Document:

EX-10.7

 Exhibit 10.7 

Execution Version 

REGISTRATION RIGHTS AGREEMENT 

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of November 1, 2021, to be effective
as of the Company Merger Effective Time (as defined below), by and among Civitas Resources, Inc., a Delaware corporation (the “Company”), and the Persons identified on Schedule I hereto (each, an “Initial
Holder”). 
 RECITALS: 

WHEREAS, the Company is party to that certain Agreement and Plan of Merger, dated as of the date hereof, among the Company, Raptor Condor
Merger Sub 1, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, Raptor Condor Merger Sub 2, LLC, a Delaware limited liability company and a wholly owned subsidiary of the Company, Crestone Peak Resources LP, a Delaware
limited partnership, CPPIB Crestone Peak Resources America Inc., a Delaware corporation, Crestone Peak Resources Management LP, a Delaware limited partnership, and Extraction Oil & Gas, Inc., a Delaware corporation (solely for purposes of
Article VI, Section 7.1, Section 7.5 through Section 7.9, Section 7.11, Section 7.24, Article VIII and Article X) (the “Merger Agreement”); 

WHEREAS, upon consummation of the transactions contemplated by the Merger Agreement, the Company will issue to the Initial Holders the Shares
(as defined below) in accordance with the terms of the Merger Agreement; and 
 WHEREAS, this Agreement shall become effective as of the
Company Merger Effective Time. 
 NOW THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged by each party hereto, the parties hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 As used herein, the following terms shall have the following respective meanings: 

“30% Rule” has the meaning set forth in Section 2.9(a). 

“Adoption Agreement” means an Adoption Agreement in the form attached hereto as Exhibit A. 

“Affiliate” means as to any Person, any other Person who directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such Person. As used in this Agreement, the term “control,” including the correlative terms “controlling,” “controlled by” and “under common control
with,” means possession, directly or indirectly, of the power to direct or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest, by contract or otherwise) of a
Person. For the avoidance of doubt, for purposes of this Agreement, (a) the Company, on the one hand, and each of the Holders, on the other hand, shall not be considered Affiliates of one another, and (b) each Management Holder, the Broe
Holder, and the CPPIB Holder shall not be considered Affiliates of one another. 

 “Agreement” has the meaning set forth in the introductory paragraph. 

“Block Trade” has the meaning set forth in Section 2.3. 

“Board” means the board of directors of the Company. 

“Broe Holder” means Broe CR Investor, LLC, a Colorado limited liability company, and its Permitted Transferees. 

“Business Day” means a day other than a day on which banks in the State of New York are authorized or obligated to be closed.

 “Commission” means the Securities and Exchange Commission or any successor governmental agency. 

“Common Stock” means the common stock of the Company, par value $0.01 per share. 

“Company” has the meaning set forth in the introductory paragraph. 

“Company Merger Effective Time” has the meaning assigned such term in the Merger Agreement. 

“Company Securities” has the meaning set forth in Section 2.5(c)(i). 

“CPPIB” has the meaning set forth in Section 2.9(a). 

“CPPIB Entity” has the meaning set forth in Section 2.9(a). 

“CPPIB Holder” means CPPIB Crestone Peak Resources Canada Inc. and its Permitted Transferees. 

“Exchange Act” means the Securities Exchange Act of 1934 or any successor federal statute, and the rules and regulations of
the Commission thereunder, all as the same shall be in effect at the time. 
 “Governmental Entity” means any federal,
state, local or municipal court, governmental, regulatory or administrative agency or commission or other government authority or instrumentality, domestic or foreign (which entity has jurisdiction over the applicable Person). 

“Group Company” and “Group Companies” has the meaning set forth in Section 2.9(a).

 “Holder” means a holder of Registrable Securities; provided, however, that no Broe Holder or Management Holder
shall be considered a “Holder” for purposes of Section 2.5. 
 “Holder Securities” has
the meaning set forth in Section 2.2(b)(i). 

  
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 “Indemnified Party” has the meaning set forth in
Section 3.3. 
 “Indemnifying Party” has the meaning set forth in
Section 3.3. 
 “Initial Holder” has the meaning set forth in the preamble. 

“Initial Period” means the period of time beginning with the Company Merger Effective Time and ending on the six month
anniversary of the Company Merger Effective Time. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as
amended, or any successor federal statute, and the regulations of U.S. Treasury thereunder, all as the same shall be in effect at the time. 

“Law” means any law, rule, regulation, ordinance, code, judgment, order, treaty, convention, governmental directive or other
legally enforceable requirement, U.S. or non-U.S., of any Governmental Entity, including common law. 

“Losses” has the meaning set forth in Section 3.1. 

“Management Holders” means the individuals listed on Schedule I attached hereto under the heading “Management
Holders.” 
 “Managing Underwriter” means, with respect to any Underwritten Offering, the lead book-running manager(s)
of such Underwritten Offering. 
 “Merger Agreement” has the meaning set forth in the recitals. 

“Offering Holder” has the meaning set forth in Section 2.2(a) provided, however, that no
Broe Holder or Management Holder shall be considered an “Offering Holder” for purposes of Section 2.2 or Section 2.3. 

“Organized Offering” means a Shelf Underwritten Offering or a Block Trade. 

“Permitted Transferee” means any Affiliate of a Holder, provided that such Transferee has delivered to the Company a duly
executed Adoption Agreement. 
 “Person” means any individual, corporation, partnership, limited liability company, firm,
association, trust, government, governmental agency or other entity, whether acting in an individual, fiduciary or other capacity. 

“Piggyback Underwritten Offering” has the meaning set forth in Section 2.5(a). 

“Proceeding” means any actual or threatened claim (including a claim of a violation of applicable Law), cause of action,
action, audit, demand, litigation, suit, proceeding, investigation, citation, inquiry, originating application to a tribunal, arbitration or other proceeding at Law or in equity or order or ruling, in each case whether civil, criminal,
administrative, investigative or otherwise, whether in contract, in tort or otherwise, and whether or not such claim, cause of action, action, audit, demand, litigation, suit, proceeding, investigation, citation, inquiry, originating application to
a tribunal, arbitration or other proceeding or order or ruling results in a formal civil or criminal litigation or regulatory action. 

  
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 “Registrable Securities” shall mean (a) the Shares and (b) any
securities issued or issuable with respect to the Shares by way of distribution or in connection with any reorganization or other recapitalization, merger, consolidation or otherwise; provided, however, that a Registrable Security shall cease
to be a Registrable Security when (i) such Registrable Security has been disposed of pursuant to an effective Registration Statement, (ii) such Registrable Security is disposed of under Rule 144 under the Securities Act or any other
exemption from the registration requirements of the Securities Act as a result of which the Transferee thereof does not receive “restricted securities” as defined in Rule 144 under the Securities Act, or (iii) such Registrable
Security has been sold or disposed of in a transaction in which the Transferor’s rights under this Agreement are not assigned to the Transferee pursuant to Article V; and provided, further, that any security that has ceased to be
a Registrable Security shall not thereafter become a Registrable Security and any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities shall not be a Registrable Security. 

“Registration Expenses” means (a) all expenses incurred by the Company in complying with Article II, including,
without limitation, all registration and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants and independent petroleum engineers for the Company, fees and expenses (including counsel fees) incurred in
connection with complying with state securities or “blue sky” laws, fees of the Financial Industry Regulatory Authority, Inc., and fees of transfer agents and registrars, and (b) reasonable fees and disbursements of one legal counsel
for the Selling Holders; in each case, excluding any Selling Expenses. 
 “Registration Statement” means any registration
statement of the Company filed or to be filed with the Commission under the Securities Act, including the related prospectus, amendments and supplements to such registration statement, and including pre- and
post-effective amendments, and all exhibits and all material incorporated by reference in such registration statement. 

“Section 2.2 Maximum Number of Shares” has the meaning set forth in
Section 2.2(b). 
 “Section 2.5 Maximum Number of Shares” has the meaning set
forth in Section 2.5(c). 
 “Securities Act” means the Securities Act of 1933 or any successor
federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be in effect at the time. References to any rule under the Securities Act shall be deemed to refer to any similar or successor rule or regulation.

 “Selling Expenses” means all (a) underwriting fees, discounts and selling commissions allocable to the sale of
Registrable Securities, (b) transfer taxes allocable to the sale of the Registrable Securities, and (c) costs or expenses related to any roadshows conducted in connection with the marketing of any Shelf Underwritten Offering; in each case,
excluding any Registration Expenses. 

