Add one more to the crush of mergers and acquisitions this year in the nation’s most prolific oil and gas basins, this time out West. Reese Energy Consulting today is following the latest news from Denver-based Bonanza Creek, which will combine with Extraction Oil & Gas in a $1.1 billion all-stock merger of equals with an enterprise value of $2.6 billion. The merger creates the largest pure-play oil and gas operator in the DJ Basin and introduces a name change to the pairing now collectively known as Civitas Resources. Total assets include 425,000 net acres and 117 MBPD in production. Civitas also will become Colo.’s first net-zero producer at closing with an aggressive emissions reduction program. Sustainability initiatives will include a multi-year investment in emissions offsets, an EV fleet and charging stations, responsibly sourced natural gas, and community solar facilities.
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Bonanza Creek Energy
Bonanza Creek Energy, Inc. is a Colorado-based exploration and production company. We are committed to the communities and environment in which we live and operate. The Company’s primary objective is to maximize shareholder returns by safely and responsibly developing our oil and gas resources. Bonanza Creek is traded on the NYSE under the symbol “BCEI.”