Exploration & Production
Bonanza Creek Increased 2012 CapEx to Focus on Niobrara Drilling
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Bonanza Creek Energy, Inc. (NYSE: BCEI) today reported second quarter adjusted net income of $12.5 million, or $0.32 per diluted share, up 149%, driven by production growth of 144% from second quarter 2011.
Acquired an additional 5,639 net acres in the core of the Wattenberg Field
Increased 2012 CAPEX budget by $48 million to continue horizontal Niobrara drilling program and test additional drilling inventory potential
"Our aggressive drilling program in the Wattenberg Field and oil-weighted asset base drove record second quarter results," said Michael Starzer, President and Chief Executive Officer of Bonanza Creek Energy. Application of our horizontal drilling program has been so successful that we are transitioning more of our resources toward horizontal development and away…
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