Bonanza Creek & Extraction Announce Closing of Merger of Crestone Peak

Source: 11/1/2021, Location: North America

Bonanza Creek Energy, Inc. and Extraction Oil & Gas, Inc. announced the closing of their merger and subsequent acquisition of Crestone Peak Resources (“Crestone Peak”). The transactions were overwhelmingly approved, with over 99.9% of the votes cast by Bonanza Creek stockholders and over 99.9% of the votes cast by Extraction stockholders voting in favor.

The combined company has now formally been rebranded Civitas Resources, Inc. (“Civitas”) and will commence public trading on the NYSE under the ticker “CIVI” on November 2, 2021. Upon closing, Civitas became the largest pure-play energy producer in Colorado’s DJ Basin, and the state’s first carbon neutral oil and gas company. Civitas expects to exemplify the new E&P business model for U.S. producers, with a focus on operational discipline, free cash flow generation, financial alignment with shareholders, and ESG leadership.

Ben Dell, Chairman of Civitas, commented, “Civitas embodies an E&P model that is poised to deliver value for all of our stakeholders through disciplined capital deployment, operational and cost excellence, and governance standards aligned with the highest expectations – including our status as Colorado’s first carbon neutral oil & gas producer. Our team has worked diligently over these last several months to launch Civitas consistent with these ambitious goals, and we plan to bring forward the ‘best of’ our organizational and community values.”

New Members of the Executive Leadership Team and Board of Directors
Eric Greager, who previously served as President and Chief Executive Officer of Bonanza Creek, will continue as CEO of Civitas and serve as a member of the Board. Marianella Foschi will be Chief Financial Officer (“CFO”) and Matt Owens will serve as Civitas’ Chief Operating Officer (“COO”). Ms. Foschi and Mr. Owens served in the same roles at Extraction. Brian Cain has been appointed to the role of Chief Sustainability Officer of Civitas, having previously served as Extraction’s VP of External Affairs and ESG Policy.

The Civitas board of directors is now composed of nine members, four from legacy Bonanza Creek, four from legacy Extraction and one representative from legacy Crestone. Extraction’s former Chairman, Ben Dell, will serve as Chairman of the Civitas Board.

Eric Greager, President and CEO of Civitas, commented, "Civitas has the resource quality, low-cost structure, meaningful free cash flow generation, and low financial leverage to deliver sustained shareholder value. The integration of Extraction and Crestone is proceeding very well, and we believe that the combined companies’ ability to operate safely and efficiently during this process of consolidation and change affirms the operational excellence at the heart of Civitas. This distinctive consolidation capability, combined with a commitment to sustainability and a strong balance sheet, positions Civitas exceptionally well moving forward.”

Brian Steck, former Chairman of Bonanza Creek and a continuing member of the Civitas Board, commented, “I am proud that the values, which galvanized Bonanza Creek’s success over the years – a relentless competitive spirit, safety and environmental responsibility, and a focus on shareholder value – will continue under Eric’s leadership at Civitas. We are poised to lead the way in the E&P market and possess the assets, strategy and people to succeed.”

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