Civitas Resources’ Acquisition of Crestone Peak Resources

Kirkland & Ellis represented Extraction Oil & Gas in the transaction.

Civitas Resources, Inc. (“Civitas” or the “Company”), a Colorado energy leader that will be formed upon closing of the merger of Bonanza Creek Energy, Inc. (NYSE: BCEI) (“Bonanza Creek”) and Extraction Oil & Gas, Inc. (NASDAQ: XOG) (“Extraction”), entered into a definitive agreement to acquire Crestone Peak Resources (“Crestone”), another leading energy producer in the region.

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.

The Kirkland team advising Extraction was led by corporate partners Doug Bacon (Picture), Julian Seiguer, Enoch Varner and Alex Rose and associates Camille Walker, Brittany Scheier, Tess Dennis and Sara Phipps; capital markets partner Bryan Flannery and associates Logan Weissler and Samantha Siegler; asset partners Anthony Speier and Chris Heasley and associate Alia Heintz; tax partner Mark Dundon and associates Joe Tobias and Courtney Loyack; finance partners Will Bos and Mitch McClellan and associates Shan Khan and Aisha Noor; executive compensation partners Stephen Jacobson and Stephanie Jeane and associate Tony Guan; labor and employee benefits partners Jeffrey Quinn, Jackson Phinney, R.D. Kohut and Sydney Jones; and international trade partners Mario Mancuso and Luci Hague and associates Carrie Schroll and William Phalen.

Involved fees earner: Douglas Bacon – Kirkland & Ellis; William Bos – Kirkland & Ellis; Tess Elizabeth Dennis – Kirkland & Ellis; Mark Dundon – Kirkland & Ellis; Bryan Flannery – Kirkland & Ellis; Tony Guan – Kirkland & Ellis; Luci Hague – Kirkland & Ellis; Christopher Heasley – Kirkland & Ellis; Alia Heintz – Kirkland & Ellis; Stephen Jacobson – Kirkland & Ellis; Stephanie Jeane – Kirkland & Ellis; Sydney Jones – Kirkland & Ellis; Shan Khan – Kirkland & Ellis; R.D. Kohut – Kirkland & Ellis; Courtney Loyack – Kirkland & Ellis; Mario Mancuso – Kirkland & Ellis; Mitch McClellan – Kirkland & Ellis; Aisha Noor – Kirkland & Ellis; William Phalen – Kirkland & Ellis; Jackson Phinney – Kirkland & Ellis; Sara Phipps – Kirkland & Ellis; Jeffrey Quinn – Kirkland & Ellis; Alex Rose – Kirkland & Ellis; Brittany Scheier – Kirkland & Ellis; Carolyn Schroll – Kirkland & Ellis; Julian Seiguer – Kirkland & Ellis; Samantha Siegler – Kirkland & Ellis; Anthony Speier – Kirkland & Ellis; Joe Tobias – Kirkland & Ellis; Enoch Varner – Kirkland & Ellis; Camille Walker – Kirkland & Ellis; Logan Weissler – Kirkland & Ellis;

Law Firms: Kirkland & Ellis;

Clients: Extraction Oil & Gas, LLC;

Author: Martina Bellini