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Bonanza Creek Energy, Inc. has announced that the lenders under its senior secured credit facility have concluded their semi-annual redetermination, resulting in a borrowing base of $475 million.
The Company has elected a capital commitment of $475 million, a 5% reduction from the previous $500 million commitment. As of September 30, 2015, the Company had $69 million drawn on its facility and approximately $25 million of cash on hand.
Richard Carty, Chief Executive Officer, commented: "We are pleased with the outcome of our borrowing base redetermination and appreciate the support of our entire bank group. Our $475 million commitment reflects the resilient nature of our assets and provides ample liquidity for our capital program going forward."
The Company also announces that it is scheduled to release its third quarter financial and operating results after market close on November 5, 2015, and will host a conference call to discuss these results on November 6, 2015 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time)
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