Civitas Resources, Inc. 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. Concurrent with the Transaction, Civitas announced that Eric Greager has stepped down as President and Chief Executive Officer, effective January 31, 2022.

During his tenure as CEO, Mr. Greager oversaw the successful integrations of Bonanza Creek Energy, Inc., HighPoint Resources, Inc., Extraction Oil & Gas, Inc., and Crestone Peak Resources, LLC. Civitas' Chairman, Ben Dell, a deeply experienced energy investor and early proponent of the new E&P business model, will assume the role of Interim CEO. In order to help ensure its continued success, Mr. Greager has agreed to serve as a technical consultant to Civitas for the next 12 months.