Bonanza Creek Energy Inc. (NYSE: BCEI) hired Brant H. DeMuth to serve as its CFO, the Rockies-focused company said Nov. 13.
DeMuth joins Bonanza Creek from fellow Rockies producer SRC Energy Inc. (AMEX: SRCI), where he served as the company’s vice president of finance and treasurer since October 2014.
At Bonanza Creek, DeMuth will assume the role of CFO from Scott A. Fenoglio, who has served as the company’s principal financial officer since August 2017. His appointment at Bonanza Creek will take effect on Nov. 14.
Eric Greager, president and CEO of Bonanza Creek, said DeMuth has more than 30 years of management and finance experience in capital markets and the oil and gas industry, which “will be a tremendous addition to our team.”
Prior to SRC Energy, DeMuth served as interim CFO of DJ Resources LLC from 2013 to 2014 and as executive vice president of strategy and corporate development of Gevo Inc. from 2011 to 2013.
“Brant has the right background, experience and cultural disposition to successfully serve as chief financial officer of our company. We are confident that he will help strengthen Bonanza Creek, drive returns and cash flow growth, and create value for our shareholders, employees and community,” Jack E. Vaughn, chairman of Bonanza Creek, said in a statement.
CEO Greager is also a recent addition to the leadership at Bonanza Creek.
In April, the company named Greager, who had previously served as a vice president and general manager at Encana Corp. (NYSE: ECA), to replace interim CEO Seth Bullock.
Bullock was put in temporary charge of Bonanza Creek in June 2017 after the company’s previous CEO Richard J. Carty resigned for undisclosed reasons. During his time as interim CEO, Bullock oversaw eventually abandoned talks on selling the company to larger rival SandRidge Energy (NYSE: SD).
Since filing for bankruptcy in January 2017, Bonanza Creek attracted multiple suitors interested in merging. In addition to SandRidge, the company was approached by Bill Barrett Corp. for a potential combination. However, nothing panned out between the two companies and Bill Barrett would eventually go on to merge with NGP-backed Fifth Creek Energy to form HighPoint Resources Corp. (NYSE: HPR) in March 2018.
As for the SandRidge deal, SandRidge in December abandoned its bid under pressure from activist investors Carl Icahn and Fir Tree Partners, who said the $746 million merger overvalued Colorado-based Bonanza.
Most recently, Bonanza Creek exited the Midcontinent region with a $117 million cash sale of its 11,000 net acre position primarily targeting the Cotton Valley Formation in Lafayette and Columbia counties, Ark. The buyer of Bonanza Creek’s Midcontinent assets wasn't disclosed.
Bonanza Creek’s remaining assets are located in the Rocky Mountain region in the Wattenberg Field, focused on the Niobrara and Codell shale formations.
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