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ACQUISITIONS & DIVESTITURES (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Merger Consideration and Preliminary Purchase Price Allocations | The following tables present the HighPoint Merger consideration and purchase price allocation of the assets acquired and the liabilities assumed in the HighPoint Merger:
Merger Consideration (in thousands except per share amount) |  |
Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Common Stock(1) |  | 488 |
Shares of Bonanza Creek Common Stock issued to existing holders of HighPoint Senior Notes |  | 9,314 |
Total additional shares of Bonanza Creek Common Stock issued as merger consideration |  | 9,802 |
Closing price per share of Bonanza Creek Common Stock(2) |  | $ | 38.25 |
Merger consideration paid in shares of Bonanza Creek Common Stock |  | $ | 374,933 |
Aggregate principal amount of Bonanza Creek Senior Notes |  | 100,000 |
Total merger consideration |  | $ | 474,933 |
_________________________ (1) Based on the number of shares of HighPoint Common Stock issued and outstanding as of April 1, 2021 and the conversion ratio of 0.11464 per share of Bonanza Creek Common Stock. (2) Based on the closing stock price of Bonanza Creek Common Stock on April 1, 2021.
Purchase Price Allocation (in thousands) |  |
Assets Acquired |  |
Cash and cash equivalents |  | $ | 49,827 |
Accounts receivable - oil and gas sales |  | 26,343 |
Accounts receivable - joint interest and other |  | 9,161 |
Prepaid expenses and other |  | 3,608 |
Inventory of oilfield equipment |  | 4,688 |
Proved properties |  | 539,820 |
Other property and equipment, net of accumulated depreciation |  | 2,769 |
Right-of-use assets |  | 4,010 |
Deferred income tax assets |  | 110,513 |
Other noncurrent assets |  | 797 |
Total assets acquired |  | $ | 751,536 |
Liabilities Assumed |  |
Accounts payable and accrued expenses |  | $ | 51,088 |
Oil and gas revenue distribution payable |  | 20,786 |
Lease liability |  | 744 |
Derivative liability |  | 13,481 |
Current portion of long-term debt |  | 154,000 |
Lease liability (long-term) |  | 3,266 |
Ad valorem taxes |  | 3,746 |
Derivative liability (long-term) |  | 5,019 |
Asset retirement obligations for oil and gas properties |  | 24,473 |
Total liabilities assumed |  | 276,603 |
Net assets acquired |  | $ | 474,933 |
Schedule of Pro Forma Financial Information | The pro forma financial information is not necessarily indicative of the results of operations that would have been achieved if the acquisition had been effective as of these dates, or of future results.
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2020 |  | 2021 |  | 2020
| (in thousands, except per share data)
Total revenue | $ | 79,492 |  |  | $ | 302,213 |  |  | $ | 219,463 |
Net loss | (78,410) |  |  | (66,717) |  |  | (1,023,673) |
Net loss per common share: |  |  |  |  |
Basic | $ | (2.56) |  |  | $ | (2.18) |  |  | $ | (33.55) |
Diluted | $ | (2.56) |  |  | $ | (2.18) |  |  | $ | (33.55) |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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