Bonanza Creek Energy terminates $746 million merger with SandRidge EnergyStaff Writer | December 29, 2017
Bonanza Creek Energy announces that it has agreed to terminate its previously announced agreement to merge with SandRidge Energy.
Merger After consultation with largest shareholders
An agreement between Bonanza Creek and SandRidge was then reached to mutually terminate the merger agreement.
As part of the mutual termination agreement, SandRidge will reimburse Bonanza Creek for transaction-related expenses up to $3.7 million.
Chairman Jack Vaughn stated, "While we are disappointed with this result, we are very pleased with the progress that Bonanza Creek has made this year and will continue to focus on developing Bonanza Creek’s assets and maximizing value for our shareholders.
"Given the competence and dedication of our team, the high quality of our assets, our strong balance sheet, and our strategic flexibility, we look forward to this effort.
"We intend to provide an operational update, along with an announcement of our 2018 capital program and guidance, in January." ■