Bonanza Creek Energy (NYSE: BCEI) sold its Mid-Continent assets this week to an undisclosed buyer for $117 million in cash, based on a February 1, 2018 effective date, the company reported.
The divested operations include approximately 11,000 net acres located in Lafayette and Columbia Counties, primarily targeting the Cotton Valley formation.
The divested operations include proved reserves as of December 31, 2017 of approximately 12 MMBoe (100% proved developed) and associated net production during the first quarter of 2018 of approximately 3,000 BOEPD (55% oil), the company said.
Bonanza Creek reported that Its borrowing base remained unchanged at $192 million after the closing of the transaction. This divestiture positions Bonanza Creek as a pure play Wattenberg producer.
Bonanza Creek is presenting at EnerCom’s The Oil & Gas Conference, Aug. 20-22 in Denver, Colo. For registration information please visit the conference website.
