 DENVER, Aug. 06, 2020 GLOBE NEWSWIRE -- Bonanza Creek Energy, Inc. NYSE: BCEI the Company or Bonanza Creek today announced its second quarter 2020 financial results and operating outlook. The Company has also posted an updated investor presentation to its website. Highlights of the second quarter 2020 include: Average sales volumes of 24.9 thousand barrels of oil equivalent per day MBoed, with oil representing 56 of total volumes Increasing annual production guidance to a range of 24.0 to 25.0 MBoed following YTD average sales volumes of 24.8 MBoed Capital expenditures of 21.7 million for the second quarter bringing YTD capital expenditures to 62.8 million, at the lower end of annual guidance as expected Lease operating expense LOE of 2.56 per Boe for the second quarter; up less than 2 from first quarter 2020, and down 13 from full year 2019 Recurring cash general and administrative GA1 expense, which excludes stock-based compensation and cash severance costs, was 6.1 million for the quarter or 2.72 per Boe, down 21 from first quarter 2020, and down 27 from full year 2019 on a unit basis Rocky Mountain Infrastructure RMI second quarter 2020 net effective cost1 was 0.97 per Boe, which consists of approximately 1.48 per Boe of RMI operating expense offset by 0.51 per Boe of RMI operating revenue from working interest partners Exited the quarter with 58 million of debt and a leverage ratio of 0.3x with the continued expectation to fully repay outstanding debt by the end of the year GAAP net loss of 38.9 million, or 1.87 net loss per diluted share, including a 2.30 non-cash loss on derivatives Adjusted EBITDAX1 of 36.2 million, or 1.74 per diluted share1 Non-GAAP measure; see attached reconciliation schedules at the end of this release.Eric Greager, President and Chief Executive Officer of Bonanza Creek, commented, Were grateful that our team remains healthy and productive. Were pleased with the strong performance of our assets, and the progress were making toward our full-year objectives. Were increasing our annual production guidance range to a mid-point of 24.5 MBoed, and reiterating all other guidance ranges for 2020. We expect 3Q volumes to be flat to 2Q, and our capex to be minimal for the balance of the year. Prior to filing our 10-Q for the second quarter, we paid down our revolver to 53 million, and our cash flow projections continue to support our exiting 2020 with no debt.Second Quarter 2020 Results During the second quarter of 2020, the Company reported average daily sales of 24.9 MBoed. Product mix for the quarter was 56 oil, 20 NGLs, and 24 residue natural gas. Oil mix was up from 54 in the first quarter of 2020 and fluctuates due to the timing of wells turned to sales. The table below provides sales volumes, product mix, and average sales prices for the second quarter 2020 and 2019. Three Months Ended June 30, 2020 2019 Change Avg. Daily Sales Volumes: Crude oil Bblsd14,002 15,096 7 Natural gas Mcfd36,249 31,901 14 Natural gas liquids Bblsd4,815 4,015 20 Crude oil equivalent Boed24,859 24,428 2 Product Mix Crude oil56 62 Natural gas24 22 Natural gas liquids20 16 Average Sales Prices before derivatives: Crude oil per Bbl22.42 54.10 Natural gas per Mcf1.19 1.94 Natural gas liquids per Bbl5.81 11.66 Crude oil equivalent per Boe15.49 37.88 Capital expenditures were 21.7 million for the second quarter of 2020. During the quarter, the Company completed 1 gross 0.6 net standard reach lateral SRL well. There were 8 gross 7.7 net wells turned to sales, 3 of which were SRL wells.Net oil and gas revenue for the second quarter of 2020 was 36.2 million compared to 60.4 million for the first quarter of 2020. The decrease was a result of lower oil, natural gas, and NGL realized prices. Crude oil accounted for approximately 79 of total revenue for the quarter. Differentials for the Companys oil production during the quarter averaged approximately 5.53 per barrel off NYMEX WTI, and the Company expects its oil differential to average between 4.75 and 5.25 per barrel for full-year 2020.LOE for the second quarter of 2020 on a unit basis increased less than 2 to 2.56 per Boe from 2.52 per Boe in the first quarter of 2020. The Company has begun successfully implementing the previously-identified 8 million in LOE and RMI operating expense savings relative to original 2020 plans, and is reaffirming both its LOE and RMI operating expense guidance ranges for the year.RMI second quarter 2020 net effective cost was 0.97 per Boe, which consists of approximately 1.48 per Boe of RMI operating expense offset by 0.51 per Boe of RMI operating revenue from working interest partners. RMI operating revenue from working interest partners is based on production volumes, and the fees are not tied to oil or natural gas prices.The Companys general and administrative GA expenses were 8.4 million for the second quarter of 2020, which included 1.5 million in non-cash stock-based compensation and 0.8 million related to one-time cash severance costs. Recurring cash GA, which excludes stock-based compensation and cash severance, of 6.1 million for the second quarter of 2020 decreased by 1.6 million or 21 from first quarter 2020 as a result of implemented cost reductions. On a per unit basis, the Companys recurring cash GA decreased 21 to 2.72 per Boe in the second quarter of 2020 from 3.44 per Boe in the first quarter of 2020.RMI net effective cost and recurring cash GA are non-GAAP measures. Please see Schedule 7 and Schedule 8 at the end of this release for a reconciliation to the most comparable GAAP measure.Guidance SummaryThe table below provides YTD and second quarter results for 2020 guidance metrics:Guidance2Q20 ActualsYTD 2020 ActualsFY20 Guidance Production MBoed 24.9 24.8 24.0 - 25.0 oil 56 5554 - 60 Lease operating expense Boe2.56 2.54 2.50 - 2.90 RMI operating expense Boe1.48 1.63 1.50 - 1.85 Recurring cash general and administrative MM6.1 13.9 27.0 - 29.0 Severance Ad valorem of revenue 9.6 9.08 - 9 Oil differential bbl5.53 5.65 4.25 - 5.25 Total capital expenditures MM21.7 62.8 60.0 - 70.0 Conference Call InformationThe Company will host a conference call to discuss these results on August 7, 2020 at 9:00 a.m. Mountain Time 11:00 a.m. Eastern Time. A live webcast and replay of this event will be available on the Investor Relations section of the Companys website at Dial-in information for the conference call is included below.TypePhone NumberPasscode Live participant877-793-43621593535 Replay855-859-20561593535 About Bonanza Creek Energy, Inc.Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development, and production of oil and associated liquids-rich natural gas in the Rocky Mountain region of the United States. The Companys assets and operations are concentrated in rural, unincorporated Weld County, Colorado, within the Wattenberg Field, focused on the Niobrara and Codell formations. The Companys common shares are listed for trading on the NYSE under the symbol: BCEI. For more information about the Company, please visit Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions made by the Company based on managements experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words will, potential, believe, estimate, intend, expect, may, should, anticipate, could, plan, predict, project, profile, model or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These statements include statements regarding development and completion expectations and strategy; decreasing operating and capital costs; impact of the Companys reorganization; and 2020 guidance. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results to differ materially from those implied or expressed by the forward-looking statements, including the following: changes in natural gas, oil and NGL prices; general economic conditions, including the performance of financial markets and interest rates; drilling results; shortages of oilfield equipment, services and personnel; operating risks such as unexpected drilling conditions; ability to acquire adequate supplies of water; risks related to derivative instruments; access to adequate gathering systems and pipeline take-away capacity; and pipeline and refining capacity constraints. Further information on such assumptions, risks and uncertainties is available in the Companys SEC filings. 