Newly formed Colorado oil and gas company Civitas Resources Inc. continues growing with its announcement Monday it just acquired another company.

Civitas has become one of, if not the, biggest player in the state’s Denver-Julesberg (DJ) Basin, especially after its Monday announcement that it is buying Crestone Peak Resources.

Just last month, the company was formed with the merger of Bonanza Creek Energy Inc. (NYSE: BCEI) and Extraction Oil & Gas Inc. (NASDAQ: XOG) with an “all-stock merger of equals.”

The new giant company will be valued at $4.5 billion, cover more than 500,000 net acres and have the ability to produce some 160,000 barrels of “oil equivalent per day,” according to a news release.

Crestone is also the operator of an oil well off the 3400 block of East Quincy Avenue in Watkins, near Bennett, that burned over the weekend, drawing multiple fire agencies and the Arapahoe County Sheriff’s office.

A Crestone company official said Monday the fire burned several trucks and some equipment, but resulted in no injures. The fire is out, and the investigation into cause is underway, said Jason Oates, spokesman.

“There is no eminent danger … the wellheads were not compromised,” Oates said.

Shareholders shouldn’t be concerned about the fire, the company’s new CEO Eric Greager said on an investors call Monday morning to announce the deal.

“Bonanza Creek, Extraction and Crestone are, first and foremost, focused on safety as our highest priority,” Greager said on the call. “Each of our companies has policies, procedures and controls in place to prevent and, if ever necessary, to fully address any incident. To that end, we are closely aligned with first responders in the area and would like to thank them for their swift response this past Saturday. Crestone is thoroughly analyzing the cause of the event.”

Civitas describes its new company model as “defined by operational discipline, a strong balance sheet, commitment to free cash flow generation, financial alignment with stakeholders, environmental and community leadership, and best-in-class governance,” according to the release. “Civitas is also proud that, inclusive of the Crestone assets, it will be Colorado’s first carbon-neutral oil and gas producer (scope 1 and scope 2) upon closing, advancing its net-zero goals.”

According to Civitas, Crestone’s primary shareholder is Canada Pension Plan Investment Board (“CPP Investments”). CPP Investments will become Civitas’ largest shareholder and will designate one member to the Civitas board.

The deal is expected to close this Fall.