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Bill Barrett and PE-backed Fifth Creek Merge

Announced Date
December 05,2017
Deal Value $
649,000,000
Net Acres
81,000
Location Count
2,865
Transaction Type
Corporate
Buyer
Bill Barrett Corp.
Seller
Fifth Creek Energy
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
DJ Basin

Country
United States

State
Colorado

County
Weld ,Laramie

Play
Niobrara - DJ Basin


Production & Reserves
Production
2,900 Boe/d

Production Mix
72 % Oil

Reserves
168 MMboe (1P)


Multiples
Production ($/boe/d)
223,793

$Price/Net Acre
8,012

$Price/Adj. Net Acre
6,580

$1P Boe
4

$/Location
226,527

Adj. $/acre is based on production @40,000 Boe/d

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.

 

DJ Basin Deal Activity In Last 12 Months



Related DJ Basin Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Apr-18-2018 Not Disclosed  - Click here Colorado  E&P
Nov-27-2017 Verdad Oil & Gas Corp  - Click here Colorado  E&P
Nov-08-2017 SRC Energy Inc  - Click here Colorado  E&P
Sep-25-2017 PDC Energy, Inc.  - Click here Colorado  E&P
Apr-03-2017 Not Disclosed  - Click here Colorado  E&P

Price History



Date Deal Headline Price$/acre
Nov-08-2017 SRC Energy Ups Ante in the DJ Basin; 30,200 Acres for $568MM $568.00  Million 15,497
Sep-25-2017 PDC Bolts On Wattenberg Assets for $210 Million, Acreage Trade $210.00  Million 14,699
Nov-28-2016 PetroShare Picks Up Producing DJ Basin Niobrara Property $5.10  Million 358

Related Bill Barrett Corp. Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-20-2017 Not Disclosed  - Click here Utah  E&P
Mar-02-2017 Bill Barrett Corp.  - Click here Colorado  E&P
May-02-2016 Not Disclosed  - Click here Utah  E&P
Sep-28-2015 Not Disclosed  - Click here Utah  E&P
Sep-16-2014 Vanguard Natural Resources, Llc  - Click here Colorado  E&P