Who We Are

Bonanza Creek Energy

An Independent Energy Company Producing Oil And Natural Gas In The United States

Denver-based Bonanza Creek Energy, Inc. is an exploration and production company focused on the extraction of oil and associated liquids-rich natural gas in the United States. Founded in 1999, the company went public in December 2011. The common shares are listed for trading on the NYSE under the symbol “BCEI.”

Our operations are focused in the Wattenberg Field in the DJ Basin of Colorado. The low risk and stable production profile of these assets provides a strong cash flow base from which to develop the Niobrara and Codell formations in Colorado, the growth engine of the company. Our corporate strategy is to aggressively create shareholder value by increasing production in our current assets, while opportunistically seeking strategic acquisitions in other high return basins across the United States. Bonanza Creek maintains high working interest in its properties and operates all of its proved reserves.

Our technical staff of geologists, petroleum engineers, and geophysicists have decades of industry experience and are experts in horizontal drilling and fracture stimulation. We are dedicated throughout the organization to safety and environmental responsibility.

Strategy

Outstanding Performance

We seek to maximize shareholder returns through development of existing inventory and through value-accretive acquisitions and divestitures. We seek to balance our production base while achieving positive cash flow.

Key aspects of our strategy include:

We Are Committed To Pursuing Compelling Economic Returns And Cash Flow Rather Than Growth While Delivering Best-In-Class Cost Leadership And Capital Efficiency

Multi-Well pad development across our leasehold

We believe horizontal development is the most efficient, environmentally responsible, and safest way to recover the hydrocarbons located within our leasehold.

Enhanced completions

We continuously evaluate completion designs to increase well productivity and apply a multivariate regression analysis with the objective of optimizing economic returns. Petrophysical, geological, and geophysical analysis is used in conjunction with spacing evaluations and individualized well designs to increase value of each spacing unit.

Continuous safety improvement and strict adherence to health and safety regulations

Our goal is to utilize industry best practices to meet or exceed regulatory requirements and consistently engage stakeholders in our development planning and operations. We strive to maintain a safe workplace for our employees and contractors at all times.

Environmental stewardship

We constantly strive to control and reduce emissions and seek to comply with all applicable air quality and other environmental rules and regulations. We employ best practices, including pipeline gathering and takeaway as well as vapor recovery and leak detection equipment. Additionally, we work closely with our service providers to help ensure they stay in compliance with environmental regulations when operating on our behalf.

Disciplined approach to acquisitions and divestitures

Opportunities are evaluated in the context of maintaining development flexibility, positive cash flows, and a healthy balance sheet. We pursue value-accretive acquisitions and strive to maximize scale and minimize financial and operational risk.

Prudent risk management

The Company believes a healthy balance sheet, focus on cost control, and minimizing long-term commitments are critical to controlling risk. A low debt profile and judicious use of hedging practices help reduce cash flow volatility. Continually striving to be a cost-efficient operator and maintaining a flexible capital spending program enable us to respond to changing market conditions.

Integrity, Teamwork, & Transparency.

Leadership

Management

Intentionally blank

Skip this item.

President & Chief Executive Officer

Mr. Greager joined our board and was named President and Chief Executive Officer effective April 11, 2018. Mr. Greager previously served as a Vice President and General Manager at Encana Oil & Gas (USA) Inc. Mr. Greager joined Encana in 2006 and served in various management and executive positions, including as a member of the boards of directors of Encana Procurement Inc. and Encana Oil & Gas (USA) Inc. Mr. Greager previously served on the board of directors of Western Energy Alliance and the board of managers of Hunter Ridge Energy Services. Mr. Greager received his Master’s Degree in Economics from the University of Oklahoma and his Bachelor’s Degree in Engineering from the Colorado School of Mines. He is a licensed Professional Engineer.

Senior Vice President, Operations

Dean Tinsley was named Senior Vice President, Operations in November 2017. He joined the Company in April 2013 as Production Engineering Manager and was named Vice President – Rocky Mountain Asset Management in May 2015 and Vice President, Operations and Engineering in September, 2016. Mr. Tinsley is responsible for all operations for the Company, including drilling, completions, production, infrastructure, and EHS&RC. He has more than 25 years of progressive experience in exploration and production management, operations, and engineering. From 2005 to 2013, Mr. Tinsley held positions as Asset Director for the Piceance Basin and Director of Operations for the Marcellus Region, respectively, with WPX Energy. Prior to this, he held operational, technical, and supervisory roles in three additional basins for Amoco, Barrett Resources, and Williams Production Company. Mr. Tinsley holds a Bachelor of Science in Engineering from Colorado School of Mines and a Master of Business Administration from Colorado State University.

Vice President & Chief Accounting Officer

Ms. Garbiso was named the Company’s Vice President and Chief Accounting Officer as well as principal accounting officer in November 2017. She joined the Company in January 2014 as Manager, Financial Reporting and was named Director, Financial Accounting in March 2015 and Controller in June 2016. Ms. Garbiso is a certified public accountant with over 15 years of accounting and financial management experience. Prior to joining Bonanza Creek, Ms. Garbiso served as the Controller at Republic Financial Corporation from January 2013 to January 2014, and was the Financial Reporting Manager at SM Energy Company from December 2007 to December 2012. Ms. Garbiso has an accounting degree from the University of Northern Colorado.

