Bonanza Creek Energy Inc. agreed to acquire a restructured HighPoint Resources Corp. on Nov. 9 in a transaction valued at approximately $376 million.

The combination is expected to create a leading unconventional oil producer in the Denver-Julesburg (D-J) Basin. Combined, the companies have production of 50,000 boe/d and a consolidated, contiguous leasehold position of approximately 206,000 net acres in rural Weld County, Colo.

Additionally, the companies expect the transaction to result in approximately $31 million in 2021 synergies on a pro forma basis, with $150 million of PV-10 synergies total, which represents nearly 45% of Bonanza Creek’s market cap at announcement, according to the company release.

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