  
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 “Selling Holder” means a Holder who is selling Registrable Securities
pursuant to a Registration Statement; provided, however, that no Broe Holder or Management Holder shall be considered a “Selling Holder” for purposes of Section 2.2 or Section 2.3.

 “Shares” means the number of shares of Common Stock issuable to the Initial Holders pursuant to the terms of the Merger
Agreement. 
 “Shelf Registration Statement” has the meaning set forth in Section 2.1(a). 

“Shelf Underwritten Offering” has the meaning set forth in Section 2.2(a). 

“Subsequent Period” means the period of time beginning on the six month anniversary of the Company Merger Effective Time and
ending on the one year anniversary of the Company Merger Effective Time. 
 “Suspension Period” has the meaning set forth
in Section 2.4. 
 “Transfer” means any offer, sale, pledge, encumbrance, hypothecation, entry
into any contract to sell, grant of an option to purchase, short sale, assignment, transfer, exchange, gift, bequest or other disposition, direct or indirect, in whole or in part, by operation of law or otherwise. “Transfer,” when
used as a verb, and “Transferee” and “Transferor” have correlative meanings. 
 “Underwritten
Offering” means a registered underwritten offering (including an offering pursuant to a Shelf Registration Statement) in which Registrable Securities are sold to an underwriter on a firm commitment basis for reoffering to the public. 

“Underwritten Offering Filing” means (a) with respect to a Shelf Underwritten Offering, a preliminary prospectus
supplement (or prospectus supplement if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Shelf Underwritten Offering, and (b) with respect to a Piggyback Underwritten Offering, (i) a
preliminary prospectus supplement (or prospectus supplement if no preliminary prospectus supplement is used) to an effective shelf Registration Statement (other than the Shelf Registration Statement) in which Registrable Securities could be included
and the Holders could be named as selling security holders without the filing of a post-effective amendment thereto (other than a post-effective amendment that becomes effective upon filing) or (ii) a Registration Statement (other than the
Shelf Registration Statement), in each case relating to such Piggyback Underwritten Offering. 
 “WKSI” means a well-known
seasoned issuer (as defined in Rule 405 under the Securities Act). 

  
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 ARTICLE II 

REGISTRATION RIGHTS 

Section 2.1 Shelf Registration. 

(a) Within 20 Business Days of the written request of the CPPIB Holder, which written request may be delivered no earlier than three months
after the Company Merger Effective Time, the Company shall prepare and file a “shelf” registration statement under the Securities Act to permit the resale of the Registrable Securities from time to time as permitted by Rule 415 under the
Securities Act (or any similar provision adopted by the Commission then in effect) (the “Shelf Registration Statement”), and the Company shall use commercially reasonable efforts to cause such Registration Statement to become or be
declared effective as soon as practicable after the filing thereof, including by filing an automatic shelf registration statement that becomes effective upon filing with the Commission in accordance with Rule 462(e) under the Securities Act to the
extent the Company is then a WKSI. Following the effective date of the Shelf Registration Statement, the Company shall provide written notice of the effectiveness of such Registration Statement to each Holder of Registrable Securities included on
such Registration Statement. 
 (b) The Shelf Registration Statement shall be on Form S-3 or, if
Form S-3 is not then available to the Company, on Form S-1 or such other form of registration statement as is then available to effect a registration for resale of the
Registrable Securities and shall contain a prospectus in such form as to permit the Holders to sell the Registrable Securities pursuant to Rule 415 under the Securities Act (or any successor or similar rule adopted by the Commission then in effect)
at any time beginning on the effective date for such Registration Statement. The Shelf Registration Statement shall provide for the distribution or resale pursuant to any method or combination of methods legally available to a Holder and requested
by such Holder. 
 (c) The Company shall use its commercially reasonable efforts to cause the Shelf Registration Statement to remain
effective, and to be supplemented and amended to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration Statement is available, for the resale of all the Registrable
Securities until all of the Registrable Securities have ceased to be Registrable Securities or the earlier termination of this Agreement pursuant to Section 6.1. 

(d) When effective, the Shelf Registration Statement (including the documents incorporated therein by reference) will comply as to form in all
material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the
statements therein not misleading (in the case of any prospectus contained in the Shelf Registration Statement, in the light of the circumstances under which such statements are made). 

(e) The Company shall give written notice of any Shelf Registration Statement that is requested by the CPPIB Holder pursuant to
Section 2.1(a) or that is otherwise proposed to be filed by the Company to the CPPIB Holder (to the extent the CPPIB Holder is not the initial requesting Holder under Section 2.1(a)), the Broe
Holder and the Management Holders, which notice shall be held in strict confidence by the such Holders and shall include the anticipated filing date of the Shelf Registration Statement and, if known, the number of shares of Common Stock that are
proposed to be included in such Shelf Registration Statement, and of such Holders’ rights under this Section 2.1(e). Such notice shall be given promptly (and in any event at least ten Business Days before the filing of
the Shelf Registration Statement). If such notice is delivered pursuant to this Section 2.1(e), each of the CPPIB Holder, the Broe Holder and the Management Holders shall then have five Business Days after the date on which
such Holder received notice pursuant to this Section 2.1(e) to request inclusion of Registrable Securities in the Shelf Registration Statement (which request shall specify the maximum number of Registrable

  
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Securities intended to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of such Registrable Securities). If no request for inclusion from
a Holder is received within such period, such Holder shall have no further right to include any Registrable Securities on such Shelf Registration Statement; provided, however, that nothing in the foregoing will eliminate or reduce any
Holder’s rights to subsequently request registration of such Holder’s Registrable Securities on a separate Registration Statement pursuant to Section 2.1(a) or 2.1(e), if applicable. 

Section 2.2 Underwritten Shelf Offering Requests. 

(a) In the event that one or more Selling Holders (the “Offering Holders”) elect to dispose of Registrable Securities
totaling 5% or more of the outstanding shares of Common Stock of the Company under a Registration Statement pursuant to an Underwritten Offering, the Company shall, at the request of the Offering Holders, subject to the agreement of the Company on
the form of such Underwritten Offering (whether a typical underwritten offering, or an overnight or bought deal), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with the
underwriter or underwriters selected pursuant to Section 2.2(c) and shall take all such other reasonable actions as are requested by the Managing Underwriter of such Underwritten Offering and/or the Offering Holders in
order to expedite or facilitate the disposition of such Registrable Securities (a “Shelf Underwritten Offering”); provided, however, that the Company shall have no obligation to facilitate or participate in (i) any Shelf
Underwritten Offerings that are initiated by any Offering Holder pursuant to this Section 2.2 during the Initial Period, or (ii) more than two Organized Offerings, in the aggregate, that are initiated by the Holders
pursuant to this Section 2.2 or Section 2.3 during or after the Subsequent Period. If any Selling Holder disapproves of the terms of such Shelf Underwritten Offering contemplated by this
Section 2.2(a), such Selling Holder may elect to withdraw therefrom by notice to the Company and the Managing Underwriter of such Underwritten Offering at any time prior to the execution of an underwriting agreement with
respect to such offering; however, after two such withdrawals, any further withdrawals shall count as Organized Offerings as limited by clause (ii) above. No such withdrawal shall affect the Company’s obligation to pay Registration
Expenses. 
 (b) If the Managing Underwriter of the Shelf Underwritten Offering shall inform the Company and the Offering Holders in writing
of its belief that the number of Registrable Securities requested to be included in such Shelf Underwritten Offering by any other Persons having registration rights with respect to such offering, when added to the number of Registrable Securities
proposed to be offered by the Offering Holders, would materially adversely affect such offering, then the Company shall include in the applicable Underwritten Offering Filing, to the extent of the total number of Registrable Securities that the
Company is so advised can be sold in such Shelf Underwritten Offering without so materially adversely affecting such offering (the “Section 2.2 Maximum Number of Shares”), Registrable Securities in the
following priority: 
 (i) First, all Registrable Securities that the Offering Holders requested to be included therein (the “Holder
Securities”), and 

