Bonanza Creek

[dan_s]

Results came in below my forecast, primarily because of weather related delays. - Dan

DENVER, May 8, 2014 - Bonanza Creek Energy, Inc. (BCEI) today reported its first quarter 2014 operating and financial results.

Key highlights from continuing operations(1) for the first quarter 2014, as compared to first quarter 2013, include:
• 60% increase in sales volumes to 19,701 Boe/d; 71% crude oil and liquids
• 63% increase in revenue to $127.4 million
• 20% increase in net income to $13.5 million, or $0.34 per share
• 14% increase in adjusted net income(2) to $18.4 million, or $0.46 per share
• 54% increase in adjusted EBITDAX(2) to $80.5 million

(1) Bonanza Creek began the divestiture process of its California properties in the second quarter 2012 and sold its remaining property, the Midway Sunset Field, on March 21, 2014. Under generally accepted accounting principles, the results of operations for the California properties are presented as "discontinued operations."

(2) Non-GAAP measure, see attached Reconciliation Schedules

[dan_s]

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

I have lowered my valuation by $3.80 to $60.20/share.

Production growth should ramp up now that winter is over.