ACQUISITIONS & DIVESTITURES (Tables)

9 Months Ended

Sep. 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 7.5% Senior Notes	100,000
Total merger consideration	$	474,933

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(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 September 30,		Nine Months Ended September 30,
	2020		2021		2020
	(in thousands, except per share data)
Total revenue	$	126,163	$	492,176	$	345,626
Net income (loss)	16,030		(26,058)		(1,007,643)

Net income (loss) per common share:
Basic	$	0.52	$	(0.84)	$	(32.98)
Diluted	$	0.52	$	(0.84)	$	(32.98)