  
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 (ii) Second, to the extent that the number of Holder Securities is less than the
Section 2.2 Maximum Number of Shares, the number of Registrable Securities requested to be included by any other Persons having registration rights with respect to such offering, pro rata among such other Persons based on the number of
Registrable Securities each requested to be included. 
 (c) The Company shall propose three or more nationally prominent firms of
investment bankers reasonably acceptable to the Company to act as the Managing Underwriter or as other underwriters in connection with such Shelf Underwritten Offering from which the Holder shall select the Managing Underwriter and the other
underwriters. The Holder shall determine the pricing of the Registrable Securities offered pursuant to any Shelf Underwritten Offering and the applicable underwriting discounts and commissions and determine the timing of any such Shelf Underwritten
Offering, subject to Section 2.4. 
 Section 2.3 Block Trades. In the
event that one or more Offering Holders elect to dispose of Registrable Securities totaling 5% or more of the outstanding shares of Common Stock of the Company pursuant to a block trade with the assistance of the Company (a “Block
Trade”), the Company shall, at the request of the Offering Holders, enter into customary agreements and shall take all such other customary actions as are requested by the Offering Holders in order to expedite or facilitate the disposition
of such Registrable Securities; provided, however, that the Company shall have no obligation to facilitate or participate in (i) any Block Trades that are initiated by the Holder pursuant to this
Section 2.3 during the Initial Period, or (ii) more than two Organized Offerings, in the aggregate, that are initiated by the Holders pursuant to Section 2.2 or this
Section 2.3 during or after the Subsequent Period.  
 Section 2.4
Delay and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company may (i) delay filing or effectiveness of a Shelf Registration Statement (or any amendment thereto) or effecting a Shelf Underwritten
Offering, (ii) suspend the Holders’ use of any prospectus that is a part of a Shelf Registration Statement upon written notice to the Holders (provided that in no event shall such notice contain any material
non-public information regarding the Company) (in which event the Holders shall discontinue sales of Registrable Securities pursuant to such Registration Statement but may settle any then-contracted sales of
Registrable Securities), or (iii) delay a Block Trade, in each case for a period of up to 60 consecutive days, if the Board determines (A) that such delay or suspension is in the best interest of the Company and its stockholders generally
due to a pending financing or other transaction involving the Company, including a proposed sale of Common Stock pursuant to a Registration Statement, (B) that such registration or offering would render the Company unable to comply with
applicable securities Laws or (C) that such registration or offering would require disclosure of material information that the Company has a bona fide business purpose for preserving as confidential (any such period, a
“Suspension Period”); provided, however, that in no event shall any Suspension Periods collectively exceed an aggregate of 120 days in any 12-month period. The Company may only exercise
its suspension rights under this Section 2.4 if it exercises similar suspension rights with respect to each other holder of securities that is entitled to registration rights under an agreement with the Company. 

  
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 Section 2.5 Piggyback Registration Rights. 

(a) Subject to Section 2.5(c), if the Company at any time proposes to file an Underwritten Offering Filing for an
Underwritten Offering of shares of Common Stock for its own account or for the account of any other Persons who have or have been granted registration rights (a “Piggyback Underwritten Offering”), it will give written notice of such
Piggyback Underwritten Offering to the Holders, which notice shall be held in strict confidence by the Holders and shall include the anticipated filing date of the Underwritten Offering Filing and, if known, the number of shares of Common Stock that
are proposed to be included in such Piggyback Underwritten Offering, and of such Holders’ rights under this Section 2.5(a). Such notice shall be given promptly (and in any event at least five Business Days before the
filing of the Underwritten Offering Filing or two Business Days before the filing of the Underwritten Offering Filing in connection with a bought or overnight Underwritten Offering); provided, that if the Piggyback Underwritten Offering is a
bought or overnight Underwritten Offering and the Managing Underwriter advises the Company that the giving of notice pursuant to this Section 2.5(a) would adversely affect such offering, no such notice shall be required
(and the Holders shall have no right to include Registrable Securities in such bought or overnight Underwritten Offering). If such notice is delivered pursuant to this Section 2.5(a), each Holder shall then have four
Business Days (or one Business Day in the case of a bought or overnight Underwritten Offering) after the date on which such Holder received notice pursuant to this Section 2.5(a) to request inclusion of Registrable
Securities in the Piggyback Underwritten Offering (which request shall specify the maximum number of Registrable Securities intended to be disposed of by such Holder and such other information as is reasonably required to effect the inclusion of
such Registrable Securities). If no request for inclusion from a Holder is received within such period, such Holder shall have no further right to participate in such Piggyback Underwritten Offering. Subject to
Section 2.5(c), the Company shall use its commercially reasonable efforts to include in the Piggyback Underwritten Offering all Registrable Securities that the Company has been so requested to include by a Holder;
provided, however, that if, at any time after giving written notice of a proposed Piggyback Underwritten Offering pursuant to this Section 2.5(a) and prior to the execution of an underwriting agreement with respect
thereto, the Company or such other Persons who have or have been granted registration rights, as applicable, shall determine for any reason not to proceed with or to delay such Piggyback Underwritten Offering, the Company shall give written notice
of such determination to the Holders participating in such Piggyback Underwritten Offering (which such Holders will hold in strict confidence) and (i) in the case of a determination not to proceed, shall be relieved of its obligation to include
any Registrable Securities in such Piggyback Underwritten Offering (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), and (ii) in the case of a determination to delay, shall be permitted to
delay inclusion of any Registrable Securities for the same period as the delay in including the shares of Common Stock to be sold for the Company’s account or for the account of such other Persons who have or have been granted registration
rights, as applicable. 
 (b) Each Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any
Piggyback Underwritten Offering at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its request to withdraw. Each Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that such Holder not receive notice from the Company of any proposed Piggyback Underwritten Offering; provided, however, that such Holder may later revoke
any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from a Holder (unless subsequently revoked), the Company shall not, and shall not be required
to, deliver any notice to such Holder pursuant to this Section 2.5 and such Holder shall no longer be entitled to participate in any Piggyback Underwritten Offering. 

  
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 (c) If the Managing Underwriter of the Piggyback Underwritten Offering shall inform the
Company of its belief that the number of Registrable Securities requested to be included in such Piggyback Underwritten Offering, when added to the number of shares of Common Stock proposed to be offered by the Company or such other Persons who have
or have been granted registration rights (and any other shares of Common Stock requested to be included by any other Persons having registration rights on parity with the Holder with respect to such offering), would materially adversely affect such
offering, then the Company shall include in such Piggyback Underwritten Offering, to the extent of the total number of securities which the Company is so advised can be sold in such offering without so materially adversely affecting such offering
(the “Section 2.5 Maximum Number of Shares”), shares of Common Stock in the following priority: 

(i) First, (A) if the Piggyback Underwritten Offering is for the account of the Company, all shares of Common Stock that the Company
proposes to include for its own account (the “Company Securities”) or, (B) if the Piggyback Underwritten Offering is for the account of any other Persons who have or have been granted registration rights, all shares of Common
Stock that such Persons propose to include (the “Other Securities”); and 
 (ii) Second, (A) if the Piggyback
Underwritten Offering is for the account of the Company, to the extent that the number of Company Securities is less than the Section 2.5 Maximum Number of Shares, the shares of Common Stock requested to be included by the Holder and holders of
any other shares of Common Stock requested to be included by Persons having rights of registration on parity with the Holders with respect to such offering, pro rata among the Holders and such other holders based on the number of shares of
Common Stock each requested to be included and, (B) if the Piggyback Underwritten Offering is for the account of any other Persons who have or have been granted registration rights, to the extent that the number of Other Securities is less than
the Section 2.5 Maximum Number of Shares, the shares of Common Stock requested to be included by the Holders. 

Section 2.6 Participation in Underwritten Offerings. 

(a) In connection with any Underwritten Offering contemplated by Section 2.2 or
Section 2.5, the underwriting agreement into which the Selling Holders and the Company shall enter into shall contain such representations, covenants, indemnities (subject to Article III) and other rights and
obligations as are customary in Underwritten Offerings of securities by the Company. No Selling Holder shall be required to make any representations or warranties to or agreements with the Company or the underwriters other than representations,
warranties or agreements regarding such Selling Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the securities being registered on its behalf, its intended method of distribution and any other
representation required by Law. 
 (b) Any participation by a Holder in a Piggyback Underwritten Offering shall be in accordance with the
plan of distribution of the Company. 

