Bonanza Creek Energy Provides an Update on Its Rocky Mountain Infrastructure Transaction
DENVER, Feb. 01, 2016 (GLOBE NEWSWIRE) -- Bonanza Creek Energy, Inc. (NYSE:BCEI) (“Bonanza Creek”) continues to work towards closing the sale of its wholly-owned midstream subsidiary, Rocky Mountain Infrastructure, LLC, to Meritage Midstream Services IV, LLC, backed by private equity firm Riverstone Holdings LLC. The parties have mutually agreed to extend the closing date for the transaction to February 29, 2016.
Since the transaction was announced, both parties and their representatives have been drafting the complex commercial and operating agreements that will govern the daily operation of the assets. Richard Carty, President and Chief Executive Officer of Bonanza Creek, commented, “Our respective teams have worked diligently and in close collaboration. Together we have made substantial progress with the essential agreements that underpin our long-term partnership. We are focused on completing the definitive agreements over the next 30 days.”
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 the 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.
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 Bonanza Creek 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 and include statements regarding the closing of the sale of the Company’s midstream business. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. 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, 2014, filed on February 27, 2015, 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 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:
Mr. James Edwards
Director, Investor Relations
(February 1, 2016 - 9:01 AM EST)
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