Citizen Energy Sees ‘Dominant Footprint’ Following Latest Midcontinent Acquisition

Following the acquisition of Red Bluff Resources and Bricktown Energy, Citizen Energy’s Midcontinent position now encompasses 326,000 net acres, 98% HBP.

Citizen Energy Sees ‘Dominant Footprint’ Following Latest Midcontinent Acquisition

Citizen Energy’s projected next 12-month EBITDAX is now expected to range between $750 million and $800 million, the company said in a June 29 press release. (Source: Hart Energy)

Citizen Energy closed its first acquisition of 2022, giving the Tulsa, Okla.-based company what it called a “dominant Midcontinent footprint” by acquiring substantially all assets owned by Red Bluff Resources and Bricktown Energy.

The deal raises Warburg Pincus-backed Citizen’s average daily production by 18% to average production of 86,000 boe/d from more than 720 operated wells across the Anadarko Basin. The company will also hold 326,000 net acres, 98% HBP. Citizen’s projected next 12-month EBITDAX is expected to range between $750 million and $800 million, the company said in a June 29 press release.

A private company, Citizen said in the release it expects the acquisition to be “highly accretive to shareholder returns” and that it sets it on a trajectory to becoming one of the top private producers in the U.S.

Already have an account? Log In

Subscribe now to get unmatched and complete coverage of the Energy industry’s entire landscape!

View our subscription options
  • Access to site wide content
  • Access to our proprietary databases
  • Watch exclusive videos with energy executives
  • Unlimited access to an extensive library of Playbooks, Techbooks, Yearbooks, supplements, and special reports
  • Newly Added! Access to Rextag's Energy Datalink, containing extensive GIS databases of energy assets, production records, processing capacities, physical locations, planned projects, acquisition records, and much more.

Darren Barbee

Darren Barbee is senior editor for Oil and Gas Investor magazine.