  
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 (c) In connection with any Piggyback Underwritten Offering in which the Holder includes
Registrable Securities pursuant to Section 2.5, each Holder agrees (A) to supply any information reasonably requested by the Company in connection with the preparation of a Registration Statement and/or any other documents relating
to such registered offering and (B) to execute and deliver any agreements and instruments being executed by all Holders on substantially the same terms reasonably requested by the Company or the Managing Underwriter, as applicable, to
effectuate such registered offering, including, without limitation, underwriting agreements (subject to Section 2.6(a)), custody agreements, lock-ups or “hold back” agreements pursuant to
which such Holder agrees with the Managing Underwriter not to sell or purchase any securities of the Company for the shorter of (i) the same period of time following the registered offering as is agreed to by the Company and the other
participating Holders (not to exceed the shortest number of days that a director of the Company, “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of the Company (other than such
Holder or director or employee of, or consultant to, the Company) who owns 10% or more of the outstanding Shares contractually agrees with the underwriters of such Piggyback Underwritten Offering not to sell any securities of the Company following
such Piggyback Underwritten Offering and (ii) 60 days from the date of the execution of the underwriting agreement with respect to such Piggyback Underwritten Offering), powers of attorney and questionnaires. 

Section 2.7 Registration Procedures. 

(a) In connection with its obligations under this Article II (other than Section 2.3), the Company will: 

(i) promptly prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in
connection therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such Registration Statement until such time
as all of such securities have been disposed of in accordance with the intended methods of disposition by the Holders set forth in such Registration Statement; 

(ii) furnish to the Holders such number of conformed copies of such Registration Statement and of each such amendment and supplement thereto
(in each case including without limitation all exhibits), such number of copies of the prospectus contained in such Registration Statement (including without limitation each preliminary prospectus and any summary prospectus) and any other prospectus
filed under Rule 424 under the Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as any Holder may reasonably request; 

(iii) if applicable, use commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered by
such Registration Statement under such other securities or blue sky laws of such jurisdictions as any Holder shall reasonably request, to keep such registration or qualification in effect for so long as such Registration Statement remains in effect,
and to take any other action which may be reasonably necessary or advisable to enable each Holder to consummate the disposition in such jurisdictions of the securities owned by such Holder, except that the Company shall not for any such purpose be
required to qualify generally to do business as a foreign corporation in any jurisdiction wherein it would not but for the requirements of this clause (iii) be obligated to be so qualified or to consent to general service of process in any such
jurisdiction; 

  
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 (iv) in connection with an Underwritten Offering, use all commercially reasonable efforts
to provide to the Selling Holders a copy of any auditor “comfort” letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves of the Company, in each case that
have been provided to the Managing Underwriter in connection with the Underwritten Offering; 
 (v) promptly notify the Holders, at any
time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made, and at the
request of a Holder promptly prepare and file or furnish to such Holder a reasonable number of copies of a supplement or post-effective amendment to the Registration Statement or a supplement to the related prospectus or any document incorporated or
deemed to be incorporated therein by reference, or file any other required document as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus shall not include an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they were made; 

(vi) otherwise use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make
available to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act; 

(vii) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement
from and after a date not later than the effective date of such Registration Statement; 
 (viii) cause all Registrable Securities covered
by such Registration Statement to be listed on any securities exchange on which the Common Stock is then listed; 
 (ix) in connection with
any Underwritten Offering or Block Trade, enter into such customary agreements and take such other actions as any Holder shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and 

(x) in connection with any Underwritten Offering, cause its officers to use their commercially reasonable efforts to support the marketing of
the Registrable Securities covered by the Registration Statement (including, without limitation, participation in electronic or telephonic “road shows”). 

(b) Each Holder agrees by acquisition of such Registrable Securities that upon receipt of any notice from the Company of the happening of any
event of the kind described in Section 2.7(a)(v), such Holder will forthwith discontinue such Holder’s disposition of Registrable Securities pursuant to the Registration Statement until such Holder’s receipt of
the copies of the 

  
 12 

 
supplemented or amended prospectus contemplated by Section 2.7(a)(v) as filed with the Commission or until it is advised in writing by the Company that the use of such
Registration Statement may be resumed, and, if so directed by the Company, will deliver to the Company (at the Company’s expense) all copies, other than permanent file copies, then in such Holder’s possession of the prospectus relating to
such Registrable Securities current at the time of receipt of such notice. The Company may provide appropriate stop orders to enforce the provisions of this Section 2.7(b). 

Section 2.8 Cooperation by Holders; Expenses. The Company shall have no obligation to
include Registrable Securities of any Holder in any Registration Statement or Underwritten Offering if such Holder has failed to timely furnish such information as the Company may, from time to time, reasonably request in writing regarding such
Holder and the distribution of such Registrable Securities that the Company determines, after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable, to comply with the
Securities Act. The Company will pay all Registration Expenses and each Selling Holder will pay its pro rata share of all Selling Expenses in connection with any sale of Registrable Securities hereunder. 

Section 2.9 Canadian 30% Pension Plan Rule. 

(a) The Company acknowledges that Canada Pension Plan Investment Board (“CPPIB”) and its subsidiaries,
including CPPIB Crestone Peak Resources Canada Inc. (each, a “CPPIB Entity”) are subject to Section 13 of the Canada Pension Plan Investment Board Regulations, which prohibits CPPIB from, directly or indirectly, investing in
the securities of a corporation to which are attached more than 30% of the votes that may be cast to elect or remove the directors of a corporation (the “30% Rule”) and, accordingly, no CPPIB Entity may make any direct or indirect
investment in the Company or in any subsidiary of the Company (together with the Company, the “Group Companies”, and each, a “Group Company”), or take any action or step, that would be in breach of or contravene the 30%
Rule. 
 (b) The Company will, and will cause each other Group Company to, reasonably cooperate with the relevant CPPIB
Entities to assist them in complying at all times with the 30% Rule in relation to their direct and indirect (as applicable) investment in each Group Company, including in connection with any follow-on
investment by any CPPIB Entity in the Company, provided that, no such cooperation or assistance will be required in connection with any follow-on investment by any CPPIB Entity in any Group Company that
is not pursuant to a restructuring of a Group Company. 
 ARTICLE III 

INDEMNIFICATION AND CONTRIBUTION 

Section 3.1 Indemnification by the Company. The Company will indemnify and hold harmless each Holder,
its officers and directors and each Person (if any) that controls such Holder within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages,
liabilities, costs (including reasonable costs of preparation and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such Person in connection with any investigation or Proceeding), expenses, judgments, fines,

  
 13 

 
penalties, charges and amounts paid in settlement (“Losses”) as incurred, caused by, arising out of or based upon, resulting from or related to any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any
preliminary prospectus, or based on any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case of any prospectus, in the light of the
circumstances under which such statement is made), provided, however, that such indemnity shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement or any such
omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing to the Company by or on behalf of such Holder expressly for use therein. 

Section 3.2 Indemnification by the Holder. Each Holder agrees to indemnify and hold harmless the
Company, its officers and directors and each Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all Losses caused by, arising
out of, resulting from or related to any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to Registrable Securities (as amended or supplemented if the Company shall have
furnished any amendments or supplements thereto) or any preliminary prospectus, or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the
case of any prospectus, in the light of the circumstances under which such statement is made), only to the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing by or on behalf of such
Holder expressly for use in such Registration Statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto, or any preliminary prospectus. 

Section 3.3 Indemnification Procedures. In case any Proceeding (including any governmental
investigation) shall be instituted involving any Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such Person (the “Indemnified Party”)
shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Article III, except to the extent the Indemnifying Party is actually prejudiced by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such Proceeding
and, unless in the reasonable opinion of outside counsel to the Indemnified Party a conflict of interest between the Indemnified Party and Indemnifying Party may exist in respect of such claim, to assume the defense thereof jointly with any other
Indemnifying Party similarly notified, to the extent that it chooses, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified Party that it so chooses, the Indemnifying Party
shall not be liable to such Indemnified Party for any legal or other expenses subsequently incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided, however, that
(i) if the Indemnifying Party fails to assume the defense or employ counsel reasonably satisfactory to the Indemnified Party, (ii) if such Indemnified Party who is a defendant in any action or Proceeding which is also brought against the
Indemnifying Party reasonably shall have concluded that there may be one or more legal defenses available to such Indemnified Party 

  
 14 

 
which are not available to the Indemnifying Party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct
then, in any such case, the Indemnified Party shall have the right to assume or continue its own defense as set forth above (but with no more than one firm of counsel for all Indemnified Parties in each jurisdiction, except to the extent any
Indemnified Party or Indemnified Parties reasonably shall have concluded that there may be legal defenses available to such party or parties which are not available to the other Indemnified Parties or to the extent representation of all Indemnified
Parties by the same counsel is otherwise inappropriate under applicable standards of professional conduct) and the Indemnifying Party shall be liable for any expenses therefor. No Indemnifying Party shall, without the written consent of the
Indemnified Party, effect the settlement or compromise of, or consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or contribution may be sought hereunder (whether or not
the Indemnified Party is an actual or potential party to such action or claim) unless such settlement, compromise or judgment (A) includes an unconditional release of the Indemnified Party from all liability arising out of such action or claim
and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act, by or on behalf of any Indemnified Party. 

