LLC.

Centennial Resource Development, Inc. (NASDAQ:SRAQU) Recent Trading Information

Centennial Resource Development, Inc. (NASDAQ:SRAQU) closed its last trading session up +1.18 at 11.73 with 102,903 shares trading hands.