Bonanza Creek Energy Receives Unsolicited Inquiry From Bill Barrett Corporation
January 17 2017 - 09:27PM
Bonanza Creek Energy, Inc. (NYSE:BCEI) (“Bonanza Creek” or the
“Company”) today announced that it received an unsolicited inquiry
from Bill Barrett Corporation (“Bill Barrett”) regarding a
potential transaction between Bonanza Creek and Bill Barrett.
From time to time, the Company receives unsolicited
inquiries from third parties regarding potential transactions
involving or relating to the Company’s assets. Following the
Company and its subsidiaries’ commencement of chapter 11 bankruptcy
cases in the United States Bankruptcy Court for the District of
Delaware (the “Chapter 11 Cases”) on January 4, 2017 and the
announcement of its prepackaged plan of reorganization, the Company
anticipated that it might receive additional, similar unsolicited
inquiries during the pendency of the Chapter 11 Cases.
Consistent with the Company’s obligations as a
debtor in possession in the Chapter 11 Cases, the Company agreed to
review the potential transaction proposed by Bill Barrett in its
unsolicited inquiry and entered into a confidentiality agreement
with Bill Barrett (the “Confidentiality Agreement”) on January 16,
2017. On January 17, 2017, Bill Barrett disclosed the
existence of, and the fact that the Company entered into, the
Confidentiality Agreement in a Form 8-K filed with the SEC (the
“Bill Barrett Form 8-K”). The Company was given no prior
notice that Bill Barrett intended to file the Bill Barrett Form
8-K, and the Company views the filing of the Bill Barrett Form 8-K
as a violation of the terms of the Confidentiality Agreement.
In keeping with the agreement it made with Bill Barrett pursuant to
the Confidentiality Agreement, the Company does not intend to
publicly comment further on this matter at this time, and no party
should presume that the Company’s failure to comment further on
this matter is an indication of the Company’s position with respect
to the unsolicited inquiry it received from Bill Barrett.
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.
For Further Information, Please Contact:
James R. Edwards
Director, Investor Relations
(720) 440-6136
Bonanza Creek Energy (NYSE:BCEI)
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