Section 3.4 Contribution. 

(a) If the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any Losses in respect
of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to the fullest extent permitted by Law contribute to the amount paid or payable by such Indemnified Party as a result
of such Losses in such proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative fault
of the Company (on the one hand) and a Holder (on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact
relates to information supplied by such party and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

(b) The Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Article III were
determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in Section 3.4(a). The amount paid or payable by an Indemnified Party as a result
of the losses, claims, damages or liabilities referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably incurred by such Indemnified Party
in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Article III, a Holder shall not be liable for indemnification or contribution pursuant to this Article III for any amount in
excess of the net proceeds of the offering received by such Holder, less the amount of any damages which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

  
 15 

 ARTICLE IV 

RULE 144 
 With a view to
making available the benefits of certain rules and regulations of the Commission that may permit the resale of the Registrable Securities without registration, the Company agrees to use its commercially reasonable efforts to: 

(a) make and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 (or any successor
rule or regulation to Rule 144 then in force) under the Securities Act, at all times from and after the date hereof; 
 (b) file with the
Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act at all times from and after the date hereof; and 

(c) so long as the Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written
statement of the Company that it has complied with the reporting requirements of Rule 144 (or any successor rule or regulation to Rule 144 then in force) under the Securities Act and (ii) unless otherwise available via the Commission’s
EDGAR filing system, to the Holder forthwith upon request a copy of the most recent annual or quarterly report of the Company, and such other reports and documents so filed as the Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing the Holder to sell any such securities without registration. 
 ARTICLE V 

TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS 

The rights to cause the Company to register Registrable Securities or assist in a Block Trade under Article II of this Agreement may be
transferred or assigned by such Holder to one or more Transferees of Registrable Securities if such Transferee is a Permitted Transferee and such Transferee has delivered to the Company a duly executed Adoption Agreement. 

ARTICLE VI 

MISCELLANEOUS 

Section 6.1 Effectiveness. This Agreement shall not become effective until the Company Merger
Effective Time and shall thereafter be effective until terminated in accordance with the terms of this Agreement. In the event that the Merger Agreement is terminated prior to the consummation of the transactions contemplated thereby, this Agreement
and all the terms hereunder shall also terminate, regardless of any other provisions set forth in this Agreement. 

Section 6.2 Termination. After effectiveness in accordance with Section 6.1, this Agreement shall
terminate with respect to each individual Holder, and such Holder and the Company shall have no further rights or obligations hereunder on the earlier of (a) the third anniversary of the date hereof (as may be extended pursuant to the following
proviso, the “Termination Date”); provided, however, that such Termination Date shall automatically be extended for additional successive one-year periods with respect to any Holder that,
together with 

  
 16 

 
its Affiliates and its and their respective Permitted Transferees, continues to hold at least 10% of the then-outstanding Common Stock; or (b) on such earlier date on which both
(i) such individual Holder, together with its Affiliates and its and their respective Permitted Transferees, owns less than 2.5% of the Company’s voting securities and (ii) all Registrable Securities owned by such Holder may be sold
without restriction (including any limitation thereunder on volume or manner of sale and without the need for current public information) pursuant to Rule 144 under the Securities Act; provided, however, that Article III shall survive any
termination hereof. 
 Section 6.3 Severability and Construction. Each party hereto
agrees that, should any court or other competent authority hold any provision of this Agreement or part hereof to be invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other
term or provision of this Agreement or invalidate or render unenforceable such other term or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall
negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by the Merger Agreement be consummated as
originally contemplated to the greatest extent possible. Except as otherwise contemplated by this Agreement, in response to an order from a court or other competent authority for any party hereto to take any action inconsistent herewith or not to
take an action consistent herewith or required hereby, to the extent that a party hereto took an action inconsistent with this Agreement or failed to take action consistent with this Agreement or required by this Agreement pursuant to such order,
such party hereto shall not incur any liability or obligation unless such party hereto did not in good faith seek to resist or object to the imposition or entering of such order. 

Section 6.4 Governing Law; Submission to Jurisdiction; Selection of Forum; Waiver of Jury Trial. 

(a) THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF RELATE TO THIS
AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. 

(b) THE PARTIES HERETO IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF THE COURT OF CHANCERY
OF THE STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF THE GENERAL CORPORATION LAW OF THE STATE OF DELAWARE, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION OVER
SUCH MATTER, THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF
THE PROVISIONS OF THIS AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY 

  
 17 

 
THE MERGER AGREEMENT, AND HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS NOT
SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND
THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY SUCH DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT
JURISDICTION OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN
SECTION 6.7 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF. 

(c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND
DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS SECTION 6.4. 

Section 6.5 Adjustments Affecting Registrable Securities. The provisions of this Agreement shall apply
to any and all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets or otherwise) which may be issued in respect of, in exchange for or in substitution for the Shares,
by reason of any stock dividend, split, reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such appropriate adjustments as to reflect the intent and meaning of the provisions
hereof and so that the rights, privileges, duties and obligations hereunder shall continue with respect to the capital stock of the Company as so changed. 

Section 6.6 Binding Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to
the benefit of the Company and its successors and assigns and the Holders and their respective successors and assigns. Except as provided in Article V, neither this Agreement nor any of the rights, benefits or obligations hereunder may be
assigned or transferred, by operation of law or otherwise, by a Holder without the prior written consent of the Company. 

  
 18 

 Section 6.7 Notices. All notices hereunder shall be
deemed given if in writing and delivered, by electronic mail, courier, or registered or certified mail (return receipt requested), to the following addresses (or at such other addresses as shall be specified by like notice): 

(a) If to the Company, to: 

Civitas Resources, Inc. 

410 17th St. 

Denver, CO 80202 

Attention: Skip Marter, General Counsel 

E mail: 
 (b) If
to a Holder, to the address or electronic mail addresses of such Holder as it appears on such Holder’s signature page attached hereto or such other address as may be designated in writing by such Holder; 

or to such other address as the party to whom notice is to be given may have furnished to such other party in writing in accordance herewith. Any notice given
by delivery, mail, or courier shall be effective when received. 
 Section 6.8 Modification; Waiver.
This Agreement may be amended, modified or supplemented only by a written instrument duly executed by the Company and the Holders of a majority of the then outstanding Registrable Securities. No course of dealing between the Company and a Holder or
any delay in exercising any rights hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions of this Agreement will in no way be construed as a waiver of such
provisions and will not affect the right of such party thereafter to enforce each and every provision of this Agreement in accordance with its terms. 

Section 6.9 Entire Agreement. Except as otherwise explicitly provided herein, this Agreement (together
with the Merger Agreement, the Confidentiality Agreement (as defined in the Merger Agreement), and any other documents and instruments executed pursuant hereto or thereto) constitutes the entire agreement among the parties hereto with respect to the
subject matter hereof and supersedes all prior agreements, oral or written, among the parties hereto with respect thereto. 

Section 6.10 Counterparts. This Agreement may be executed and delivered in any number of counterparts
and by way of electronic signature and delivery, each such counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement. Except as expressly provided in this Agreement, each
individual executing this Agreement on behalf of a party hereto has been duly authorized and empowered to execute and deliver this Agreement on behalf of said party hereto. 

Section 6.11 Further Assurances. Subject to the other terms of this Agreement, the parties hereto
agree to execute and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate or necessary, from time to time, to effectuate the transactions contemplated by the Merger
Agreement, as applicable. 

  
 19 

 Section 6.12 Prior Registration
Rights. For the avoidance of doubt, the Holders are deemed to have registration rights on parity with the registration rights granted in (i) that certain Registration Rights Agreement, dated as of April 1, 2021, by and
among the Company and Franklin Advisers, Inc., as investment manager on behalf of certain funds and accounts, and (ii) that certain Registration Rights Agreement, dated as of May 9, 2021, by and among the Company and Kimmeridge Chelsea,
LLC. 
 [signature page follows] 

  
 20 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by
its undersigned duly authorized representative as of the date first written above. 
  

			
	THE COMPANY:
	
	CIVITAS RESOURCES, INC.
		
	By:	 	/s/ Cyrus D. Marter IV
	Name:	 	Cyrus D. Marter IV
	 Title:
	 	 General Counsel and Secretary

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	HOLDERS:
	
	CPPIB CRESTONE PEAK RESOURCES CANADA INC.
		
