Bonanza Creek Energy Announces Results of Borrowing Base Redetermination
December 02 2019 - 4:05PM
Bonanza Creek Energy, Inc. (NYSE: BCEI) (the "Company" or "Bonanza
Creek") today announces that the lenders under its senior secured
credit facility have concluded their semi-annual redetermination
and reaffirmed the borrowing base of $375 million and the elected
commitments of $350 million. As of September 30, 2019, the Company
had $80 million drawn on the facility and held approximately $8
million in cash.
Eric Greager, Chief Executive Officer, commented, “We are
pleased that our bank syndicate reaffirmed its commitment to
Bonanza Creek. With $270 million of liquidity, and no other
long-term debt, the Company continues to have ample financial
flexibility heading into 2020.”
As previously announced, members of the Company’s management
will attend and participate in meetings at Capital One’s 14th
Annual Energy Conference in Houston on December 10-12, 2019. The
Corporate Presentation used will be accessible on the Company’s
website at www.bonanzacrk.com under the Investor Relations
section.
About Bonanza Creek Energy, Inc.
Bonanza Creek Energy, Inc. is an independent oil and natural gas
company engaged in the acquisition, exploration, development, and
production of oil and associated liquids-rich natural gas in the
Rocky Mountain region of the United States. The Company’s assets
and operations are concentrated in rural, unincorporated Weld
County within the Wattenberg Field, focused on the Niobrara and
Codell formations. The Company’s common shares are listed for
trading on the NYSE under the symbol: “BCEI.” For more information
about the Company, please visit www.bonanzacrk.com. Please note
that the Company routinely posts important information about the
Company under the Investor Relations section of its website.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press
release that address activities, events or developments that the
Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based
on certain assumptions made by the Company based on management’s
experience, perception of historical trends and technical analyses,
current conditions, anticipated future developments and other
factors believed to be appropriate and reasonable by management.
When used in this press release, the words “will,” “potential,”
“believe,” “estimate,” “intend,” “expect,” “may,” “should,”
“anticipate,” “could,” “plan,” “predict,” “project,” “profile,”
“model” or their negatives, other similar expressions or the
statements that include those words, are intended to identify
forward-looking statements, although not all forward-looking
statements contain such identifying words. These statements include
statements regarding development and completion expectations and
strategy; decreasing operating and capital costs; impact of the
Company's reorganization; and updated 2019 guidance. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
that may cause actual results to differ materially from those
implied or expressed by the forward-looking statements, including
the following: changes in natural gas, oil and NGL prices; general
economic conditions, including the performance of financial markets
and interest rates; drilling results; shortages of oilfield
equipment, services and personnel; operating risks such as
unexpected drilling conditions; ability to acquire adequate
supplies of water; risks related to derivative instruments; access
to adequate gathering systems and pipeline take-away capacity; and
pipeline and refining capacity constraints. Further information on
such assumptions, risks and uncertainties is available in the
Company’s SEC filings. We refer you to the discussion of risk
factors in our Annual Report on Form 10-K for the year ended
December 31, 2018, filed on February 28, 2019, our Quarterly Report
on Form 10-Q for the quarter ended June 30, 2019, filed on August
7, 2019, our Quarterly Report on Form 10-Q for the quarter ended
September 30, 2019, filed on November 6, 2019, and other filings
submitted by us to the Securities Exchange Commission. The
Company’s SEC filings are available on the Company’s website at
www.bonanzacrk.com and on the SEC’s website at www.sec.gov.
All of the forward-looking statements made in this press release
are qualified by these cautionary statements. Any forward-looking
statement speaks only as of the date on which such statement is
made, including guidance, and the Company undertakes no obligation
to correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as
required by applicable law.
For further information, please contact:Scott
LandrethSenior Director, Finance & Investor Relations and
Treasurer720-225-6679slandreth@bonanzacrk.com
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