DENVER, September 18, 2013 - Bonanza Creek Energy, Inc. (BCEI) reported today on the impacts that the severe flooding in northern Colorado has had on its operations. After a thorough safety and environmental assessment, including the physical inspection of approximately 95% of its operated wells and an assessment from the air or close proximity of its remaining wells, the Company reported no incidents. The Company did, however, proactively shut-in 13 horizontal wells and 26 vertical wells over the weekend for precautionary reasons. The Company is in the process of returning the last six horizontal wells to sales and experienced minimal disruption to production volumes. While the Company experienced slight delays in drilling and completion operations, the Company does not expect any material impact to its 2013 scheduled operations.
"We were fortunate to have had limited exposure to the devastating effects of the flooding that impacted Colorado this past week," said Tony Buchanon, Chief Operating Officer of Bonanza Creek. "We want to thank our operations teams for their professionalism and are grateful for their efforts to ensure that best practices for safety and environmental protection were followed on our properties. These floods have had a terrible impact on many Colorado communities, and we are actively supporting relief and recovery efforts through donations to the American Red Cross and the United Way of Weld County."
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 Mountains in the Wattenberg Field, focused on the Niobrara oil shale, and in southern Arkansas, focused on the 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.
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on management`s experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "believe," "intend," "expect," "may," "anticipate," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding the impact of severe flooding on the Company`s operations, including production volumes, and efforts to assess the damage and ensure best practices for safety and environmental protection. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: road closures and flood conditions; inability to transport equipment or supplies; mudslides; additional flooding or adverse weather; ability to acquire adequate supplies of water; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining constraints. Further information on such assumptions, risks and uncertainties is available in the Company`s SEC filings. We refer you to the discussion of risk factors in our Annual Report on Form 10-K for the year ended December 31, 2012 and other filings submitted by us to the Securities Exchange Commission. The Company`s SEC filings are available on the Company`s website at www.bonanzacrk.com and on the SEC`s website at www.sec.gov. All of the forward-looking statements made in this press release are qualified by these cautionary statements. Any forward-looking statement speaks only as of the date on which such statement is made, including guidance, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information, please contact:
Mr. Ryan Zorn
Vice President - Finance
Mr. James Masters
Investor Relations Manager
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Source: Bonanza Creek Energy, Inc. via Thomson Reuters ONE