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 January 27, 2016 - 8:05 AM EST
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Bonanza Creek Energy Inc. (NYSE: BCEI) Anticipates Cash Proceeds of $255 million from Sale of Asset

DENVER, CO / ACCESSWIRE / January 27, 2016 / Bonanza Creek Energy Inc. (NYSE: BCEI) an independent energy company, engages in the acquisition, exploration, development, and production of onshore oil and associated liquids natural gas in the United States, recently announced its third quarter 2015 financial and operating results. For the third quarter of 2015, the Company reported average quarterly daily production of 29.0 MMBOE per day, a 14% increase from the third quarter of 2014 (5% increase adjusted for estimated 3-stream volumes), and a 4% sequential increase from the second quarter of 2015. Product mix for the quarter was unchanged from the previous quarter at 59% oil, 17% NGLs, and 23% natural gas. Additionally, the company announced it has entered into an agreement to divest its Rocky Mountain Infrastructure subsidiary. The Company had an excellent quarter, with production volumes above their guidance, continuous improvement programs driving cash costs meaningfully lower, and improved production from redesigned well completions. The Company entered into an agreement to sell the Rocky Mountain Infrastructure asset that was established in the second quarter, to a strategic midstream partner for total anticipated cash proceeds of $255 million.

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Source: Accesswire IA (January 27, 2016 - 8:05 AM EST)

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