DENVER, October 19, 2015 – Bonanza Creek Energy, Inc. (BCEI) today announces that the lenders under its senior secured credit facility have concluded their semi-annual redetermination, resulting in a borrowing base of $475 million. The Company has elected a capital commitment of $475 million, a 5% reduction from the previous $500 million commitment. As of September 30, 2015, the Company had $69 million drawn on its facility and approximately $25 million of cash on hand.
Richard Carty, Chief Executive Officer, commented, “We are pleased with the outcome of our borrowing base redetermination and appreciate the support of our entire bank group. Our $475 million commitment reflects the resilient nature of our assets and provides ample liquidity for our capital program going forward.”
The Company also announces that it is scheduled to release its third quarter financial and operating results after market close on November 5, 2015, and will host a conference call to discuss these results on November 6, 2015 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time). A webcast of this event will be available on the Company`s website at www.bonanzacrk.com, for one year after the event. Dial-in information for the conference call is included below.
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 onshore oil and associated liquids-rich natural gas in the United States. The Company`s assets and operations are concentrated primarily in the Rocky Mountains in the Wattenberg Field, focused on the Niobrara and Codell formations, and in southern Arkansas, focused on oily Cotton Valley sands. 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.