Bonanza Creek Announces New $350 Million Borrowing Base
December 10 2018 - 8:00AM
Bonanza Creek Energy, Inc. (NYSE: BCEI) (the "Company") announced
today that the Company entered into a new $750 million
reserve-based credit facility (the “facility”) with an initial $350
million borrowing base due December 2023. The new facility replaces
the Company’s previous borrowing base of $191.7 million and is
subject to semi-annual redeterminations, with the next
redetermination scheduled for the second quarter of 2019. J.P
Morgan leads the new facility and is joined by a syndicate of
eleven other banks, including seven new lenders. As of September
30, 2018, the Company had $24.0 million of cash on hand and no
outstanding borrowings.
Brant DeMuth, Chief Financial Officer, commented, “The closing
of our new credit facility marks another significant step in the
Company’s evolution and is a reflection of our people, reserve
growth and continued operational success. I would also like to
thank our bank group for its support in this endeavor, and we look
forward to working with our new syndicate in the future. The
significant increase in our facility provides the Company with over
$350 million in liquidity and the flexibility to execute on our
returns-focused strategy.”
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 in the
Rocky Mountain region in the Wattenberg Field, focused on the
Niobrara and Codell formations. 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:Doug
AtkinsonSenior Manager, Investor
Relations720-225-6690datkinson@bonanzacrk.com
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