Bonanza Creek and Extraction to Combine in Merger of Equals, Creating Colorado’s First Net-Zero Producer Civitas Resources
Vinson & Elkins advised Bonanza Creek Energy, Inc. (“Bonanza Creek”) in connection with its entry into a definitive agreement to combine with Extraction Oil & Gas, Inc. (“Extraction”) in an all-stock merger of equals transaction. The combined company, to be named Civitas Resources, Inc., will be the largest pure-play energy producer in Colorado’s Denver-Julesburg Basin, with an enterprise value of approximately $2.6 billion based on the equity market capitalizations of Bonanza Creek and Extraction as of May 7, 2021.
The V&E corporate team was led by partners Steve Gill and Shelley Barber, with assistance from senior associate Alex Robertson and associates David Lassetter, Elizabeth Janicki, Andrea Siso and Patrick Nichols. Also advising were partner Katherine Frank and associates Cameron Land, Claire Wenholz and Anne Jensen; partners James Meyer and Wendy Salinas, senior associate Brian Russell and associate David Gilbert; partner Shane Tucker, senior associate Missy Spohn and associate Matt Green; partner Sean Becker and associate Peter Goetschel; partner Brett Santoli and senior associate Maya Bobbitt; partner Paul Heath and senior associate Lauren Kanzer; partner Larry Nettles; partner Suzanne Clevenger and associate Tray Smith; and partner John Grand and counsel Elena Sauber.
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