	By:	 	/s/ David Chambers
	Name:	 	David Chambers
	Title:	 	Managing Director
		
		 	Address:
		
		 	          c/o Canada Pension Plan Investment Board
		 	          One Queen Street East, Suite 2500
		 	          Toronto, Ontario M5C 2W5 Canada
		
		 	Contact Person:
		 	Telephone No:
		 	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	BROE CR INVESTOR, LLC
		
	By:	 	/s/ Greg Gallagher
	Name:	 	Greg Gallagher
	Title:	 	Manager
		
		 	Address:
		
		 	           Broe CR Investor, LLC

          252 Clayton Street

		 	          Denver, Colorado 80206
		
		 	Contact Person: Doug Van Wyk
		 	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Anthony G. Buchanon
	Anthony G. Buchanon
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ James Moore Trimble
	James Moore Trimble
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ John A. Crum
	John A. Crum
	
	Cell Ph:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Benita Warmbold
	Benita Warmbold
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	/s/ Roger Huang
	Roger Huang
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Jan C. Wilson 

	 Jan C. Wilson

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Robert F. Heinemann

	 Robert F. Heinemann

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Barry Turcotte

	 Barry Turcotte

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Klair John Schmidt

	 Klair John Schmidt

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Ross Ohlmeier

	 Ross Ohlmeier

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Emily Anne Miller

	 Emily Anne Miller

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
			
	 /s/ Kristen L. Busang

	 Kristen L. Busang

	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ David Stewart
	David Stewart
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Chad Mulliniks
	Chad Mulliniks
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Shea Anne Starr Kauffman
	Shea Anne Starr Kauffman
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Jason Charles Oates
	Jason Charles Oates
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Matthew J. Purchase
	Matthew J. Purchase
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 
	
	/s/ Sean Travis Austin
	Sean Travis Austin
	
	Address:
	
	Telephone No:
	Email:

  
 [Signature Page to
Registration Rights Agreement] 

 SCHEDULE I 

HOLDERS 
 CPPIB Holder: 

 

	 	•	 	 CPPIB Crestone Peak Resources Canada Inc. 

Broe Holder: 
  

	 	•	 	 Broe CR Investor, LLC 

Management Holders: 
  

	 	•	 	 Anthony Buchanon 

  

	 	•	 	 James Trimble 

  

	 	•	 	 John Crum 

  

	 	•	 	 Benita Warmbold 

  

	 	•	 	 Roger Huang 

  

	 	•	 	 Jan Wilson 

  

	 	•	 	 Robert Heinemann 

  

	 	•	 	 Barry Turcotte 

  

	 	•	 	 Klair Schmidt 

  

	 	•	 	 Ross Ohlmeier 

  

	 	•	 	 Emily Miller 

  

	 	•	 	 Kristen Busang 

  

	 	•	 	 David Stewart 

  

	 	•	 	 Chad Mulliniks 

  

	 	•	 	 Shea Kauffman 

  

	 	•	 	 Jason Oates 

  

	 	•	 	 Matthew Purchase 

  

	 	•	 	 Sean Austin 

Schedule I 

 EXHIBIT A 

ADOPTION AGREEMENT 
 This
Adoption Agreement (“Adoption Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant to the terms of the Registration Rights Agreement, dated as of November 1, 2021, between Civitas
Resources, Inc. (the “Company”) and the Persons identified on Schedule I thereto (as amended from time to time, the “Registration Rights Agreement”). Terms used and not otherwise defined in this Adoption
Agreement have the meanings set forth in the Registration Rights Agreement. 
 By the execution of this Adoption Agreement, the Transferee
agrees as follows: 
  

	1.	 Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Common Stock of
the Company, subject to the terms and conditions of the Registration Rights Agreement among the Company and the Holders. 

  

	2.	 Agreement. Transferee (i) agrees that the Registrable Securities acquired by Transferee shall be
bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (ii) hereby adopts the Registration Rights Agreement with the same force and effect as if he, she or it were originally a party thereto.

  

	3.	 Notice. Any notice required as permitted by the Registration Rights Agreement shall be given to
Transferee at the address listed beside Transferee’s signature below. 

  

	4.	 Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption Agreement to
acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if any, in the shares of Common Stock and other securities referred to above and in the Registration Rights Agreement, to
the terms of the Registration Rights Agreement. 

  

	
	 Signature:

	
	 
	 
	
	 Address:

	 Contact Person:

	 Telephone No:

	 Email:

 Exhibit AEX-10.8

 Exhibit 10.8 

Execution Version 

BOARD OBSERVER AND CONFIDENTIALITY AGREEMENT 

This BOARD OBSERVER AND CONFIDENTIALITY AGREEMENT, dated as of November 1, 2021 (this “Agreement”), is entered
into by and among CPPIB Crestone Peak Resources Canada Inc. (the “CPP Holder”), and Civitas Resources, Inc., a Delaware corporation (the “Company”). The CPP Holder and the Company are herein referred to as the
“Parties.” Capitalized terms used but not defined herein shall have the meaning assigned to such term in the Merger Agreement (as defined below). 

RECITALS 
 WHEREAS,
on June 6, 2021, the Company entered into that certain Agreement and Plan of Merger, among Crestone Peak Resources LP, a Delaware limited partnership, CPPIB Crestone Peak Resources America Inc., a Delaware corporation (“Crestone
Peak”), Crestone Peak Resources Management LP, a Delaware limited partnership, the Company, Raptor Condor Merger Sub 1, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, Raptor Condor Merger Sub 2, LLC, a Delaware
limited liability company and a wholly owned subsidiary of the Company, and Extraction Oil & Gas, Inc., a Delaware corporation (solely for purposes of Article VI, Section 7.1, Section 7.5 through Section 7.9,
Section 7.11, Section 7.24, Article VIII and Article X thereof) (the “Merger Agreement”); 
 WHEREAS,
concurrently with the execution and delivery of the Merger Agreement, the Company and the CPP Holder agreed upon a form of registration rights agreement (the “Registration Rights Agreement”), which shall become effective at the
Company Merger Effective Time (as defined in the Merger Agreement); 
 WHEREAS, on June 6, 2021, in connection with the Merger
Agreement, the Company and the CPP Holder entered into that certain Support Agreement, among the Company, the CPP Holder and Crestone Peak (the “Support Agreement”); and 

WHEREAS, in connection with entry into the Merger Agreement, the Registration Rights Agreement and the Support Agreement, the board of
directors of the Company (the “Board”) has determined it to be in the best interests of the Company to provide the CPP Holder with certain observation rights in respect of the Board, pursuant to the terms of this Agreement. 

NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt
and sufficiency of which is hereby acknowledged by each of the Parties hereto, the Parties hereby agree as follows: 

 AGREEMENT 

Section 1. Board Observation Rights. 

(a) During the period commencing upon the Closing and ending on the Board Rights Termination Date (as defined below), the Company shall grant
the CPP Holder the option and right, exercisable by the CPP Holder delivering a written notice signed by the CPP Holder of such appointment to the Company (an “Observer Notice”), to appoint a single representative (the
“Board Observer”) to attend all meetings (including telephonic) of the Board and each committee of the Board in an observer capacity. Each such Observer Notice shall remain effective until the earlier of (i) the date it is
revoked in writing by the CPP Holder, (ii) the date on which the CPP Holder replaces it with a revised Observer Notice and (iii) the Board Rights Termination Date (as defined below). The Observer Notice shall be delivered to the Company
prior to the Board Observer’s attendance at any meeting of the Board or any committee thereof. The Board Observer shall not constitute a member of the Board or any committee thereof and shall not be entitled to vote on, or consent to, any
matters presented to the Board or any committee thereof. The initial Board Observer shall be David Chambers. The Company shall have the right to approve any subsequent representative to be appointed by the CPP Holder to replace Mr. Chambers as
Board Observer, provided that such approval shall not be unreasonably withheld, conditioned or delayed with respect to any representative that, at the time of appointment by such CPP Holder, is an employee of the CPP Holder or any of its affiliates.

