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Bonanza Creek and Extraction to Combine in Merger of Equals, Creating Civitas Resources – a New Colorado Energy Leader and the State’s First Net-Zero Oil & Gas Producer DENVER, May 10, 2021 (GLOBE NEWSWIRE) Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek”) and Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”), today announced that they have entered into a definitive agreement to combine in an all-stock merger of equals. The combined company, to be named Civitas Resources, Inc. (“Civitas”), will be the largest pure-play energy producer in Colorado’s Denver-Julesburg (DJ) Basin, with an aggregate enterprise value of approximately $2.6 billion (based on the closing share prices of Bonanza Creek and Extraction on May 7, 2021).

United statesRocky mountainWeld countyBonanza creekTom tyreeMarianella foschiSandi garbisoMatt owensBen dellBrian cainEric greagerScott landrethJohn wrenPetrie partners securitiesCivitas resources incJp morgan securities