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Bonanza Creek Energy, Inc. announces it has reduced its workforce by 26 employees and 17 contractors. The reorganization aligns its employee base and general and administrative cost structure with the current commodity price environment and resulting anticipated activity level.
William J. Cassidy, Executive Vice President and Chief Financial Officer, and Christopher I. Humber, Executive Vice President, General Counsel and Secretary, will separate from their positions with the Company.
Mr. Cassidy joined the Company in 2013 and served as its Executive Vice President and Chief Financial Officer.
Mr. Humber joined the Company in 2012 as its Executive Vice President, General Counsel and Secretary immediately following its initial public offering.
As a result of the reorganization and executive departures, the Company will incur a one-time charge of approximately $2.1 million related to severance payments, and expects its annual general and administrative expense and lease operating expense to be reduced by approximately $7.6 million and $3.1 million, respectively.
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