Kirkland & Ellis counseled Extraction Oil & Gas, Inc. (NASDAQ: XOG) on the purchase of Crestone Peak
Kirkland & Ellis counseled Extraction Oil & Gas, Inc. (NASDAQ: XOG) on the purchase of Crestone Peak Resources, a leading energy producer in the Denver-Julesburg Basin, by Civitas Resources, Inc., a Colorado energy leader that will be formed upon closing of the recently-announced merger of Bonanza Creek Energy, Inc. (NYSE: BCEI) and Extraction. Kirkland also counseled Extraction on the merger of Bonanza and Extraction. The parties announced that Civitas has materially advanced its consolidation strategy in the DJ Basin by entering into a definitive agreement to acquire Crestone Peak Resources. Civitas is expected to have an enterprise value of approximately $4.5 billion (based on the closing market equity capitalizations of Extraction and Bonanza Creek as of June 4, 2021), and will be optimally positioned to increase efficiencies through combining operations across more than half a million net acres and an estimated production base of approximately 160,000 barrels of oil equivalent per day.