The newest public E&P company plans to focus on development in the Eagle Ford Shale.
Houston-based Wildhorse Resource Development Corp. has launched its initial public offering for $664 million, more than the expected $650 million filed in November.
WildHorse plans to use some of the proceeds to expand its position in the Eagle Ford. The company will move forward with its acquisition of 158,000 net acres in the Eagle Ford Shale known as “Burleson North” from Clayton Williams Energy for $400 million. SEC documents verify that the company made a down payment of $45 million in October for the property, which produced 3.9 million barrels of oil equivalent per day during the third quarter of 2016.
Wildhorse’s horizontal drilling locations target the Eagle Ford Shale in Burleson and Lee Counties and the Austin Chalk in Washington County. The company said their technical expertise allowed them to drill twice as many wells per rig on their Eagle Ford Acreage during the first nine months of 2016 f their .