Denver-based oil and gas company Civitas Resources has struck two deals totaling nearly $5 billion to move into the Permian Basin, the country’s leading shale-oil play.
Denver-based oil and gas companyhas struck two deals totaling nearly $5 billion to move into the Permian Basin, the country’s leading shale-oil play.
Civitas, which currently operates only in the Denver-Julesburg Basin of northern Colorado, said in a statement that the new assets in West Texas and eastern New Mexico, will boost its production by 60%. The acquisition “in the heart of the Permian Basin” will provide nearly a decade of high-return drilling inventory, Doyle said.
The deal includes a portion of Tap Rock’s assets in the Delaware Basin of the Permian. Civitas has agreed to pay Tap Rock $2.45 billion, which includes $1.5 billion in cash and approximately 13.5 million shares of Civitas common stock valued at approximately $950 million.
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