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Bonanza Creek Energy, Inc. has reported that Mr. Michael Starzer, BCEI' s President and Chief Executive Officer, is retiring from the Company and as a member of the Company's Board of Directors, effective January 31, 2014.
Mr. Starzer served as a member of the Board and President and CEO of the Company's predecessor, Bonanza Creek Energy, LLC (BCEC), since BCEC's formation. Mr. Starzer has served as founder, director, and President and CEO of each of the Company's predecessor Bonanza Creek companies.
Mr. Richard J. Carty, Chairman of the Board, commented, "On behalf of the Board, I would like to express our sincere appreciation for the leadership and dedication provided by Mike during his tenure as President and CEO. Mike has been instrumental in creating our strong platform for growth, including stewarding our transformation from a private to a public company. We are very appreciative of his efforts and commitment to the Company during his leadership tenure. We also thank him for his continued engagement on the Company's behalf in assisting at making this leadership transition process as smooth as possible. We wish him the best for success in future years."
Mr. Starzer commented, "It has been an honor and a privilege to serve Bonanza Creek. I wish to express my heartfelt appreciation to the Board, management, employees and shareholders for their support over the years and I wish them all the best."
The Board has begun a search for Mr. Starzer's successor. The Board intends to conduct a review of both internal and external candidates. During this interim period, Marvin M. Chronister will assume management responsibilities associated with the office and act as interim President and CEO pending the conclusion of the Board's search.
Mr. Chronister was elected to our Board in March 2011 and has over 38 years of experience in the oil and gas industry. Since 2006, he has been an independent investor, energy finance and operations consultant, and owner of Enfield Companies. He was previously Practice Director with Jefferson Wells and served as Managing Director with Deloitte &Touche. Mr. Chronister had prior investment banking positions with Merrill Lynch and Kidder Peabody. His industry experience includes President and CEO of Transwestern, and senior management positions with the Kidde Energy Group and NL Industries. Mr. Chronister most recently served on the Board of Sonde Resources Corp. from 2009 to 2012, where he held the position of Chairman and Interim CEO. He has also served on several public and private company boards and held leadership positions with industry organizations.
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