Civitas Adds Premium Assets in DJ Basin With All-Stock Acquisition of Crestone Peak Resources

Vinson & Elkins advised Bonanza Creek Energy, Inc. (“Bonanza Creek”) in a definitive agreement whereby Civitas Resources, Inc. (“Civitas”), a Colorado energy leader that will be formed upon closing of the recently-announced merger of Bonanza Creek and Extraction Oil & Gas, Inc. (“Extraction”), will acquire Crestone Peak Resources, 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 Extraction and Bonanza Creek as of June 4, 2021), and will be optimally positioned to increase efficiencies through combining operations across more than half a million net acres and an estimated production base of approximately 160,000 barrels of oil equivalent per day.