I will take a hard look at Bonanza Creek this weekend and have more comments, but cutting through all the crap, BCEI generated more cash flow from operations in the 2nd quarter than my forecast of $59.2 million.
Confusing on this one is the fact they do not account for their derivatives as "hedges", therefore the cash settlements paid during each quarter show up under "Cash From Investing Activities" on the cash flow statement. During the first two quarters, BCEI has received over $50 million on their hedges.
At first glance, what the market did not like was that they lowered their production guidance a bit. BCEI is heavily weighted to oil, which does not get much "love" these days.