DALLAS, Feb. 27, 2017 /PRNewswire/ -- RSP Permian, Inc. ("RSP" or "Company) (NYSE: RSPP) today announced that its stockholders approved the issuance of approximately 16 million shares of RSP common stock as partial consideration for RSP's acquisition of Silver Hill E&P II, LLC ("SHEP II"). As previously announced, affiliates of SHEP II will also receive approximately $646 million upon the closing of the SHEP II transactions. At the Company's special stockholder meeting held on February 24, 2017, approximately 83.5% of the outstanding shares of RSP common stock were voted and of those who voted, approximately 99.9% voted in favor of the issuance of RSP common stock to acquire SHEP II.
With receipt of the stockholder's approval of the issuance of RSP common stock, the SHEP II transactions are expected to close on March 1, 2017.
About RSP Permian, Inc.
RSP is an independent oil and natural gas company focused on the acquisition, exploration, development and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. The vast majority of RSP's acreage is located on large, contiguous acreage blocks in the core of the Midland and Delaware Basins, sub-basins of the Permian Basin. The Company's common stock is traded on the NYSE under the ticker symbol "RSPP." For more information, visit www.rsppermian.com.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on the Company. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that management anticipates.
The Company's forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from the Company's historical experience and present expectations or projections. Furthermore, we may not be able to close the SHEP II transactions and we may not be able to recognize the expected benefits from the SHEP II transactions (including our expectations for production growth). Information concerning these risks and other factors can be found in RSP's filings with the SEC, including its Annual Report on Form 10-K and any subsequent Quarterly Report on Form 10-Q, which can be obtained free of charge on the SEC's web site located at http://www.sec.gov.
Consequently, all of the forward-looking statements made in this news release are qualified by these cautionary statements and there can be no assurances that the actual results or developments anticipated by us will be realized, or even if realized, that they will have the expected consequences to or effects on us, our business or operations. We have no intention, and disclaim any obligation, to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise.
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SOURCE RSP Permian, Inc.