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Bonanza Creek Touts First Enhanced XRL Completions in Q2; Ups Rig Count

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Bonanza Creek reported its Q2 2018 results.

First Enhanced Completion XRL Wells

Bonanza Creek has detailed its results from its first enhanced completion XRL wells on its J21 and T21 well pads - which have improved the type curve by 37%.

French Lake Results - Bonanza 'Pleased' with Early Results

The Company has finished completing and turned to production all eight XRL wells in the French Lake area. While two of the wells are currently hindered by mechanical issues, the Company is very pleased with the early results of the remaining six XRLs with results meeting or exceeding expectations.

Upon completing the 2018 resource assessment and as a result of rapidly improving well performance, the Company has identified over 1,000 economic SRL equivalent locations in its Wattenberg position.

Future Completion Plans - Rig Addition

Production Highlights

Average daily sales of 18.0 MBoe per day - (up from +7% from 1Q18 and up +13% YOY)

• This was at the low end of the Company's guidance range of 18.0 – 18.6 MBoe per day

• On track to grow Wattenberg production by approximately 25% year-over-year and 50% when comparing the fourth quarter of 2018 to the fourth quarter of 2017.
  
  
• Full year 2018 Wattenberg production guidance raised while lowering full year capex guidance

- Second quarter GAAP net income of $4.9 million, or $0.24 per diluted share; Adjusted net income⁽¹⁾ of $24.2 million, or $1.18 per diluted share

•  Adjusted EBITDAX⁽²⁾ of $34.8 million, 17% growth over first quarter 2018