Current BCEI Stock Info

Bonanza Creek Energy, Inc. (ticker: BCEI) posted a net income of $13.9 million, or $0.68 per share for the first quarter of 2018. Last year, the company had a net loss of $94.3 million, or $(1.91) per diluted share – the net loss in Q1 2017 was driven by reorganization items of $89.0 million, Bonanza Creek said.

Exceeding its original guidance, the company produced 16.8 MBOEPD in Q1 2018. Strong new well completions and consistently low line pressures on the company’s Rocky Mountain Infrastructure system helped, Bonanza Creek said.

Extended reach

During the first quarter of 2018, the company spud 18 gross (12.6 net) operated wells, seven of which were extended reach lateral (XRL) wells, and completed eight gross (6.5 net) operated wells, all of which were standard reach lateral (SRL) wells.

The three XRL wells on the J21 and T21 pads have an average cumulative production of 8.6 MBoe per 1,000 feet of lateral after 156 days of production. Bonanza said it is outperforming the company’s legacy central XRL type curve by approximately 35%.

The average projected three-stream EUR for these XRL wells is approximately 680 MBoe, and these wells are the first XRL results the company has obtained using the enhanced stimulation and controlled flow-back programs.

Bonanza Creek Energy Bumps XRL Type Curves by 35%

BCEI XRL Wells, May 2018

At the beginning of 2018, the company turned online its eight-SRL F26 pad on its western legacy acreage. These eight SRL wells have average cumulative production of 6.5 MBoe per 1,000 feet of lateral after 78 days of production. The wells on this pad still have increasing daily production rates, and as such, Bonanza said it is waiting for the rates to peak before determining an EUR.

Bonanza Creek Energy Bumps XRL Type Curves by 35%

BCEI SRL Wells, May 2018

Looking forward

Annual operating cost and CapEx guidance ranges remain mostly unchanged, with the exception of recurring cash G&A, which has been updated to reflect compensation for the company’s newly-appointed CEO.

Bonanza Creek Energy Bumps XRL Type Curves by 35%

BCEI 2018 Guidance, May 2018

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