May 01, 2016 1:09 AM ET

Oil, Gas and Consumable Fuels

Company Overview of Bonanza Creek Energy, Inc.

Company Overview

Bonanza Creek Energy Inc., an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids-rich natural gas in the United States. The company’s oil and liquids weighted assets are located primarily in the Wattenberg Field in Colorado; and the Dorcheat Macedonia Field in southern Arkansas. It also owns and operates oil-producing assets in the North Park Basin in Colorado; and the McKamie Patton Field in Southern Arkansas. Bonanza Creek Energy Inc. was founded in 2010 and is headquartered in Denver, Colorado.

410 17th Street

Suite 1400

Denver, CO 80202

United States

Founded in 2010

282 Employees

Phone:

720-440-6100

Fax:

720-305-0804

Key Executives for Bonanza Creek Energy, Inc.

Chief Executive Officer, President and Director
Age: 46
Total Annual Compensation: $575.0K
Chief Operating Officer and Executive Vice President
Age: 55
Total Annual Compensation: $350.0K
Chief Accounting Officer and Vice President
Age: 43
Total Annual Compensation: $260.0K
Compensation as of Fiscal Year 2015.

Bonanza Creek Energy, Inc. Key Developments

Bonanza Creek Energy, Inc. Announces Workforce Reduction of 26 Employees and 17 Contractors ; Announces Senior Management Changes

Bonanza Creek Energy, Inc. announced that it has performed a corporate reorganization, which resulted in a total workforce reduction of 26 employees and 17 contractors. The reorganization aligns its employee base and general and administrative cost structure with the current commodity price environment and resulting anticipated activity level. Moreover, each of William J. Cassidy, Executive Vice President and Chief Financial Officer, and Christopher I. Humber, Executive Vice President, General Counsel and Secretary, will separate from their positions with the Company. Mr. Cassidy joined the Company in 2013 and served as its Executive Vice President and Chief Financial Officer. Mr. Humber joined the Company in 2012 as its Executive Vice President, General Counsel and Secretary immediately following its initial public offering.

Bonanza Creek Energy, Inc. Executes Borrowing Under Its Revolving Credit Facility

Bonanza Creek Energy, Inc. announced it has elected to draw down $209 million on its credit facility, and currently has an aggregate of $300 million of borrowings, including a $12 million letter of credit, under the facility. As of March 9, 2016, the company had $235 million of cash on its balance sheet after taking the recent draw into account. The company also restructured its hedge book, eliminating in-the-money 3-way collar contracts in favor of crude oil hedges with a combination of in-the-money floor and above market fixed price contracts for the period April through December of 2016.

Bonanza Creek Energy, Inc. Announces Unaudited Consolidated Earnings and Production Results for the Fourth Quarter and Earnings Results for the Full Year Ended December 31, 2015; Reports Impairment for the Fourth Quarter of 2015; Provides Capex and Production Guidance for the First Quarter of 2016

Bonanza Creek Energy, Inc. announced unaudited consolidated earnings and production results for the fourth quarter and earnings results for the full year ended December 31, 2015. For the quarter, the company reported oil and gas sales of $57.032 million against $123.2 million a year ago. Crude oil and liquids accounted for approximately 85% of total revenue. Loss from operations was $624.2 million against $161.3 million a year ago. Loss from continuing operations before taxes was $633.714 million against $68.91 million a year ago. Loss from continuing operations was $573.7 million or $12.08 per basic and diluted share against $42.8 million or $1.05 per diluted share a year ago. Net loss was $573.7 million or $12.08 per basic and diluted share against $43.2 million or $1.06 per diluted share a year ago. Net cash provided by operating activities was $9.9 million against $51.8 million a year ago. Acquisition of oil and gas properties was $2.7 million against $0.7 million a year ago. Exploration and development of oil and gas properties was $64.900 million against $192.62 million a year ago. Adjusted net loss was $8.441 million or $0.17 per diluted share against income of $9.952 million or $0.24 per diluted share a year ago. Adjusted EBITDAX was $67.1 million against $102.411 million a year ago. The quarterly GAAP net loss for 2015 was driven largely by total property impairments of $585.6 million. For the year, the company reported oil and gas sales of $292.7 against $558.633 million a year ago. Loss from operations was $907.444 million against $47.51 million a year ago. Loss from continuing operations before taxes was $910.441 million against income of $28.01 million a year ago. Loss from continuing operations was $745.55 million or $15.57 per basic and diluted share against income of $16.982 million or $0.41 per diluted share a year ago. Net loss was $745.55 million or $15.57 per basic and diluted share against net income of $20.3 million or $0.49 per diluted share a year ago. Net cash provided by operating activities was $85.152 million against $275.962 million a year ago. Acquisition of oil and gas properties was $16.3 million against $179.6 million a year ago. Exploration and development of oil and gas properties was $425.92 million against $641.204 million a year ago. Natural gas plant capital expenditures were $0.112 million against $0.3 million a year ago. Adjusted net loss was $31.843 million or $0.67 per diluted share against income of $66.2 million or $1.64 per diluted share a year ago. Adjusted EBITDAX was $273.2 million against $387.7 million a year ago. Total D&C CapEx for 2015 was reduced by nearly 50% from 2014 to approximately $355 million. For the quarter, the company reported oil production of 1,497.9 MBbl against 1,553.6 MBbl a year ago. Gas production was 3,742.3 MMcf against 4,304.4 MMcf a year ago. NGL production was 506.9 MBbl against 111.1 MBbl a year ago. For the fourth quarter of 2015, the company reported average daily sales volumes of 28.6 MBoe per day, above the company's provided guidance of 27.5 - 28.1 MBoe/d. Fourth quarter 2015 sales volumes represent a 10% increase from the fourth quarter of 2014 (2% increase adjusted for estimated 3-stream volumes), and a 1% sequential decrease from the third quarter of 2015. For the fourth quarter of 2015, the company reported impairment of oil and gas properties of $573.7 million against $167.6 million a year ago. For the first quarter 2016, the company expects production of 23.7 Mboe/d to 24.0 Mboe/d. Production taxes of 6% to 7%. For the first quarter of 2016, the company expects E&P capex of $35 million to $40 million.

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