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Carbon Capture & Storage Steps to the Fore with Exxon Acquisition of Denbury

Carbon Capture & Storage Steps to the Fore with Exxon Acquisition of Denbury
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HighPoint Files for Chapter 11, but Bonanza Creek Merger Still Proceeding

HighPoint Files for Chapter 11, but Bonanza Creek Merger Still Proceeding Colorado pure-play HighPoint Resources Corp. has filed for Chapter 11 after a senior notes exchange offer failed by merger partner Bonanza Creek Energy Inc. The Denver-based exploration and production (E&P) companies, which both train their talents on the Denver-Julesburg (DJ) Basin, agreed in November to merge in an estimated $376 million transaction.  Bonanza Creek in early February launched an offer to exchange common stock and newly issued senior notes due in 2026 for all of HighPoint’s senior notes due in October 2022. HighPoint at the time also began tallying votes from the senior note holders to accept or reject a prepackaged reorganization plan. If the minimum participation condition by the note holders was not met, HighPoint said it would file for Chapter 11.

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