Bonanza Creek (BCEI)

[dan_s]

Bonanza Creek 2nd quarter results beat my forecast. - Dan

Key second quarter 2013 financial highlights for continuing operations include:

• Sales volumes of 13,492 Boe/d comprised of 71% crude oil and liquids; a 55% increase over second quarter 2012 and a 10% increase over first quarter 2013;

• Rocky Mountain region production increased 105% over second quarter 2012; Wattenberg horizontal production increased 266% over second quarter 2012 and increased 30% over first quarter 2013;

• Revenue of $84.5 million, a 64% increase over second quarter 2012, and an average sales price before hedging of $68.83 per Boe;

• Adjusted EBITDAX (non-GAAP) of $53.9 million, a 46% increase over second quarter 2012; and

• Net income of $14.7 million, or $0.36 per share; adjusted net income (non-GAAP) of $10.8 million, or $0.27 per share.

[dan_s]

An updated Net Income & Cash Flow Forecast model for Bonanza Creek Energy (BCEI) has been posted under the Sweet 16 Tab.

BCEI is on-track for over 60% production growth this year. Continued success with their horizontal drilling program should result in a strong year-end reserve report. They are heading toward an exit rate over 20,000 boepd (~70% crude oil).

The Niobrara is going to get a strong boost from the recent increase in WTI oil prices this quarter.