DENVER — Civitas Resources Inc. has agreed to acquire Crestone Peak Resources, Civitas announced Monday in a news release.
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The acquisition will be completed after the merger of Bonanza Creek Energy Inc. and Extraction Oil & Gas Inc., the companies which are combining to form Civitas. That merger was announced in May.
To facilitate the transaction, Crestone shareholders will exchange 100% of their equity interests for about 22.5 million shares of Bonanza Creek common stock. Crestone shareholders will own approximately 26% of Civitass when the acquisition closes.
“Crestone brings to Civitas complementary, premium assets at the front end of the cost curve, along with common organizational and community values, including an aggressive commitment to sustainability,” said Tom Tyree, CEO of Extraction. “We look forward to creating significant value for all stakeholders and furthering Civitas’ standing as an ESG leader among oil and gas producers in Colorado.”