January 19, 2017 7:23 PM 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. On January 4, 2017, Bonanza Creek Energy Inc. along with its affiliates filed a voluntary petition for reorganiza...

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: 47
Total Annual Compensation: $575.0K
Chief Accounting Officer and Vice President
Age: 44
Total Annual Compensation: $260.0K
Compensation as of Fiscal Year 2015.

Bonanza Creek Energy Inc. Key Developments

Pre-Packaged Reorganization Plan With Related Disclosure Statement Filed by Bonanza Creek Energy Inc.

Bonanza Creek Energy, Inc. filed a pre-packaged plan of reorganization with related disclosure statement in the US Bankruptcy Court on January 4, 2017. Allowed Other Priority Claim in the amount of $41.90 million shall be entitled to receive payment in full in Cash. Allowed Other Secured Claim in the amount of $39.31million shall be entitled to receive payment in full in Cash; Reinstatement of the legal, equitable and contractual rights of the holder of such Claim; a distribution of the proceeds of the sale or disposition of the Collateral securing such Claim, in each case, solely to the extent of the value of the holder’s secured interest in such Collateral; return of Collateral securing such Claim; or other treatment that will render the Claim Unimpaired. Allowed RBL Credit Facility Secured Claim in the amount of $191.95 million shall be entitled to receive, in full and final satisfaction of its Allowed RBL Credit Facility Secured Claim, either (i) the treatment such holder is legally entitled to under section 1129(b)(2)(A) of the Bankruptcy Code or (ii) at the election of the Debtors, with the consent of the Required Supporting Noteholders, either (a) payment in full in Cash of such Claim or (b) such holder’s Ratable Share of participation in the Exit RBL Facility. Allowed General Unsecured Claim in the amount of $868.84 million against Bonanza Creek, each holder thereof shall be entitled to receive its Ratable Share of 29.4% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity and 37.8% of the Subscription Rights. Allowed General Unsecured Claim in the amount of $1.03 billion against Bonanza Creek Operating, each holder thereof shall be entitled to receive its Ratable Share of 17.6% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity. Allowed General Unsecured Claim in the amount of $866.06 million against Debtors other than Bonanza Creek and Bonanza Creek Operating, each holder thereof shall be entitled to receive its Ratable Share of 48.5% of the New Common Stock subject to dilution by the Management Incentive Plan, Warrants, and the Rights Offering Equity and 62.2% of the Subscription Rights. Allowed Unsecured Trade Claim in the amount of $0.99 million shall be entitled to receive payment in full in Cash or other treatment that will render the Claim Unimpaired. The holders of Section 510(b) Claims shall neither receive any distributions nor retain any property on account thereof pursuant to the Plan. All Section 510(b) Claims shall be canceled and extinguished. The holders of Existing Equity Interests shall neither receive any distributions nor retain any property on account thereof pursuant to the Plan. All Existing Equity Interests shall be canceled and extinguished. The Interests in the Subsidiary Debtors shall be, in the discretion of the Reorganized Debtors Reinstated or canceled on the Effective Date or as soon thereafter as reasonably practicable. The plan will be funded through cash on hand, issuance of new common stock, Exit RBL Facility and Rights Offering.

Bonanza Creek Energy Receives Continued Listing Standard Notice From The NYSE

Bonanza Creek Energy, Inc. announced that on November 28, 2016, it was notified by The New York Stock Exchange (“NYSE”) that the Company is no longer in compliance with certain continued listing standards that are applicable to the Company. The Company’s 30-day average closing share price as of November 22, 2016 was $0.99, in violation of the listing standard set forth in Section 802.01C of the NYSE Listed Company Manual. This standard requires the trailing 30-day average closing share price to remain above $1.00. The Company was notified of a similar violation in August, which was cured on September 30, 2016. As outlined in Section 802.01C of the NYSE Listed Company Manual, upon receiving notice, the Company has a six-month cure period to regain compliance. Within this cure period, the Company must have a closing share price of $1.00 or higher on the last trading day of a given month or at the end of the cure period. In addition, the Company’s coinciding trailing 30-day average closing share price must also be $1.00 or higher. The Company will notify the NYSE of its intention to regain compliance within the six-month cure period. During the cure period, the Company’s stock will continue to be listed on the NYSE, subject to its ability to remain in compliance with other continued listing standards. The notice received from the NYSE does not affect the ongoing business of the Company, nor does it trigger any violations of its secured or unsecured debt obligations.

