Denver-based Civitas Resources Inc., the largest oil and natural gas producer in the Denver-Julesburg (DJ) Basin, has added another trophy to its portfolio by snapping up Bison Oil & Gas II LLC in a cash-and-stock swap worth an estimated $346 million.

Once the transaction is completed, now expected by the end of March, the takeover would add 102 gross locations to the DJ-centered portfolio of Civitas, 38 sites of which are fully permitted. Pro forma, production would increase by 9,000 boe/d. 

Bison private equity (PE) sponsor Carnelian Energy Capital, based in Houston, agreed to take 2.3 million shares of Civitas and $45 million cash. Civitas also is assuming $176 million of Bison’s debt.

“In just a short period of time, Civitas has established itself as a leading...