HOUSTON, TX (February 9, 2018) – Silver Run Acquisition Corporation II (“Silver Run II”) (NASDAQ:SRUN)(NASDAQ:SRUNU)(NASDAQ:SRUNW) today announced that it completed its business combination with Alta Mesa Holdings, LP (“Alta Mesa”) and Kingfisher Midstream, LLC (“Kingfisher”). Alta Mesa is an independent exploration and production company focused on the development and acquisition of unconventional oil and natural gas reserves in the Anadarko Basin. Kingfisher is a company engaged in providing certain midstream energy services, including crude oil and gas gathering, processing and marketing to producers of natural gas, natural gas liquids, crude oil and condensate in the STACK Play region of Oklahoma. The transaction was approved by the board of directors of Silver Run II and was approved at a special meeting of Silver Run II’s stockholders on February 6, 2018 by 98.43% of stockholders voting in person or by proxy at the special meeting. In connection with the closing of the transaction, Silver Run II has been renamed Alta Mesa Resources, Inc. (“Alta Mesa Resources”), and its common stock and warrants will be traded on the NASDAQ Capital Market under the symbols “AMR” and “AMRRW,” respectively, beginning on February 12, 2018.
The size of Alta Mesa Resources’ board of directors has been increased from four members to eleven members, and consists of James T. Hackett, Harlan H. Chappelle, Michael E. Ellis, David M. Leuschen, Pierre F. Lapeyre, Jr., William W. McMullen, Don Dimitrievich, William D. Gutermuth, Jeffrey H. Tepper, Diana J. Walters and Donald R. Sinclair.
Following the closing, Riverstone Holdings LLC (“Riverstone”) and Alta Mesa management collectively own a significant portion of Alta Mesa Resources, representing approximately 33% of Alta Mesa Resources’ market capitalization. In addition, the equity holders of Kingfisher collectively own approximately 14% of Alta Mesa Resources’ market capitalization.
In connection with the closing, Alta Mesa entered into an amended and restated senior secured revolving credit facility that provides for an aggregate of $1.0 billion with an initial $350.0 million borrowing base limit. Kingfisher is also a party to a $200 million revolving credit facility. As of the closing, neither Alta Mesa nor Kingfisher has any outstanding borrowings under their respective credit facilities or letter of credit reimbursement obligations.