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.
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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