Bonanza Creek Energy Inc. agreed on June 7 to acquire privately held Crestone Peak Resources LLC in an all-stock merger transaction, tacking on another acquisition in the Denver-Julesburg (D-J) Basin.

The acquisition—Bonanza Creek’s third so far this year—represents the company’s strategy to position itself as the modern-day E&P business model, according to President and CEO Eric Greager. The initiative is tied to the formation of Civitas Resources Inc., which will be formed upon closing of its merger with Extraction Oil & Gas Inc. only announced last month.

“Our combination with Crestone is just one early marker of what we hope to achieve as Civitas, as we establish ourselves as the preferred consolidation partner in the D-J Basin and work toward becoming one of the top energy producers in the nation,” said  Greager, who will also serve as president and CEO of Civitas based in Denver.

Already have an account? Log In

Thanks for reading Hart Energy.

Sign Up now to get unmatched coverage of the oil and gas industry’s entire landscape.

Free Access