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PE-backed Crestone Peak Acquires ConocoPhillips DJ Basin Asset

Announced Date
March 05,2020
Deal Value $
379,000,000
Net Acres
98,000
Transaction Type
Property
Buyer
Seller
Price Per BOE $
40,000
Source Documents:
   Source Link
Location
Region
DJ Basin

Country
United States

State
Colorado

County
Adams ,Arapahoe

Play


Production
Production
11,000 Boe/d

Production Mix
77 % Oil


Multiples
Production ($/boe/d)
34,455

$Price/Net Acre
3,867

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

Transaction Details: 

Crestone Peak Resources, which is backed by CPPIB & Broe Group, has agreed to acquire ConocoPhillips' Niobrara assets located in the southern Denver-Julesburg (D-J) Basin (map available below).

The asset contains some 98,000 net acres in the Southern DJ Basin.   ConocoPhillips operated 1 rig on the property in 2019, up to October when the company lay down the one rig.   The company also completed/frac'd 26 wells in 2018 and 19 wells in 2019.

The deal allows Crestone to increase its production in the basin to 60 Mboe/d and oil mix to 50%.

  • Production: 11,000 BOE/d with a 75% oil cut.
  • Purchase price: $380 million +overriding royalty interests in certain future wells.

 

Transaction Map

Source : Shale Experts Mapping Database

Enlarge Map

 

Production

DJ Basin Deal Activity In Last 12 Months



Other DJ Basin Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-09-2020 - - Click here Colorado  E&P
Jul-20-2020 - - Click here Colorado  E&P
Jan-09-2020 - - Click here Texas  E&P
Dec-10-2019 - - Click here Colorado  E&P
Aug-26-2019 - - Click here Colorado  E&P

Price History



Date Deal Headline Price$/acre
Nov-09-2020 Bonanza Creek to Acquire HighPoint Resources in $376MM Merger - -
Aug-26-2019 PDC Acquires DJ Basin Pure-Player SRC Energy - -
Dec-05-2017 Bill Barrett and PE-backed Fifth Creek Merge - -

Other ConocoPhillips Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Oct-19-2020 - - Click here Texas  E&P
Jul-22-2020 - - Click here British Columbia  E&P
Mar-05-2020 - - Click here   E&P
Dec-13-2019 - - Click here   E&P
Oct-14-2019 - - Click here   E&P

Other Crestone Peak Resources LLC Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Jun-30-2016 - - Click here Colorado  E&P