Bonanza Creek Energy, Inc. Reports Unaudited Consolidated Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2016; Provides Production Guidance for the Fourth Quarter Ending Dec. 31, 2016; Provides Production and Capital Expenditure Guidance for the Fourth Quarter Ending Dec. 31, 2016

Bonanza Creek Energy, Inc. reported unaudited consolidated and production earnings results for the third quarter and nine months ended September 30, 2016. For the quarter, the company reported oil and gas sales of $49,325,000 compared to $72,149,000 a year ago. Loss from operations was $22,879,000 compared to $202,340,000 a year ago. Loss from operations before taxes was $34,902,000 compared to $180,596,000 a year ago. Net loss was $34,902,000 or $0.71 per basic and diluted share compared to $112,299,000 or $2.25 per basic and diluted share a year ago. Acquisition of oil and gas properties was $103,000 compared to $1,688,000 a year ago. Exploration and development of oil and gas properties was $4,738,000 compared to $78,025,000 a year ago. Additions to property and equipment - non oil and gas were $145,000 compared to $1,741,000 a year ago. Adjusted net loss was $17,356,000 or $0.35 per basic and diluted share compared to $3,622,000 or $0.07 per basic and diluted share a year ago. Adjusted EBITDAX was $25,143,000 compared to $73,281,000 a year ago. For the nine months, the company reported oil and gas sales of $148,029,000 compared to $235,647,000 a year ago. Loss from operations was $80,687,000 compared to $283,291,000 a year ago. Loss from operations before taxes was $131,616,000 compared to $276,727,000 a year ago. Net loss was $131,616,000 or $2.67 per basic and diluted share compared to $171,884,000 or $3.56 per basic and diluted share a year ago. Net cash provided by operating activities was $17,506,000 compared to $74,706,000 a year ago. Acquisition of oil and gas properties was $919,000 compared to $13,602,000 a year ago. Exploration and development of oil and gas properties was $47,491,000 compared to $361,131,000 a year ago. Additions to property and equipment - non oil and gas were $106,000 compared to $2,390,000 a year ago. Adjusted net loss was $59,446,000 or $1.21 per basic and diluted share compared to $13,613,000 or $0.29 per basic and diluted share a year ago. Adjusted EBITDAX was $71,410,000 compared to $216,564,000 a year ago. For the third quarter of 2016, the company reported average daily production of 21.0 MBoe per day, a 10% sequential decrease from the second quarter of 2016, and a 28% decrease from the third quarter of 2015. The reduction in production volumes is a result of suspended drilling and completion operations at the end of the first quarter of 2016. The company announced production of oil of 1,011.7 MBbl compared to 1,550.8 MBbl a year ago, production of gas of 3,006.2 MMcf compared to 3,766 MMcf a year ago, production of NGL of 416.2 MBbl compared to 485 MBbl a year ago and equivalent of 1,928.9 MBoe compared to 2,663.5 a year ago. For the nine months, the company announced production of oil of 3,476.6 MBbl compared to 4,574.3 MBbl a year ago, production of gas of 9,502.2 MMcf compared to 10,808.8 MMcf a year ago, production of NGL of 1,197.2 MBbl compared to 1,315 MBbl a year ago and equivalent of 6,257.5 MBoe compared to 7,690.8 a year ago. For the fourth quarter ending Dec. 31, 2016, the company expects production of 17.7 – 18.3 MBoe/d. The company has increased its production guidance for the year ending Dec. 31, 2016. For the full year 2016, the company expects production of 21.5 – 21.7 MBoe/d. LOE is expected at $43 million – $46 million. Production taxes are expected at 6% – 7%. Total CAPEX is expected $25 million – $27 million.

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