Civitas Resources Inc., a Colorado energy provider and carbon neutral oil & gas producer, has acquired privately-held Denver-Julesburg Basin operator, Bison Oil & Gas II LLC for $345 million.
The deal will strengthen Civitas’ portfolio through the addition of 102 gross high-quality locations. The deal will additionally enhance Civitas’ margins and integrate new assets under its net zero policy to further reduce basin emission.
Additionally, Civitas has announced that Ben Dell, an experienced energy investor, will take over as interim CEO following the departure of president and CEO, Eric Greager. Greager will stay on as a technical consultant for the next 12 months to ensure the firm’s continued success.
“In just a short period of time, Civitas has established itself as a leading platform in the DJ Basin, with scale, resources and a demonstrated commitment to delivering unprecedented value to all of its stakeholders,” commented Kimmeridge Energy, Civitas’ second largest shareholder. “We are very pleased with the integration progress of Civitas’ legacy companies and firmly believe that the Company is well positioned to continue successfully executing its business plan, with a clear objective of identifying value-accretive opportunities.”
RBC Capital Markets LLC and Petrie Partners LLC are serving as financial advisors and Kirkland & Ellis LLP is serving as legal advisor to Civitas. CIBC Capital Markets is serving as financial advisor and Bracewell LLP is serving as legal advisor to Bison.