Acquisition completed through jointly formed entity, Crestone Peak Resources
DENVER, Colo., August 16, 2016: Crestone Peak Resources (“Crestone” or the “Company”) announces Tony Buchanon is joining as Chief Executive Officer (“CEO”) of Crestone, effective August 8, 2016. Buchanon has also been named to the Company’s Board of Directors.
“Tony’s experience in building organizations and operational focus make him a perfect fit to lead Crestone Peak Resources,” said Avik Dey, Chairman of the Board at Crestone and Managing Director and Head of Natural Resources at Canada Pension Plan Investment Board. “Under his leadership, Crestone will grow to be a leading independent in one of the best oil and natural gas plays in North America.”
Buchanon has extensive experience in the development of the DJ Basin in Colorado, having most recently served as Executive Vice President, Chief Operating Officer at Bonanza Creek Energy (NYSE: BCEI), and previously as Production Operations Manager for Noble Energy, Inc. (NYSE: NBL).
Buchanon brings more than 34 years of industry experience to his new role as CEO. Before focusing on the DJ Basin, he served in a variety of management roles for Rosetta Resources Inc., Trend Exploration Company, Burlington Resources Inc. (now ConocoPhillips), and Mobil Exploration and Production (now ExxonMobil Corporation).
“I welcome the opportunity to lead Crestone Peak Resources forward and appreciate the Board’s support. We have the team, assets, and investor support to be tremendously successful,” said Buchanon. “We are neighbors in the community and are committed to environmental stewardship and employee safety.” Crestone is a newly formed entity under the joint partnership between the Canada Pension Plan Investment Board (CPPIB) and The Broe Group. On July 29, 2016,
Crestone announced the acquisition of the DJ Basin oil and gas assets from Encana Oil & Gas (USA) Inc., a wholly owned subsidiary of Encana Corporation (Encana). The sale included all of Encana’s DJ Basin acreage, comprising 51,000 net acres.
About Crestone Peak Resources
Crestone Peak Resources is an oil and natural gas exploration and production company. Headquartered in Denver, Colo., Crestone’s assets are in the Wattenberg Field in the DJ Basin. As the fifth largest producer in the area, Crestone strives to maintain its status as a premier operator in the region. Crestone is 95 percent owned by Canada Pension Plan Investment Board (CPPIB) and five percent by an affiliate of The Broe Group. More information and news about the company can be found at www.CrestonePeakResources.com.