SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2021

SUBSEQUENT EVENTSOn January 31, 2022, the Company signed definitive agreements to acquire privately held DJ Basin operator Bison Oil & Gas II, LLC (“Bison”) for approximately $346 million of consideration, including the assumption of approximately $176 million in debt and other liabilities. On February 27, 2022, the Company and Bison entered into an amendment to the definitive agreements signed on January 31, 2022 to, among other things, increase the aggregate cash consideration paid to Bison from $45 million to $160 million and eliminate the previously contemplated share consideration. The transaction closed on March 1, 2022.

As of March 1, 2022, the following commodity price derivative contracts were novated from Bison:


	Crude Oil (NYMEX WTI)		Natural Gas (NYMEX Henry Hub)
	Bbls/day	Weighted Avg. Price per Bbl	MMBtu/day	Weighted Avg. Price per MMBtu
2022(1)
Collar(2, 3)	2,756	$47.85 / $56.71	2,278	$2.67 / $3.39
Swap	873	$47.38	1,582	$2.52
2023
Collar(2, 3)	1,406	$48.62 / $57.71	1,828	$2.36 / $2.98
Swap	208	$46.47	470	$2.51
2024
Collar(2, 3)	143	$45.00 / $56.25	1,337	$2.40 / $3.15
Swap	479	$53.96	—	—

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(1) Represents hedged volumes from the closing date through December 31, 2022.

(2) 79%, 100%, and 100% of the 2022, 2023, and 2024 oil collars presented include sold puts at a weighted average price of $38.72, $38.38, and $35.00 per Bbl, respectively

(3) 5%, 19%, and 23% of the 2022, 2023, and 2024 gas collars presented include sold puts at a weighted average price of $2.00 per MMBtu, respectively.