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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:
Location
Multiples
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: $380 million +overriding royalty interests in certain future wells.
Transaction Map
Source : Shale Experts Mapping Database
Production
DJ Basin Deal Activity In Last 12 Months
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| 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 |
| Date | Deal Headline | Price | $/acre |
|---|---|---|---|
| Nov-09-2020 | Bonanza Creek to Acquire HighPoint Resources in $376MM Merger | - |
- |
| Aug-26-2019 | PDC Acquires DJ Basin Pure-Player SRC Energy | - |
- |
| Dec-05-2017 | Bill Barrett and PE-backed Fifth Creek Merge | - |
- |
| Announced Date | Buyer | Seller | Deal Value($mm) | Location | Category |
|---|---|---|---|---|---|
| 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 |