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Bonanza Creek Energy
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2021 EnerCom The Oil & Gas Presentation
| Paul Keglevic | Page 4 of 11 |
May 08, 2024
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"2021 EnerCom The Oil & Gas Presentation"
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4 4 Bonanza Creek – Pure-Play DJ Basin Operator Target Proved Reserves 6/30/21 Niobrara/Codell ~170 MMboe (63% PDP) Acres Production 2Q21 ~261,000 gross 42.3 Mboe/d (49.5% oil) ~197,000 net DJ Basin • Highly contiguous, oily acreage in rural Weld County • Strong financial position • Leverage of 0.5x net debt / LTM EBITDAX (1) at 6/30/21 • Includes $99 million RBL debt, $100 million of newly issued 7.5% notes due 2026, and cash balance of $24 million • Current RBL debt of $85 million as of August 9, 2021 • Reaffirmed borrowing base of $500 million with elected commitments of $400 million in July 2021 • Certain lenders have given initial commitments that would reflect a $1.0 billion borrowing base with $800 million in elected commitments for the pending Extraction and Crestone Peak mergers • $325 million in liquidity as of 6/30/21 • 2Q 2021 total Proved PV-10 of $1.39 billion (SEC Prices) (2) • 2Q 2021 total Proved PV-10 at strip of $1.89 billion (3) • 2Q 2021 PDP PV-10 at strip of $1.38 billion (3) • 3Q 2021 production guidance of 41.0 - 44.0 Mboe/d and capex of $55 - $65 million ($150 - $170 million full year) (1) LTM EBITDAX is a non-GAAP number. See Appendix for reconciliation of LTM EBITDAX to Net Income (2) PV-10 is a management estimate based on reserves as of 6/30/21 using SEC pricing of $49.78 WTI and $2.43 Henry Hub. See Appendix for a reconciliation of mid year 2021 PV-10 to YE 2020 standardized measure (3) PV-10 is a management estimate based on reserves as of 6/30/21 using 6/30/21 strip pricing: WTI = $71.80, $66.83, $61.20, $57.85, $55.29 (2021 - 2025). HH = $3.66, $3.17, $2.81, $2.71, $2.73 (2021 - 2025)