Civitas Adds Premium Assets In DJ Basin With All-Stock Acquisition Of Crestone Peak Resources
Enhances Civitas’ Scale and Synergy Potential, with Addition of Crestone’s Highly Complementary and Adjacent Assets
Crestone Operations Support Civitas’ Commitment to Achieve Net-Zero Emissions
Denver, CO (GLOBE NEWSWIRE) - Civitas Resources, Inc. (“Civitas” or the “Company”), a Colorado energy leader that will be formed upon closing of the recently-announced merger of Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek”) and Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”), today announced that it has materially advanced its consolidation strategy in the Denver-Julesburg (DJ) Basin by entering into a definitive agreement to acquire Crestone Peak Resources (“Crestone”), another leading energy producer in the region. Civitas is expected to have an enterprise value of approximately $4.5 billion (based on the closing market equity capitalizations of Extra
/PRNewswire/ Kimmeridge Energy Management Company, LLC ("Kimmeridge"), a private equity firm focused on upstream energy, with an investment philosophy.
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News | May 10, 2021
Bonanza Creek And Extraction To Combine In Merger Of Equals, Creating Civitas Resources â A New Colorado Energy Leader And The State s First Net-Zero Oil & Gas Producer
Denver, CO (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).
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
May 10, 2021 08:05 ET | Source: Bonanza Creek Energy, Inc. Bonanza Creek Energy, Inc. Denver, Colorado, UNITED STATES
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).