Bonanza Creek Energy Inc. (NYSE: BCEI) said June 12 that Richard J. Carty resigned as president and CEO for undisclosed reasons.
Effective immediately, Bonanza Creek's board retained R. Seth Bullock, a managing director of Alvarez & Marshall LLC, as its interim CEO.
Bullock, 43, has more than 20 years of experience in the energy industry, according to the company press release. Most recently, he led Alvarez & Marshall’s efforts in assisting Bonanza Creek through its restructuring, which was completed in April after eliminating about $866 million debt and raising $207.5 million equity.
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Jack E. Vaughn, chairman of Bonanza Creek, said the company also received more than $200 million of new equity from shareholders in May, "signaling their confidence in our business."
"With the benefit of a debt-free balance sheet, liquidity of approximately $250 million, and improvements in well performance, the company is in an advantaged position to focus on profitable growth and productivity initiatives that drive competitive long-term field development returns in our core Wattenberg asset," Vaughn said in a statement.
Bonanza Creek also said June 12 a $130 million capital program for 2017 has been approved by its board, including a drilling and completions program expected to commence around July 1.
In 2017, Bonanza Creek plans to use one rig to drill about 24 wells in its Rockies assets, primarily on its western legacy acreage and strategic appraisal of its southern French Lake acreage. The company will also participate in nonoperated wells in the Wattenberg, and invest in Midcontinent recompletions.
In an effort to retain and delineate its French Lake acreage, Bonanza Creek plans to drill eight and complete two extended-reach lateral wells in the French Lake area in 2017, the release said.
Prior to joining Alvarez & Marshall, Bullock worked with several restructuring and investment advisory firms. He earned a bachelor’s degree in Finance from Loyola University in New Orleans.
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