Crestone buy closes; Civitas begins trading

FIRESTONE and DENVER — The former Firestone-based Crestone Peak LLC was acquired after the merger of Bonanza Creek Energy Inc. (NYSE: BCEI) and Extraction Oil & Gas Inc. (Nasdaq: XOG).

Crestone laid off its 159 workers in September. The link-up was set in June.

The new company formed by the combination of the three oil and gas companies, Denver-based Civitas Resources Inc., began trading on the New York Stock Exchange under the ticker symbol “CIVI” on Nov. 2.

A press release said Civitas is “the largest pure-play energy producer in Colorado’s [Denver-Julesburg] Basin, and the state’s first carbon neutral oil and gas company.”

Civitas aims for “operational discipline, free cash flow generation … and ESG leadership.” ESG stands for “environmental, social and governance” principles, a growing area of investor interest, according to the press release.

Civitas Chairman Ben Dell noted the company’s business “model that is poised to deliver value for all of our stakeholders through disciplined capital deployment, operational and cost excellence and governance standards aligned with the highest expectations [and] ambitious goals [in] organizational and community values.”

Ex-Bonanza Creek president and CEO Eric Greager is CEO of Civitas. Civitas CFO Marianella Foschi and COO Matt Owens came from the same roles at Extraction Oil & Gas. Brian Cain, chief sustainability officer, also came from Extraction.

The Civitas board of directors has four members from the former Bonanza Creek, four from Extraction, and one from Crestone.

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