<SEC-DOCUMENT>0001193125-21-259528.txt : 20211103
<SEC-HEADER>0001193125-21-259528.hdr.sgml : 20211103
<ACCEPTANCE-DATETIME>20210827172858
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-21-259528
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20210827

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bonanza Creek Energy, Inc.
		CENTRAL INDEX KEY:			0001509589
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				611630631
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		410 17TH STREET, SUITE 1400
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202
		BUSINESS PHONE:		720-440-6100

	MAIL ADDRESS:	
		STREET 1:		410 17TH STREET, SUITE 1400
		CITY:			DENVER
		STATE:			CO
		ZIP:			80202

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Bonanza Creek Energy, Inc.
		DATE OF NAME CHANGE:	20110106
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 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2021 </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of
Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Energy and Transportation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Attention:
Irene Barberena-Meissner </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington,
D.C. 20549-3561 </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Bonanza Creek Energy, Inc. </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed July&nbsp;14, 2021 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;333-257882</FONT> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the
responses of Bonanza Creek Energy, Inc. (&#147;<B><I>Bonanza Creek</I></B>&#148;, the &#147;<B><I>Company</I></B>&#148;, &#147;<B><I>we</I></B>,&#148; &#147;<B><I>us</I></B>&#148; or &#147;<B><I>our</I></B>&#148;), to comments received from the
staff of the Division of Corporation Finance (the &#147;<B><I>Staff</I></B>&#148;) of the United States Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) by letter dated August&nbsp;13, 2021, with respect to the
Company&#146;s Registration Statement on Form <FONT STYLE="white-space:nowrap">S-4,</FONT> File <FONT STYLE="white-space:nowrap">No.&nbsp;333-257882,</FONT> filed with the Commission on July&nbsp;14, 2021 (the &#147;<B><I>Registration
Statement</I></B>&#148;). Concurrently with the submission of this letter, we are filing Amendment No.&nbsp;1 to the Registration Statement (&#147;<B><I>Amendment No.</I></B><B><I></I></B><B><I>&nbsp;1</I></B>&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each response is prefaced by the exact text of the Staff&#146;s corresponding comment in bold, italicized text. All
references to page numbers and captions correspond to Amendment No.&nbsp;1 unless otherwise specified. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Registration Statement on Form <FONT
STYLE="white-space:nowrap">S-4</FONT> filed July&nbsp;14, 2021 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Unaudited Pro Forma Condensed Combined Financial Statements, page 230
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>In footnotes 4(o), 5(m) and 6(m) you state the pro forma adjustments related to income tax expense are
based upon a blended federal and state effective statutory tax rate of 24.5%. Please revise to clarify how the blended rate is calculated. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, we have revised the referenced disclosure on pages 253, 258 and 262 of Amendment
No.&nbsp;1. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 6. Crestone Peak Preliminary Acquisition Accounting and Pro Forma Adjustments Crestone Peak Pro Forma Adjustments, page 261
</U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>We note adjustments 6(k) and 6(l) reduce pro forma interest expense for amounts related to the Crestone
Peak credit facility which will be paid down as a result of the merger. We also understand that you will incur $250&nbsp;million of new debt under your credit facility </I></B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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to fund the pay down and that you have increased your pro forma interest expense by $0.5&nbsp;million and $1.9&nbsp;million for the interim and year end periods respectively. Please tell us how
you determined the pro forma interest adjustments related to the funds drawn on your credit facility providing details sufficient to understand the interest rates applied and the amounts and underlying reasons for any interest capitalized.
</I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: The pro forma interest adjustments of $0.5&nbsp;million for the three months ended March&nbsp;31,
2021 (which will now be $0.6&nbsp;million for the six months ended June&nbsp;30, 2021) and $1.9&nbsp;million for the year ended December&nbsp;31, 2020 were determined based on the projected borrowings on the Bonanza Creek credit facility of
$250.0&nbsp;million and an annual interest rate of 4.0% based on pro forma borrowings outstanding. This interest expense was offset 100% by capitalized interest, consistent with Bonanza Creek&#146;s historical policy and drilling operations. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Accordingly, in response to comment #2 and #3 below, we have revised our disclosure within adjustments 6(k) and 6(l) within the pro forma
financial statements on page 262 of Amendment No.&nbsp;1. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Your disclosure of adjustments 6(k) and 6(l) indicate that they predominantly relate to the elimination
of historical interest expense related to the Crestone Peak credit facility. However, we note that a significant portion of the interest expense recorded in Crestone Peak&#146;s financial statements for the year ended December&nbsp;31, 2020 and the
three months ended March&nbsp;31, 2021, relate to related party notes issued to CPPIB Crestone Peak Resources Canada Inc. Please revise the narrative disclosure in your footnotes or tell us how your current description of the adjustment is
consistent with the disclosures in the Crestone financial statements. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: As discussed in our
