Small-cap oil and gas company Bonanza Creek Energy (NYSE:BCEI) has come back well from concerns over an insufficient drilling inventory and the departure of three founding executives. Since I last wrote about the company, the shares are up around 34% - more than tripling the return of the SIG Oil Exploration and Production Index and outdoing most of its Wattenberg peers except Whiting (NYSE:WLL). Bonanza Creek isn't as cheap as when I last wrote about the company (the shares looked about 30% undervalued in January), but good downspacing results and Codell tests can still take these shares far enough to be worth a look at today's level.
A Solid Deal, But One That Leaves More...
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