Viper Energy has closed its acquisition of Riverbend Oil & Gas IX, a mineral and royalty interest holder, the Diamondback Energy subsidiary announced July 1. The deal valued at $337 million in cash plus approximately 3.7 million Viper shares adds upstream acreage to the Midland, Texas-based acquirer's portfolio.
The deal structure includes equity interests in Riverbend Oil & Gas IX, purchased from affiliated entities Riverbend Oil & Gas IX (AIV) and ROG IX. Viper financed the cash component through existing liquidity and draws on its revolving credit facility, according to the company statement.
The deal closed with standard post-closing purchase price adjustments still pending. Viper operates as a publicly-traded subsidiary of Diamondback Energy, focusing on mineral and royalty interest acquisitions in key oil and gas basins.