Intentionally blank

Skip this item.

Executive Vice President & Chief Financial Officer

Mr. DeMuth joined Bonanza Creek in November of 2018 as Executive Vice President and Chief Financial Officer. Mr. DeMuth previously served as Vice President of Finance and Treasurer at SRC Energy Inc. from October 2014 until November 2018. Prior to joining SRC Energy, Mr. DeMuth served as Interim Chief Financial Officer of DJ Resources, LLC from August 2013 to September 2014 and as Executive Vice President of Strategy and Corporate Development of Gevo, Inc. from June 2011 to May 2013. Mr. DeMuth currently serves on the University of Northern Colorado’s Monfort College of Business Dean’s Leadership Council. Mr. DeMuth is a Chartered Financial Analyst and received his M.B.A. in Oil and Gas Finance from the University of Denver and his B.S. in Business Administration from Colorado State University.

Executive Vice President, General Counsel & Secretary

Mr. Marter was named Executive Vice President, General Counsel and Secretary on November 14, 2018. He joined Bonanza Creek in October 2016, as Senior Vice President, General Counsel and Secretary. During the six months leading up to that time, he assisted Bonanza Creek on a seconded basis while with the Denver law firm of Davis Graham & Stubbs LLP. Mr. Marter previously served as Forest Oil Corporation’s General Counsel for nine years and headed the U.S. legal group at Encana. He began his legal career in 1990 at the Houston law firm of Susman Godfrey LLP and was a partner at the firm from 1996 to 2002. Mr. Marter holds a Bachelor of Science in Petroleum Engineering from Texas A&M University and a law degree from the University of Texas School of Law.

Board of Directors

Intentionally blank

Skip this item.

Director

Mr. Steck joined our Board in April 2017, and is Chairman of the Board and a member of the Nominating and Corporate Governance Committee. Mr. Steck has served as a Partner, Senior Analyst at Mangrove Partners where he worked from 2011 through August 2020. Through early 2011, Mr. Steck managed The Laurel Capital Group, LLC, the general partner of a hedge fund he founded in 2009. From 2006 until 2008, Mr. Steck was Head of US Equities at Tisbury Capital where he built and managed a team focused on event- and fundamentally-driven investment opportunities. From 2000 until 2005, Mr. Steck was a partner at K Capital where he focused on European and U.S. opportunities that included special situations, merger arbitrage, deep value and shareholder activism. Prior to K Capital, Mr. Steck spent 10 years at UBS and its predecessors Swiss Bank Corporation and O’Connor & Associates, where he focused on equity derivative trading and risk management, built equity derivative and event-driven client businesses and was Global Co-Head of Equity Hedge Fund Coverage. Mr. Steck is currently a member of the board of California Resources Corporation and Chesapeake Energy Corporation. Mr. Steck previously served on the board of directors of Penn Virginia Corporation. Mr. Steck received a Bachelor’s of Science, with highest honors, from University of Illinois at Urbana Champaign.

Director

Mr. Greager joined our board and was named President and Chief Executive Officer effective April 11, 2018. Mr. Greager previously served as a Vice President and General Manager at Encana Oil & Gas (USA) Inc. Mr. Greager joined Encana in 2006 and served in various management and executive positions, including as a member of the boards of directors of Encana Procurement Inc. and Encana Oil & Gas (USA) Inc. Mr. Greager previously served on the board of directors of Western Energy Alliance and the board of managers of Hunter Ridge Energy Services. Mr. Greager received his Master’s Degree in Economics from the University of Oklahoma and his Bachelor’s Degree in Engineering from the Colorado School of Mines. He is a licensed Professional Engineer.

Director

Ms. Hudak joined our Board in October 2019. Ms. Hudak served as Anadarko Petroleum Corporation’s Vice President, DJ Basin Development from May 2017 to September 2019. Prior to that, Ms. Hudak served in various management positions at Anadarko, including General Manager, DJ Basin Development and Execution from March 2016 to May 2017, and Director, Rockies Business Development from November 2014 to March 2016. Ms. Hudak previously served the non-profit organization, Coloradoans for Responsible Energy Development, as its Chairperson from 2018 to 2019, and as a Board Member from 2017 to 2018. Ms. Hudak also served as Treasurer and Executive Board Member for the Colorado Oil and Gas Association from 2017 to 2019. Ms. Hudak received her Master’s Degree in Geology from Duke University and her Bachelor’s Degree in Geology from Miami University.

