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Bonanza Creek to acquire leasehold interests in Wattenberg field

May 22, 2014 8:45 AM ETCivitas Resources, Inc. (CIVI) StockCIVIBy: Carl Surran, SA News Editor
  • Bonanza Creek Energy (NYSE:BCEI) agrees to acquire leasehold interests in the Wattenberg field in Colorado from a privately held company for $175M plus up to 1.1M common shares.
  • The assets consist of 34.6K net acres and net production of ~700 boe/day (85% oil); the average working interest in the acquired properties is 40%, but ~23K net acres have average working interests of 63%.
  • BCEI also reports its strongest average initial production rate among its Niobrara B Bench wells; four wells reported an average of 477 boe/day for the first 30 days of production.

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