Bonanza Creek Energy earns $8.5M

Bonanza Creek Energy Inc. posted net income of $8.5 million and said it drilled 30 wells in Weld County during the first quarter.

The Denver-based company said that of those wells, it completed five horizontal and four vertical during the first quarter.

“We are pleased with the results of our first-quarter investments in both the Wattenberg Field Niobrara Oil Shale and Cotton Valley Sands,” CEO Michael Starzer said in an earnings statement. “The horizontal Niobrara program continues to perform and we are excited about the additional upside in the Wattenberg Field.”

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The company’s earnings surged compared with the $300,000 in profits it reported the same quarter last year.

Bonanza also saw a 123-percent increase in revenue from $22.2 million to $49.5 million.

The company’s oil volumes surged from 187,000 barrels of oil equivalent to 420,000 barrels of oil equivalent, as well.

Bonanza said it had two horizontal and two vertical rigs operating in the Wattenberg field as of May 1.