BCEI - Civitas Resources to expand DJ Basin footprint via $1.3B Crestone deal - Reuters

Civitas Resources, which is being formed through the merger of Bonanza Creek Energy (BCEI) and Extraction Oil and Gas (XOG), is set to acquire Crestone Peak Resources for $1.3B including debt, with an announcement expected as soon as today, Reuters reports.An acquisition of Crestone would expand the merged company's already leading position in Colorado's DJ Basin.Civitas would use its own shares as currency to pay Crestone's owners, including the Canada Pension Plan Investment Board and investment firm The Broe Group, according to the report.Bonanza Creek and Extraction said last month that their merger would create Colorado's first carbon neutral oil and gas producer.

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Civitas Resources to expand DJ Basin footprint via $1.3B Crestone deal - Reuters