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ARTICLE · 18 APRIL 2016

Energy SPACs

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In the first quarter of 2016, two energy-focused, special-purpose acquisition companies (SPACs) made their Nasdaq market debuts, including 2016's largest U.S. initial public offering (IPO) to date.

United StatesEnergy and Natural Resources
Akin Gump Strauss Hauer & Feld LLP
Akin Gump Strauss Hauer & Feld LLP
Gabriel Procaccini
Gabriel Procaccini
Paul Monsour
Paul Monsour
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In the first quarter of 2016, two energy-focused, special-purpose acquisition companies (SPACs) made their Nasdaq market debuts, including 2016's largest U.S. initial public offering (IPO) to date.

On February 29, 2016, Silver Run Acquisition Corp. (NASDAQ: SRAQU) raised $500 million in its IPO of units priced at $10 per unit. Each unit consisted of one share of Class A common stock and one-third of one warrant. Silver Run is sponsored by Mark Papa, former CEO of EOG Resources, Inc., and seeks "to identify, acquire and operate a business in the energy industry that may provide opportunities for attractive risk-adjusted returns" within 24 months of the IPO.

It was followed in March by KLR Energy Acquisition Corp. (NASDAQ: KLREU), which ultimately raised approximately $85.1 million in its IPO of units priced at $10 per unit. Each unit consisted of one share of Class A common stock and one warrant. KLR is sponsored by Gary Hanna, former CEO of EPL Oil & Gas Inc., and

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