Civitas Resources to acquire oil and gas producer Crestone [Reuters]
Bonanza Creek Energy, Inc. (BCEI)
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Source: Reuters
By David French 3 Min Read (Reuters) -Civitas Resources Inc, being formed through the merger of Bonanza Creek Energy Inc and Extraction Oil & Gas Inc, said Monday it will buy peer Crestone Peak Resources to create a Colorado-focused oil and gas producer worth around $4.5 billion. The merger between Bonanza Creek and Extraction, announced last month, will create the largest exploration and production company focused on Colorado’s Denver-Julesburg (DJ) Basin. Taking over Crestone, also active in Colorado, will further expand that footprint. Monday’s statement, confirming an earlier Reuters report, said the combined entity would produce around 160,000 barrels of oil equivalent per day. Civitas will use 22.5 million Bonanza Creek shares to pay Crestone’s owners, including the Canada Pension Plan Investment Board (CPPIB) and investment firm The Broe Group, giving them 26% of the overall company. Sources told Reuters the deal values Crestone, formed in 2016 when CPPIB and Broe acquired ass
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