 (b) The Company shall (i) give the Board Observer written notice of each meeting or action taken by written consent at the same time
and in the same manner as notice is given to the members of the Board, (ii) provide the Board Observer with copies of all written materials and other information (including copies of minutes of meetings or written consents of the Board and each
committee of the Board given to the members of the Board and each such committee in connection with such meetings or actions taken by written consent) at the same time such materials and information are furnished to such members of the Board and
each such committee, and (iii) provide the Board Observer with the same right to attend (whether in person or by telephone or other means of electronic communication as solely determined by the Board Observer) such meetings as is given to a
member of the Board or each such committee, as applicable. Each of the Board Observer and the CPP Holder shall agree to maintain the confidentiality of all non-public information and proceedings of the Board
and any committee of the Board and to comply with, and be bound by, in all respects, the terms and conditions of the confidentiality agreement set forth in Section 2 of this Agreement (the “Confidentiality
Agreement”). The CPP Holder shall be responsible for any breach by the Board Observer of the Confidentiality Agreement and for the breach by any Permitted Recipient (as defined in the Confidentiality Agreement) of their confidentiality
obligations. Notwithstanding any rights to be granted or provided to the Board Observer hereunder, the Board or any Board committee (solely as to the material or meeting of such committee) may exclude the Board Observer from access to any material
or meeting or portion thereof if the Board or such Board committee concludes, in good faith, that (i) such exclusion is reasonably necessary to preserve the attorney-client or work product privilege between the Company and its affiliates and
its counsel (provided, however, that any such exclusion shall apply only to such portion of such material or meeting which would be reasonably required to preserve such privilege), (ii) such materials or discussion relates to an existing or
potential contractual or other relationship or transaction between the Company or any of its affiliates, on the one hand, and the CPP Holder or any of its affiliates, on the other hand, or (iii) such exclusion is necessary because the Board
Observer or the CPP Holder has or may have a conflict of interest with respect to any matter under discussion or consideration by the Board or any committee thereof. In the event that the Board Observer or the CPP Holder has or may have a conflict
of interest with respect to any matter under discussion or consideration by the Board or any committee thereof, the Board Observer and the CPP Holder shall be required to disclose to the Board, in writing, the existence of such conflict, and the
Board Observer shall recuse himself or herself from such meeting; provided, however, that, notwithstanding anything in this Agreement to the contrary, to the extent such conflict of interest is personal to such Board Observer, the CPP Holder
shall have the right, upon delivery of written notice to the Company, to appoint a single substitute Board Observer to attend such meeting or any subsequent meeting (or the applicable portion thereof), and such notice shall not be deemed to be a
revocation of any Observer Notice then in effect. 

  
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 (c) The rights of the CPP Holder contained in this Section 1 shall
immediately cease and terminate on the earlier of (i) the date on which the CPP Holder no longer owns an amount of shares of Company Common Stock that is equal to ten percent (10%) or more of the total number of outstanding shares of Company
Common Stock, regardless of whether such failure to own such number of shares of Company Common Stock results from sales by the CPP Holder, dilution as the result of new issuances by the Company, or otherwise and (ii) the date on which the CPP
Holder has permanently waived and renounced, in writing, its board observation rights in this Section 1 of this Agreement (such earlier date, the “Board Rights Termination Date”). 

(d) The option and right to appoint a Board Observer granted to the CPP Holder by the Company under this Section 1
may not be transferred or assigned by the CPP Holder without the prior written consent of the Company; provided, however, that the CPP Holder may assign all (but not less than all) of its rights under this
Section 1 to any of its Affiliates without the prior written consent of the Company. Such a permitted assignee, upon and after such consent, shall be considered the CPP Holder under this Agreement. 

(e) For the avoidance of doubt, notwithstanding anything in this Agreement to the contrary, the Board Observer shall not have, and shall not be
deemed to have or otherwise be subject to, (i) any duties (fiduciary or otherwise) to the Company, any of its Subsidiaries or any of its or their respective stockholders or other equityholders or owners, and (ii) except as described in
Section 1 and Section 2 of this Agreement, no obligations to the Company under this Agreement. 

Section 2. Confidentiality. 

(a) As used in this Agreement, subject to Section 2(c) below, “Confidential Information” means any and all non-public financial information or other non-public information concerning the Company, its Subsidiaries and their Affiliates that may hereafter be disclosed to the Board
Observer by the Company, its Subsidiaries, their Affiliates or by any of the directors, officers, employees, agents, consultants, advisors or other representatives (including financial advisors, accountants or legal counsel) (the
“Representatives”) of the Company or its Subsidiaries, including all notices, minutes, consents, materials, ideas or other information (to the extent constituting information concerning the Company, its Subsidiaries and their
Affiliates that is non-public financial information or other non-public information) provided to the Board Observer. 

(b) Except to the extent permitted by this Section 2(b) or by Section 2(c) or Section 2(d) below, the CPP Holder shall cause the
Board Observer to keep such Confidential Information strictly confidential and shall cause the Board Observer not to use the Confidential Information for any purpose other than in connection with his or her role as a Board Observer pursuant to the
terms of this Agreement; provided, that the Board Observer may share Confidential Information with the CPP Holder and its Affiliates and its and their respective directors, officers, employees, agents, consultants, advisors, legal counsel and
other representatives (the “Permitted Recipients”) who (a) have a need to know such information and (b) are informed of the confidential 

  
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nature of such information. The CPP Holder and the other Permitted Recipients shall keep such Confidential Information strictly confidential and shall not use the Confidential Information for any
purpose other than monitoring the CPP Holder’s investment in the Company and exercising the CPP Holder’s rights as an investor in the Company and its rights under this Agreement; provided, however, that, subject to
Section 2(e) below, the foregoing shall not apply to the extent the CPP Holder, its Affiliates, or any of the Permitted Recipients or the Board Observer is requested or compelled to disclose Confidential Information by
statute, rule, regulation, arbitral or judicial or regulatory process or otherwise requested by any governmental authority. The Board Observer may not record the proceedings of any meeting of the Board by means of an electronic recording device.

 (c) The term “Confidential Information” does not include information that (i) is or becomes generally available to the
public other than (a) as a result of a disclosure by the Board Observer in violation of this Agreement or (b) in violation of a confidentiality obligation to the Company or its Subsidiaries known to the Board Observer or the CPP Holder,
(ii) is or becomes available to the Board Observer or the CPP Holder or any of its Affiliates or the Permitted Recipients on a non-confidential basis from a source not known by the Board Observer or the CPP Holder or any of its Affiliates to
have an obligation of confidentiality to the Company or its Subsidiaries, (iii) was already known to the Board Observer or the CPP Holder or any of its Affiliates or the Permitted Recipients at the time of disclosure, or (iv) is
independently developed by the Board Observer or the CPP Holder or any of its Affiliates or the Permitted Recipients without reference to any Confidential Information disclosed to the Board Observer. 

(d) The CPP Holder acknowledges and will advise the Board Observer and the Permitted Recipients that United States securities laws prohibit any
person who has received from an issuer any material, non-public information from purchasing or selling securities of such issuer or from communicating such information to any other person under circumstances
in which it is reasonably foreseeable that such person is likely to purchase or sell such securities. 
 (e) In the event that the Board
Observer or the CPP Holder or any of its Affiliates or Permitted Recipients is required or compelled by statute, rule, regulation, arbitral or judicial process or otherwise requested by any governmental authority to disclose the Confidential
Information, the CPP Holder shall use its reasonable best efforts, to the extent permitted and practicable, to provide the Company with prompt prior written notice of such requirement so that the Company or its Subsidiaries or their Affiliates may
seek, at such their sole expense and cost, an appropriate protective order. If in the absence of a protective order, the Board Observer or the CPP Holder or any of its Affiliates or Permitted Recipients is nonetheless legally required or compelled
to disclose Confidential Information, such person may disclose only the portion of the Confidential Information or other information that it is so legally required or compelled or requested to be disclosed. 

(f) All Confidential Information disclosed by the Company, its Subsidiaries or their Representatives to the Board Observer or the CPP Holder is
and will remain the property of the Company, so long as such information remains Confidential Information. 

  
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 (g) It is understood and acknowledged that neither the Company, its Subsidiaries nor any
Representative makes any representation or warranty as to the accuracy or completeness of the Confidential Information or any component thereof. 

(h) Notwithstanding anything herein to the contrary, the obligations of this Section 2 will automatically expire one (1) year after
the occurrence of the Board Rights Termination Date. 
 Section 3. Miscellaneous. 

