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BRIEF-Bonanza Creek Energy Says Co And Extraction To Combine In Merger Of Equals, Creating Civitas Resources

05/10/2021 08:12
BRIEF-Bonanza Creek Energy Says Co And Extraction To Combine In Merger Of Equals, Creating Civitas Resources

- Bonanza Creek Energy Inc BCEI.N:

  • BONANZA CREEK AND EXTRACTION TO COMBINE IN MERGER OF EQUALS, CREATING CIVITAS RESOURCES – A NEW COLORADO ENERGY LEADER AND THE STATE’S FIRST NET-ZERO OIL & GAS PRODUCER

  • BONANZA CREEK ENERGY INC - DEAL FOR AGGREGATE ENTERPRISE VALUE OF APPROXIMATELY $2.6 BILLION

  • BONANZA CREEK ENERGY INC - CIVITAS EXPECTS TO ACHIEVE ANNUAL EXPENSE AND CAPITAL SAVINGS OF APPROXIMATELY $25 MILLION FROM DEAL

  • BONANZA CREEK - EXTRACTION SHAREHOLDERS WILL RECEIVE FIXED EXCHANGE RATIO OF 1.1711 SHARES OF CO'S COMMON SHARES FOR EACH SHARE OF EXTRACTION OWNED

  • BONANZA CREEK ENERGY INC - BONANZA CREEK AND EXTRACTION SHAREHOLDERS WILL EACH OWN APPROXIMATELY 50.0% OF CIVITAS

  • BONANZA CREEK ENERGY - COMBINED CO WILL OPERATE ACROSS ABOUT 425,000 NET ACRES, WITH PRODUCTION BASE OF 117 THOUSAND BARRELS OF OIL EQUIVALENT PER DAY

  • BONANZA CREEK - FUNDS MANAGED BY KIMMERIDGE ENERGY OWN ABOUT 38% PERCENT OF OUTSTANDING SHARES OF EXTRACTION

  • BONANZA CREEK - FOLLOWING MERGER, CIVITAS BOARD OF DIRECTORS WILL CONSIST OF EIGHT MEMBERS, FOUR DIRECTORS FROM BONANZA CREEK AND FOUR FROM EXTRACTION

  • BONANZA CREEK - EXTRACTION'S CURRENT CHAIRMAN, BEN DELL, WILL BE CHAIRMAN OF BOARD AFTER DEAL

  • BONANZA CREEK - BONANZA CREEK'S CURRENT PRESIDENT AND CHIEF EXECUTIVE OFFICER WILL BE PRESIDENT AND CEO OF CIVITAS

Source text for Eikon: ID:nGNX5zflVs

Further company coverage: BCEI.N


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