U.S. oil and gas producer Bonanza Creek Energy Inc. on April 5 named Eric Greager as its new CEO effective April 11, replacing Seth Bullock, who served as interim CEO since June 2017.
Greager has served as a vice president and general manager at Encana Oil & Gas (USA) Inc. (NYSE: ECA), the company said. His appointment follows a 52% fall in the company’s shares since it emerged from bankruptcy proceedings a year ago.
Bullock was put in temporary charge of the company last June and oversaw eventually abandoned talks on selling the company to larger rival SandRidge Energy (NYSE: SD).
SandRidge in December abandoned its bid under pressure from activist investors Carl Icahn and Fir Tree Partners, who said the $746 million deal overvalued Colorado-based Bonanza.
Bonanza Creek filed for bankruptcy in January 2017 after a more than 50% fall in global oil prices from mid-2014 which eroded cash flows of many oil producers and crimped their ability to meet debt and interest payments.
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