DENVER, May 16, 2019 (GLOBE NEWSWIRE) — Bonanza Creek Energy, Inc. (NYSE: BCEI) (the “Company” or “Bonanza Creek”) today announces that the lenders under its senior secured credit facility have concluded their semi-annual redetermination, resulting in an increase in the borrowing base to $375 million from $350 million. While the bank syndicate fully subscribed to the new borrowing base, the Company chose to hold the aggregate elected commitments at $350 million. As of March 31, 2019, the Company had $65 million drawn on the facility and held approximately $33 million in cash.
Eric Greager, Chief Executive Officer, commented, “We are pleased with the outcome of our spring redetermination and appreciate the support of our bank group. We are committed to maintaining a strong balance sheet, disciplined execution, and increasing shareholder value.”
The Company also announces that members of the Company’s management will participate in the J.P. Morgan Energy Conference in New York on June 18-19, 2019. The Corporate Presentation being used will be accessible on the Company’s website at www.bonanzacrk.com under the Investor Relations section.
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 oil and associated liquids-rich natural gas in the Rocky Mountain region of the United States. The Company’s assets and operations are concentrated in rural, unincorporated Weld County within 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.