Bonanza Creek Energy Announces the Termination of its Merger Agreement with SandRidge Energy
December 28 2017 - 5:00PM
Bonanza Creek Energy, Inc. (NYSE:BCEI) (“Bonanza Creek” or “the
Company”) announces that it has agreed to terminate its previously
announced agreement to merge with SandRidge Energy, Inc. (NYSE:SD)
(“SandRidge”).
After consultation with SandRidge’s largest shareholders,
SandRidge’s Board of Directors concluded that it would not receive
approval for the transaction at its planned special meeting.
An agreement between Bonanza Creek and SandRidge was then reached
to mutually terminate the merger agreement.
As part of the mutual termination agreement, SandRidge will
reimburse Bonanza Creek for transaction-related expenses up to $3.7
million.
Jack Vaughn, the Chairman of Bonanza Creek’s Board of Directors,
stated, “While we are disappointed with this result, we are very
pleased with the progress that Bonanza Creek has made this year and
will continue to focus on developing Bonanza Creek’s assets and
maximizing value for our shareholders. Given the competence
and dedication of our team, the high quality of our assets, our
strong balance sheet, and our strategic flexibility, we look
forward to this effort. We intend to provide an operational
update, along with an announcement of our 2018 capital program and
guidance, in January.”
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 Mountain region 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 contact:
Investors:James EdwardsDirector–Investor
Relationsjedwards@bonanzacrk.com720-440-6136
Media:Dan Katcher or Joseph SalaJoele Frank, Wilkinson Brimmer
Katcher212-355-4449
Bonanza Creek Energy (NYSE:BCEI)
Historical Stock Chart
From Aug 2024 to Sep 2024
Bonanza Creek Energy (NYSE:BCEI)
Historical Stock Chart
From Sep 2023 to Sep 2024