response to comment #2 above, in response to the Staff&#146;s comment, we have revised the referenced disclosure on page 262 of Amendment No.&nbsp;1. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Annex J: Information About Crestone Peak </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Oil and Gas Data </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Reserves, page <FONT
STYLE="white-space:nowrap">J-2</FONT> </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please expand the information provided in Annex J to include the disclosures required in Items 1203(b),
1203(c) and 1203(d) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> relating to Crestone Peak&#146;s proved undeveloped reserves as of December&nbsp;31, 2020 and include the information required in Item 1205 of Regulation <FONT
STYLE="white-space:nowrap">S-K</FONT> relating to the drilling and other exploratory and development activities that occurred in each of the last three fiscal years. </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, we have revised the referenced disclosure on pages
<FONT STYLE="white-space:nowrap">2-5</FONT> of Annex J of Amendment No.&nbsp;1. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Notes to the Consolidated Financial Statements </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Note 22. Supplemental Oil and Gas Information (Unaudited), page <FONT STYLE="white-space:nowrap">K-35</FONT> </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>5.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>The discussion of the changes that occurred in total proved reserves presented on pages K&not;36 and <FONT
STYLE="white-space:nowrap">K-37</FONT> indicates that the line item entry representing revisions in the previous estimates of reserves is the result of an aggregation of the changes relating to several separate and unrelated factors, e.g. commodity
prices, the capital cost environment, proved undeveloped pad reconfigurations, rig schedule, and certain working interests for the year ended December&nbsp;31, 2020; commodity prices, the removal of certain proved undeveloped locations after down
spacing test results, and the reduction of <FONT STYLE="white-space:nowrap">non-operated</FONT> reserves related to changes in operator plans for the year ended December&nbsp;31, 2019; plug and abandoned wells with higher risk profiles and type
curve revisions for the year ended December&nbsp;31, 2018. </I></B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Please expand the disclosure to reconcile the
overall change in the line item by separately identifying and quantifying the net amount attributable to each factor so that the change in net reserves between periods is fully explained. In particular, disclosure relating to revisions in previous
estimates should identify such underlying factors as changes caused by commodity prices and/or costs, interests, well performance, improved recovery, unsuccessful and/or uneconomic proved undeveloped locations or changes resulting from the removal
of proved undeveloped locations due to changes in a previously adopted development plan. Refer to FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-5.</FONT></FONT></FONT>
</I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>This comment also applies to the disclosure of the changes due to revisions of the previous estimates of proved undeveloped
reserves for the year ended December&nbsp;31, 2020. Refer to Item 1203(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, we have revised the referenced disclosure on pages 35 to 39 of Annex K to Amendment
No.&nbsp;1. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>6.</I></B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><I>Please expand the tabular presentation of proved developed and proved undeveloped reserves by individual
product type presented on page <FONT STYLE="white-space:nowrap">K-37</FONT> to additionally provide the net quantities at the beginning of the initial period shown in the reserves reconciliation, e.g. December&nbsp;31, 2017. Refer to FASB ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-4.</FONT></FONT></FONT> </I></B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: In response to the Staff&#146;s comment, we have revised the referenced disclosure on page 37 of Annex K to Amendment
No.&nbsp;1. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">***** </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">August 27, 2021 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Should the Staff have additional questions or comments regarding this letter or the filing,
please do not hesitate to contact Stephen M. Gill or Shelley A. Barber of Vinson&nbsp;&amp; Elkins L.L.P., at (713) <FONT STYLE="white-space:nowrap">758-4458</FONT> and (212) <FONT STYLE="white-space:nowrap">237-0022,</FONT> respectively. </P>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Sincerely,</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Shelley A. Barber</P></TD></TR>
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<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shelley A. Barber</P></TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">cc:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">John Hodgin, Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Myra Moosariparambil, Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Craig
Arakawa, Securities and Exchange Commission</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Lauren Nguyen, Securities and Exchange Commission</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Skip Marter, Bonanza Creek Energy, Inc.</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Stephen M. Gill, Vinson&nbsp;&amp; Elkins L.L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Eric Christ, Extraction Oil&nbsp;&amp; Gas, Inc.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Julian Seiguer,
P.C., Kirkland&nbsp;&amp; Ellis L.L.P.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Doug Bacon, P.C., Kirkland&nbsp;&amp; Ellis L.L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Bryan Flannery, Kirkland&nbsp;&amp; Ellis L.L.P.</P></TD></TR>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
