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BONANZA CREEK ENERGY

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About BONANZA CREEK ENERGY

Bonanza Creek Energy searches for a treasure of black gold. The independent oil and natural gas company has exploration and production assets in Arkansas, Colorado, and California. Unlike many in the industry, it operates nearly all of its projects and has an 85% working interest in its holdings. Bonanza Creek produces about 3,700 barrels of oil equivalent – more... (BOE) per day and has proved reserves of 32,860 million BOE, about two-thirds of which is oil and natural gas liquids. Most of the company's proved reserves are at their Mid-Continent holding in Arkansas' Cotton Valley sands region. It also owns and operates a gas processing plant in the region. Bonanza Creek was formed in 2006 and went public in 2011.

The company used its $251 million in IPO proceeds to repay debt and for exploration and development of oil producing assets. Its strategy includes increasing drilling operations in its low-risk Arkansas and Colorado projects, which it considers infill to existing operations. Bonanza Creek also plans to employ different drilling techniques to extract more oil and gas at its Colorado projects, look for acquisition opportunities, and continue to hold a large ownership percentage in its assets. To reduce costs associated with natural gas processing, the company is building a second gas processing plant in Arkansas.

Though Bonanza Creek sells crude oil, natural gas, and associated natural gas liquids, the majority of sales come from oil. The company counts petroleum marketer Lion Oil and the marketing arm of Plains All American Pipeline as its major customers; together they account for about 86% of revenue.

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BONANZA CREEK ENERGY Employer Reviews

Senior Engineering Advisor & Planning Coordinator (Current Employee), Bakersfield, CAMarch 16, 2014

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