Bonanza Creek Energy earns $8.5M
The Denver-based company said that of those wells, it completed five horizontal and four vertical during the first quarter.
"We are pleased with the results of our first-quarter investments in both the Wattenberg Field Niobrara Oil Shale and Cotton Valley Sands," CEO Michael Starzer said in an earnings statement. "The horizontal Niobrara program continues to perform and we are excited about the additional upside in the Wattenberg Field."
The company's earnings surged compared with the $300,000 in profits it reported the same quarter last year.
Bonanza also saw a 123-percent increase in revenue from $22.2 million to $49.5 million.
The company's oil volumes surged from 187,000 barrels of oil equivalent to 420,000 barrels of oil equivalent, as well.
Bonanza said it had two horizontal and two vertical rigs operating in the Wattenberg field as of May 1.
More breaking news...
Insurance exchange adds Sunday hours; CEO withdraws raise request
On Thursday, U.s. Rep. Jared Polis, D-Colo., released a statement, a
Anheuser-Busch, Teamsters' contract talks progress
Customer service centers for the exchange in Denver and
The brewer and the labor
Health exchange to visit Fort Collins
Banking, securities commissioner retiring
Nursing shortage? Not in Colorado…yet