Bonanza

Denver-based Bonanza Creek Energy Inc. has appointed Eric T. Greager as CEO and president effective April 11. R. Seth Bullock, a managing director of Alvarez & Marsal, has served as interim CEO since June 2017. Greager, 47, joined Encana Corp. in 2006 and was a vice president and general manager at Encana Oil & Gas (USA) Inc. Greager received a master’s degree in economics from the University of Oklahoma and a bachelor’s degree in engineering from the Colorado School of Mines. Greager “has the right background, leadership and cultural disposition to successfully lead our company” said Chairman Jack E. Vaughn. As part of his compensation package, the board granted Greager an employment inducement award of restricted stock units with a grant-date fair value equal to $4 million to compensate him for forfeited equity compensation from Encana.

Armed with more natural gas processing capacity and strong results from longer laterals, Bonanza Creek Energy Inc. plans to accelerate development in the Rocky Mountains, with an eye on increasing production by 20% this year and 50%-plus in 2019.

Setting aside plans to expand its oily side in Colorado’s DJ Basin, Oklahoma-based SandRidge Energy Inc. on Thursday canceled plans for a $746 million purchase of Colorado-based Bonanza Creek Energy Inc.

SandRidge Energy Inc., in a tussle with activist hedge fund billionaire and majority shareholder Carl Icahn, on Monday urged shareholders to stay focused on the benefits of its planned merger with Bonanza Creek Energy Inc.

North American completions expert C&J Energy Services Inc. on Friday emerged from Chapter 11 after completing a restructuring that eliminated $1.4 billion of debt. However, Rockies-focused exploration and production company Bonanza Creek Energy Inc. has filed a prepackaged bankruptcy plan as it too moves to reduce its debt obligations.

The downturn having taken its toll, two more exploration and production (E&P) companies — Memorial Production Partners LP and Bonanza Creek Energy Inc. — have announced plans to restructure and seek bankruptcy protection.

Bonanza Creek Energy Inc. has doubled its acreage in the Wattenberg field in Colorado to more than 70,000 net acres for a leasehold producing 700 boe/d net, 85% weighted to oil.

The natural gas bonanza brought about by unconventional drilling may be displacing coal and diesel as a “cleaner” fuel, but methane leaks from the surge in drilling and processing destroy that advantage, according to the environmental think tank World Resources Institute (WRI).

The natural gas bonanza brought about by unconventional drilling may be displacing coal and diesel as a “cleaner” fuel, but methane leaks from the surge in drilling and processing destroy that advantage, according to the environmental think tank World Resources Institute (WRI).