Centennial Resource Development, a oil and gas E&P with 61 horizontal wells in the Permian Basin, withdrew its plans for an initial public offering on Monday. It originally filed in June 2016 with a proposed deal size of $100 million, and in July it announced that Mark Papa's blank check company Silver Run Acquisition (SRAQ; +59%), which went listed in February, would acquire a stake in Centennial.
The Denver, CO-based company was founded in 2012 and booked $81 million in sales for the 12 months ended March 31, 2016. It had planned to list on the Nasdaq under the symbol CDEV. Credit Suisse and Barclays were set to be the joint bookrunners on the deal.
