Oil & Gas Acquisitions in Colorado

One X, a Kingswood Capital Management portfolio company, has acquired United Energy Partners, a Greeley, Colorado-based provider of pressure control services and equipment rentals that specializes in serviceless (greaseless) valve technology. The add-on expands One X's geographic footprint and fleet of serviceless pressure control valves across major U.S. shale basins (Permian, DJ, Eagle Ford, Bakken and Haynesville) and bolsters its completions services capabilities.

Axis Energy Services and Brigade Energy Services have closed a merger to form a combined well-servicing company operating under the Axis Energy Services name and headquartered in Dallas. The combination creates a larger, technology-forward well services provider with expanded workforce and equipment capacity—positioning the company to better serve major U.S. oil and gas basins and accelerate P&A, completion and workover capabilities.

Denver-based independent E&P company Zavanna received an equity investment from investment funds managed by Carnelian Energy Capital to recapitalize the business and fund development of its Williston Basin asset base. Management and founder Bill Coleman retain a significant ownership stake alongside Carnelian; the new capital will also support accretive bolt-on acquisitions and trades.

Quantum Capital Group, through two portfolio companies QB Energy and KODA Resources, has acquired the oil and gas operations and acreage of Caerus Oil and Gas for approximately $1.8 billion, including assumption of certain asset-backed securities and liabilities. The deal splits Piceance Basin assets to QB Energy and Uinta Basin assets to KODA, transferring operations and many Caerus staff to the acquiring operators to support continued natural gas development for western U.S. markets.

Elevation Midstream has merged with Platte River Holdings, a subsidiary of ARB Midstream, combining contiguous crude, gas and water midstream assets in the Denver‑Julesburg (DJ) Basin. The transaction creates a larger, integrated midstream platform with expanded gathering, transmission and terminal capabilities to support basin consolidation and future M&A-driven growth.

PureWest Energy, a Rocky Mountain independent natural gas producer, completed an all-cash merger with a private consortium of family offices and financial institutions (the "PW Consortium") for $1.84 billion. The company will remain branded PureWest with its existing management and employees in place; the transaction included a $200 million asset-backed notes offering and a divestiture of producing wellbores to vehicles managed by Wincoram Asset Management.

NOW Inc.'s distribution and engineered-products arm DNOW has acquired EcoVapor, a provider of emissions and flaring abatement solutions. The acquisition expands DNOW's emissions-management and renewable natural gas (RNG) capabilities, leveraging DNOW's global footprint, fabrication, logistics and distribution to accelerate EcoVapor's growth in oil & gas and RNG end markets.

Offen Petroleum, a Court Square Capital Partners-backed fuel distributor, acquired the wholesale division of family-owned G&S Oil Products, headquartered in Centennial, Colorado. The deal transfers G&S's wholesale customers to Offen while G&S will continue to operate its company-owned convenience stores and service centers, deepening Offen's branded fuel distribution footprint in Colorado.

Phillips 66 realigned joint-venture interests with Enbridge to increase its economic stake in DCP Midstream, LP from 28.26% to 43.31%, and will oversee the joint venture’s interest in DCP including the General Partner. The transaction (which included a roughly $400 million cash contribution from Phillips 66 and merged Gray Oak Holdings into DCP Midstream) closed on August 17, 2022 and is intended to integrate Phillips 66’s NGL value chain from wellhead to market.

Devon Energy Corp. agreed to acquire the leasehold interests and related assets of RimRock Oil and Gas, LP (a Warburg Pincus portfolio company) in the Williston Basin for $865 million in cash. The bolt-on transaction, expected to close in Q3 2022 with an April 1, 2022 effective date, adds contiguous acreage, ~15,000 Boe/d (Q1) of production and operational synergies to Devon's Williston position.

Devon Energy Corp. agreed to acquire Eagle Ford operator Validus Energy for $1.8 billion in cash, in a transaction expected to close at the end of Q3 2022 with an effective date of June 1, 2022. The acquisition adds ~42,000 net acres and ~35,000 boe/d of production (projected to average ~40,000 boe/d), deepening Devon's Eagle Ford footprint and driving scale, operational synergies and improved cash returns to shareholders.

Civitas Resources, Inc. has closed its acquisition of Denver-Julesburg Basin operator Bison Oil & Gas II, LLC for approximately $300 million in cash. The deal adds 102 gross locations (38 fully permitted) and ~9,000 Boed of pro forma 2022E production to Civitas' portfolio, and is expected to be accretive to production, EBITDA and free cash flow while preserving a strong balance sheet.

Bonanza Creek Energy and Extraction Oil & Gas completed their merger and subsequently acquired Crestone Peak Resources, rebranding the combined company as Civitas Resources (NYSE: CIVI). The transaction creates the largest pure‑play energy producer in Colorado's Denver‑Julesburg (DJ) Basin, with a stated focus on operational discipline, free cash flow generation and ESG leadership.

Pilot Water Solutions LLC (a majority-owned subsidiary of Pilot Company) has acquired Felix Water, LLC, expanding PWS's water midstream footprint in the Delaware Basin. The deal adds 23 disposal wells, roughly 210 miles of produced water pipeline and over 500,000 barrels water/day of disposal capacity, strengthening PWS's saltwater disposal and produced-water transportation capabilities in the Permian Basin.

Diamondback Energy agreed to acquire QEP Resources in an all-stock merger valued at approximately $2.2 billion including net debt. The deal adds material Tier‑1 Midland Basin acreage to Diamondback's portfolio, is expected to be accretive on 2021 per‑share metrics, and will be financed via an exchange of Diamondback shares for QEP stockholders.

Canadian Overseas Petroleum Limited (COPL) agreed to acquire Atomic Oil & Gas LLC for US$54 million in a mix of assumed debt, cash and COPL shares, with an effective date of December 1, 2020 and expected completion by January 31, 2021. The acquisition adds operated onshore oil assets in the Powder River Basin (Wyoming) — including two oil production units, associated midstream assets and ~31.1mm BOE (2P) reserves — materially expanding COPL's production, reserves and U.S. footprint.

Parsley Energy, Inc. completed its acquisition of Jagged Peak Energy Inc., exchanging Parsley Class A common stock for Jagged Peak shares and causing Jagged Peak to delist from the NYSE. The deal is intended to combine complementary Permian Basin assets to capture operational synergies and improve capital efficiency for the combined company.

WolfePak Software, a Charlesbank Capital Partners portfolio company, has acquired DocVue, a provider of imaging, document management and workflow software for the oil and gas industry. DocVue will operate as a standalone product division within WolfePak to expand WolfePak's document management and digital oilfield offerings; financial terms were not disclosed.

Holland Services, a portfolio company of H.I.G. Capital, has completed the acquisition and merger of certain assets from AED Group. The deal expands Holland's technology-driven land services platform and establishes a stronger presence in the Western United States while adding complementary capabilities and blue-chip clients.