Director

Mr. Keglevic joined our Board in April 2017 and is the Chairman of the Audit Committee and Chairman of the Nominating and Corporate Governance Committee.  Mr. Keglevic served as the Chief Executive Officer of Energy Future Holdings Corp. (“EFH”) from October 2016 until his retirement in March 2018. Previously, Mr. Keglevic served as Executive Vice President and Chief Financial Officer for EFH from June 2008 until October 2016. Mr. Keglevic also served as the Chief Restructuring Officer for EFH beginning in April 2014. Mr. Keglevic was a partner at PricewaterhouseCoopers (“PWC”), where he worked from July 2002 to July 2008. At PWC he was a member of the US leadership team. Prior to PWC, Mr. Keglevic served on the US leadership team for Arthur Andersen, where he was a partner for 15 years. Mr. Keglevic serves on the board of directors of Evergy and Frontier Communications Corporation.  He previously served as a member of the board of directors of Ascena Retail Group, Inc., Stellus Capital Investment Corp., Philadelphia Energy Solutions LLC, Cobalt International Energy, Inc., Clear Channel Outdoor Holdings, Inc., PetSmart, and several subsidiaries of EFH. Mr. Keglevic is a National Association of Directors Certified Director and Leadership Fellow. He has also been on the boards of the Dallas and State of California Chambers of Commerce and several other charitable and advisory boards. Mr. Keglevic received his B.S. in accounting from Northern Illinois University and is a certified public accountant.

Intentionally blank

Skip this item.

Director

Mr. Craddock joined our Board in March 2021, upon the completion of our merger with HighPoint Resources Corporation, and is a member of the ESG Committee (formerly the EHS&RC and Reserves Committee) and the Nominating and Corporate Governance Committee. Mr. Craddock served as the Chairman and Chief Executive Officer of Rosetta Resources, Inc. from February 2013 through July 2015, when Rosetta merged with Noble Energy, Inc. Mr. Craddock served on Noble’s board of directors from 2015 until Noble was acquired by Chevron in 2020. He joined Rosetta in April 2008 as Vice President, Drilling and Production Operations, and was named a Senior Vice President in January 2011. From April 2006 to March 2008, Mr. Craddock was Chief Operating Officer for BPI Energy, Inc., an exploration and production start-up company focused on coal bed methane development. Mr. Craddock began his industry career with Superior Oil Company in 1981 and then held a broad range of technical, operational, and strategic roles with Burlington Resources Inc. and its predecessor companies for more than 20 years. At Burlington, he held a series of positions of increasing responsibility. Mr. Craddock serves on the board of directors of Crescent Point Energy, Inc. He also serves as a member of the Advisory Board of the Department of Engineering at Texas A&M University. Mr. Craddock received his Bachelor of Science Degree in Mechanical Engineering from Texas A&M University.

Director

Mr. Wojahn was elected as a member of our Board on November 10, 2014. Mr. Wojahn served as Executive Vice President of EnCana Corporation from 2003 to 2013, and was President of Encana Oil & Gas (USA) Inc. from 2006 to 2013. Beginning in 1985, Mr. Wojahn held senior management and operational positions in Canada and the United States and has extensive experience in unconventional resource play development. He has served as the Executive Chairman of MiddleFork Energy Partners since March 2017 and served as a Strategic Advisory Board member for Morgan Stanley Energy Partners from October 2014 until April 2017. Mr. Wojahn serves on the board of directors of Penn Virginia Corporation. Mr. Wojahn received his B.S. in Geophysics from the University of Calgary in 1985.

Director

Ms. Robertson joined our Board in March 2021, upon the completion of our merger with HighPoint Resources Corporation, and is a member of the Audit Committee and the Compensation Committee. Ms. Robertson has served as the co-founder and Chief Financial Officer of Franklin Mountain Energy, LLC, a private oil and gas company operating in the Permian Basin since September 2018. She also serves as a co-founder and Managing Partner of Copper Trail Partners, LLC, a private equity platform based in Denver since November 2017. From 2005 to 2016, she served as a Partner and Senior Managing Director at Kayne Anderson Capital Advisors. Prior thereto, she was an investment banker with Goldman Sachs & Co. Ms. Robertson served on the board of directors of Extraction Oil and Gas, LLC from September 2019 to January 2021 and has served on the boards of several private companies and not-for-profit organizations. She holds a Bachelor of Science Degree in Applied Economics and Management from Cornell University and a Master’s Degree in Accounting from the University of Southern California.

Technology & Innovation

Horizontal Drilling

The concept of horizontal drilling is not new. In fact, hundreds of thousands of horizontal wells have been drilled safely and successfully in the United States for decades. But in just the past decade, significant advances in technology and knowledge have led to increasingly effective directional drilling and the ability to drill horizontal wells.

The Benefits:

Bonanza Creek is currently developing its Wattenberg position exclusively utilizing horizontal drilling. This technique allows us to recover more oil and natural gas for less cost than the traditional vertical method of drilling that has been used in this field for decades.

Hydraulic Fracturing

Hydraulic fracturing is a long established process of creating fractures in rock formations to release the oil and natural gas trapped inside. This technique uses high water pressure and sand to crack a rock formation deep underground. By pumping this fluid into a drilled well, we are able to open up tiny fissures, up to several tenths of an inch wide, which then allow oil and natural gas trapped in tight rocks to flow back through our pipes and up to the surface.

The Benefits:

These operations carried out by Bonanza Creek in the Wattenberg Field occur at depths greater than 6,000 feet below the surface. This process is usually performed at the start of the life of a well, which can then produce for 30-50 years without needing further treatment.