Bonanza Creek Energy, Inc. (NYSE: BCEI) ("Bonanza Creek" or the
“Company”) and Extraction Oil & Gas, Inc. (NASDAQ: XOG)
(“Extraction”) today 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.”
New Corporate Website
In connection with the rebranding and renaming of Civitas, the
company has launched a new corporate website. Additional details
about the company can now be found at www.civitasresources.com.
Further details regarding the transactions can be found in the
report on Form 8-K that Civitas will file with the Securities and
Exchange Commission.
Conference Call Information
The company plans to publish an updated presentation on November
4, 2021 on the Civitas website and host a conference call with
institutional analysts and investors on November 4, 2021 at 8:00
a.m. Mountain Time (10:00 a.m. Eastern Time). A replay of the call
will be available for one week. Dial-in information for the
conference call is included below.
Type
Phone Number
Conference ID
Live participant
(877) 793-4362
1794818
Replay
(855) 859-2056
1794818
About Civitas Resources, Inc.
Civitas Resources, Inc. is Colorado’s first carbon neutral oil
& gas producer and is focused on developing and producing crude
oil, natural gas and natural gas liquids in Colorado’s
Denver-Julesburg Basin. The company is committed to pursuing
compelling economic returns and cash flow while delivering
best-in-class cost leadership and capital efficiency. Civitas is
dedicated to safety, environmental responsibility, and implementing
industry leading practices to create a positive local impact. For
more information about Civitas, please visit
www.civitasresources.com.
Forward-Looking Statements and Cautionary Statements
Certain statements in this press release concerning the Bonanza
Creek and Extraction merger and subsequent acquisition of Crestone
Peak (the “Transactions”), including any statements regarding the
combined company’s expected credit facility, the results, effects,
benefits and synergies of the Transactions, future opportunities
for Civitas, future financial performance and condition, guidance
and any other statements regarding Civitas’ future expectations,
beliefs, plans, objectives, financial conditions, assumptions or
future events or performance that are not historical facts are
“forward-looking” statements based on assumptions currently
believed to be valid. Forward-looking statements are all statements
other than statements of historical facts. The words “anticipate,”
“believe,” “ensure,” “expect,” “if,” “intend,” “estimate,”
“probable,” “project,” “forecasts,” “predict,” “outlook,” “aim,”
“will,” “could,” “should,” “would,” “potential,” “may,” “might,”
“anticipate,” “likely” “plan,” “positioned,” “strategy,” and
similar expressions or other words of similar meaning, and the
negatives thereof, are intended to identify forward-looking
statements. Specific forward-looking statements include statements
regarding Civitas’ plans and expectations with respect to the
Transactions and the anticipated impact of the Transactions on
Civitas’s results of operations, financial position, growth
opportunities and competitive position. The forward-looking
statements are intended to be subject to the safe harbor provided
by Section 27A of the Securities Act of 1933, as amended, Section
21E of the Securities Exchange Act of 1934, as amended, and the
Private Securities Litigation Reform Act of 1995.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from those anticipated, including, but not limited to, potential
adverse reactions or changes to business or employee relationships,
including those resulting from the completion of the Transactions;
the diversion of management time on Transaction-related issues; the
ultimate timing, outcome and results of integrating the operations
of Civitas; the effects of the business combination on Civitas,
including Civitas’ future financial condition, results of
operations, strategy and plans; the ability of Civitas to realize
anticipated synergies in the timeframe expected or at all; changes
in capital markets and the ability of Civitas to finance operations
in the manner expected; the effects of commodity prices; the risks
of oil and gas activities; and the fact that operating costs and
business disruption may be greater than expected following the
public announcement or consummation of the Transactions.
Expectations regarding business outlook, including changes in
revenue, pricing, capital expenditures, cash flow generation,
strategies for our operations, oil and natural gas market
conditions, legal, economic and regulatory conditions, and
environmental matters are only forecasts regarding these
matters.
Additional information concerning other risk factors is also
contained in Bonanza Creek’s (now Civitas’) and Extraction’s most
recently filed Annual Reports on Form 10-K, subsequent Quarterly
Reports on Form 10-Q, Current Reports on Form 8-K and other SEC
filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20211101005944/en/
Investor Relations: John Wren, ir@civiresources.com
Media: Brian Cain, info@civiresources.com
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