Bill Barrett and PE-backed Fifth Creek Merge
Multiples
Transaction Details:
Bill Barrett and NGP-backed Fifth Creek Energy have agreed to merge.
Under the terms of the transaction, Bill Barrett and Fifth Creek will each become subsidiaries of a newly formed holding company, which will become the publicly listed and traded holding company for the combined Bill Barrett and Fifth Creek.
Bill Barrett Portfolio:
- Operating Area : DJ Basin (post-sale of Uinta oil asset)
- Land : 71,900 net acres (3Q17)
- Production (3q17) : 20,800 boe/d (64% oil)
- Reserves : 49.8 MMboe (post sale of Uinta oil asset)
Fifth Creek Energy Portfolio:
- Operating Area : DJ Basin (northern)
- Land : 81,000 net Acres
- Production : 2,900 boe/d (88% oil)
- 1P Reserves : 173 MMboe
Combined Company:
2018 Outlook:
The combined company plan to operate three drilling rigs on the combined acreage with anticipated 2018 production of 11-12 MMBoe (~65% oil) and capital expenditures of $500-$600 million. Approximately 150 gross wells are planned for 2018.
Advisors
Tudor, Pickering, Holt & Co. acted as financial advisor to Bill Barrett and Wachtell, Lipton, Rosen & Katz acted as legal advisor to Bill Barrett.
Credit Suisse acted as financial advisor to Fifth Creek and Vinson & Elkins LLP acted as legal advisor to Fifth Creek.
Rockies - DJ Basin Deal Activity In Last 12 Months
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Jan-11-2024 | - | - | Click here | Colorado | E&P |
Sep-06-2022 | - | - | Click here | E&P | |
May-18-2022 | - | - | Click here | E&P | |
Feb-28-2022 | - | - | Click here | Colorado | E&P |
Feb-01-2022 | - | - | Click here | Colorado | E&P |
Date | Deal Headline | Price | $/acre |
---|---|---|---|
Jan-11-2024 | Prairie Operating Bolt-On DJ Basin Assets From Nickel Road | - | - |
May-18-2022 | Grey Rock, ENPC Ink $1.3B Business Combination; Form Granite Ridge Resources | - | - |
Feb-28-2022 | PDC Acquires DJ Basin E&P Great Western in $1.3B Deal | - | - |
Other Bill Barrett Corp. Deals
Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
---|---|---|---|---|---|
Nov-20-2017 | - | - | Click here | Utah | E&P |
Mar-02-2017 | - | - | Click here | Colorado | E&P |
May-02-2016 | - | - | Click here | Utah | E&P |
Sep-28-2015 | - | - | Click here | Utah | E&P |
Sep-16-2014 | - | - | Click here | Colorado | E&P |