U.S. oil and gas producer Bonanza Creek Energy Inc. on April 5 named Eric Greager as its new CEO effective April 11, replacing Seth Bullock, who served as interim CEO since June 2017.
Greager has served as a vice president and general manager at Encana Oil & Gas (USA) Inc. (NYSE: ECA), the company said. His appointment follows a 52% fall in the company’s shares since it emerged from bankruptcy proceedings a year ago.
Bullock was put in temporary charge of the company last June and oversaw eventually abandoned talks on selling the company to larger rival SandRidge Energy (NYSE: SD).
SandRidge in December abandoned its bid under pressure from activist investors Carl Icahn and Fir Tree Partners, who said the $746 million deal overvalued Colorado-based Bonanza.
Bonanza Creek filed for bankruptcy in January 2017 after a more than 50% fall in global oil prices from mid-2014 which eroded cash flows of many oil producers and crimped their ability to meet debt and interest payments.
Recommended Reading
AI Highs: Corva Predictive Drilling Powers Oilfield Efficiency
2024-05-20 - The energy sector is buzzing with talk of artificial intelligence, and Corva is capitalizing on its ability to synthesize complex data to optimize drilling operations with predictive drilling software.
Adkins: Attacks on Fossil Fuels, Overregulation Poised to Backfire
2024-05-17 - Raymond James’ J. Marshall Adkins tells Hart Energy’s SUPER DUG conference attendees demonizing oil and gas, strenuous regulations and continued inflation are bound to have unexpected consequences for E&P opponents.