(a) Entire Agreement. This Agreement (including the documents and instruments referred to herein) is intended by the Parties as a final
expression of their agreement and intended to be a complete and exclusive statement of the agreement and understanding of the Parties with respect to the subject matter contained herein. There are no restrictions, promises, warranties or
undertakings other than those set forth or referred to herein with respect to the rights granted by the Company or any of its Affiliates or the CPP Holder or any of its Affiliates set forth herein. This Agreement supersedes all prior agreements and
understandings between the Parties with respect to the subject matter hereof. 
 (b) Notices. All notices and demands provided for in
this Agreement shall be in writing and shall be given if delivered personally or sent by overnight courier (providing proof of delivery) to the Parties at the following addresses (or at such other address for a Party as shall be specified by like
notice): 
 If to the Company: 

Civitas Resources, Inc. 
 410 17th
Street, Suite 1400 
 Denver, Colorado 80202 

Attention: Cyrus D. Marter IV 

Email: smarter@civiresources.com 

with a copy to (which shall not constitute notice): 

Vinson & Elkins LLP 

1114 Avenue of the Americas, 32nd Floor 

New York, NY 10036 
 Attention:
Shelley A. Barber 
 Email: sbarber@velaw.com 

If to the CPP Holder: 
 CPPIB
Crestone Peak Resources Canada Inc. 
 One Queen Street East, Suite 2500 

Toronto, ON 
 M5C 2W5 

Canada 
 Attention: Bruce Hogg,
Managing Director, Head of Sustainable 
 Email: legalnotice@cppib.com 

  
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 with a copy to (which shall not constitute notice): 

Latham & Watkins LLP 

811 Main Street, Suite 3700 

Houston, TX 77002 
 Attention:
Jeff Munoz 
        Thomas Brandt 

Email:     jeff.munoz@lw.com 

                thomas.brandt@lw.com 

(c) Interpretation. Section references in this Agreement are references to the corresponding Section to this Agreement, unless otherwise
specified. All references to instruments, documents, contracts and agreements are references to such instruments, documents, contracts and agreements as the same may be amended, supplemented and otherwise modified from time to time, unless otherwise
specified. The word “including” shall mean “including but not limited to” and shall not be construed to limit any general statement that it follows to the specific or similar items or matters immediately following it. Whenever
any determination, consent or approval is to be made or given by a Party, such action shall be in such Party’s sole discretion, unless otherwise specified in this Agreement. If any provision in this Agreement is held to be illegal, invalid, not
binding or unenforceable, (i) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid, not binding or unenforceable provision had never comprised a part of this Agreement, and the
remaining provisions shall remain in full force and effect and (ii) the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order
that the transactions contemplated hereby are consummated as originally contemplated to the greatest extent possible. When calculating the period of time before which, within which or following which any act is to be done or step taken pursuant to
this Agreement, the date that is the reference date in calculating such period shall be excluded, and if the last day of such period is a non-Business Day, the period in question shall end on the next
succeeding Business Day. Any words imparting the singular number only shall include the plural and vice versa. The words such as “herein,” “hereinafter,” “hereof” and “hereunder” refer to this Agreement as a
whole and not merely to a subdivision in which such words appear unless the context otherwise requires. The division of this Agreement into Sections and other subdivisions and the insertion of headings are for convenience of reference only and shall
not affect or be utilized in construing or interpreting this Agreement. 
 (d) Governing Law; Submission to Jurisdiction. This
Agreement, and all claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement or the negotiation, execution or performance of this Agreement (including any claim or cause of action based
upon, arising out of or related to any representation or warranty made in or in connection with this Agreement), will be construed in accordance with and governed by the laws of the State of Delaware without regard to principles of conflicts of
laws. Any action against any Party relating to the foregoing shall be brought in any federal or state court of 

  
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competent jurisdiction located within the State of Delaware, and the Parties hereto hereby irrevocably submit to the nonexclusive jurisdiction of any federal or state court located within the
State of Delaware over any such action. Each of the Parties agrees (i) that this Agreement involves at least $100,000.00, and (ii) that this Agreement has been entered into by the Parties in express reliance upon 6 Del. C. § 2708.
Each of the Parties hereby irrevocably and unconditionally agrees (1) that it is and shall continue to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, and (2)(A)
to the extent that such Party is not otherwise subject to service of process in the State of Delaware, to appoint and maintain an agent in the State of Delaware as such Party’s agent for acceptance of legal processes and notify the other
Parties of the name and address of such agent, and (B) to the fullest extent permitted by law, that service of process may also be made on such Party by prepaid certified mail with a proof of mailing receipt validated by the U.S. Postal Service
constituting evidence of valid service, and that, to the fullest extent permitted by applicable law, service made pursuant to (2)(A) or (B) above shall have the same legal force and effect as if served upon such Party personally within the
State of Delaware. Each of the Parties hereby irrevocably waives, to the fullest extent permitted by applicable law, any objection that it may now or hereafter have to the laying of venue of any such dispute brought in such court or any defense of
inconvenient forum for the maintenance of such dispute. Each of the Parties hereto agrees that a judgment in any such dispute may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. 

(e) Waiver of Jury Trial. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY WAIVES, AND AGREES TO CAUSE ITS AFFILIATES TO WAIVE, TO THE
FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION (i) ARISING UNDER THIS AGREEMENT OR (ii) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO
IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY OR OTHERWISE. EACH OF THE PARTIES TO THIS AGREEMENT HEREBY AGREES AND CONSENTS THAT
ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF
THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 (f) No Waiver; Modifications in Writing. 

(i) Delay. No failure or delay on the part of any Party in exercising any right, power or remedy hereunder shall operate
as a waiver thereof, nor shall any single or partial exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy. The remedies provided for herein are cumulative and
are not exclusive of any remedies that may be available to a Party at law or in equity or otherwise. 

  
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 (ii) Specific Waiver. Except as otherwise provided herein, no
amendment, waiver, consent, modification or termination of any provision of this Agreement shall be effective unless signed by each of the Parties hereto. Any amendment, supplement or modification of or to any provision of this Agreement, any waiver
of any provision of this Agreement and any consent to any departure by a Party from the terms of any provision of this Agreement shall be effective only in the specific instance and for the specific purpose for which made or given. Except where
notice is specifically required by this Agreement, no notice to or demand on a Party in any case shall entitle such Party to any other or further notice or demand in similar or other circumstances. Any investigation by or on behalf of any Party
shall not be deemed to constitute a waiver by the Party taking such action of compliance with any representation, warranty, covenant or agreement contained herein. 

(g) Execution in Counterparts. This Agreement may be executed in any number of counterparts and by different Parties hereto in separate
counterparts, each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together, shall constitute one and the same agreement. 

(h) Binding Effect; Assignment. This Agreement will be binding upon and inure to the benefit of the Parties hereto and their respective
successors and permitted assigns, but, subject to Section 1(d), will not be assignable or delegable by any Party without the prior written consent of the other Party. 

(i) Independent Counsel. Each of the Parties acknowledges that it has been represented by independent counsel of its choice throughout
all negotiations that have preceded the execution of this Agreement and that it has executed the same with consent and upon the advice of said independent counsel. Each Party and its counsel cooperated in the drafting and preparation of this
Agreement and the documents referred to herein, and any and all drafts relating thereto will be deemed the work product of the Parties and may not be construed against any Party by reason of its preparation. Accordingly, any rule of law or any legal
decision that would require interpretation of any ambiguities in this Agreement against the Party that drafted it is of no application and is hereby expressly waived. 

(j) Specific Enforcement. Each of the Parties acknowledges and agrees that monetary damages would not adequately compensate an injured
Party for the breach of this Agreement by any Party, that this Agreement shall be specifically enforceable and that any breach or threatened breach of this Agreement shall be the proper subject of a temporary or permanent injunction or restraining
order without a requirement of posting bond. Further, each Party waives any claim or defense that there is an adequate remedy at law for such breach or threatened breach. 

(k) Further Assurances. Each of the Parties shall, from time to time and without further consideration, execute such further instruments
and take such other actions as any other Party shall reasonably request in order to fulfill its obligations under this Agreement to effectuate the purposes of this Agreement. 

[Signature Pages Follow] 

  
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 IN WITNESS WHEREOF, the Parties execute this Agreement, effective as of the date first above written. 

 

			
	COMPANY
	
	CIVITAS RESOURCES, INC.
		
	By:	 	 /s/ Cyrus D. Marter IV

	Name:	 	Cyrus D. Marter IV
	Title:	 	General Counsel and Secretary

 [Signature Page to Board Observer and Confidentiality Agreement] 

 
			
	CPP HOLDER:
	
	CPPIB CRESTONE PEAK RESOURCES CANADA INC.
		
	By:	 	 /s/ David Chambers

	Name:	 	David Chambers
	Title:	 	Managing Director

 [Signature Page to Board Observer and Confidentiality Agreement]

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