Civitas Announces Dj Basin Acquisition And Concurrent Ceo Transition

Civitas Resources, Inc. (NYSE: CIVI) (“Civitas” or the “Company”), a Colorado energy leader and the state’s first carbon neutral oil & gas producer, today announced that it has signed definitive agreements to acquire privately held Denver-Julesburg Basin (“DJ Basin”) operator Bison Oil & Gas II, LLC (“Bison”) for approximately $346 million of consideration, consisting of 2.3 million CIVI shares, $45 million in cash and the assumption of approximately $176 million in debt and other liabilities (the “Transaction”). The Transaction is expected to close in the first quarter of 2022 and demonstrates Civitas’ disciplined approach to consolidation with a focus on value creation and accretion.