Bonanza Creek Energy Appoints Three Independent Directors
DENVER, April 25, 2011 /PRNewswire/ — Bonanza Creek Energy, Inc. (“Bonanza Creek” or the “Company“) today announced the appointment of Jim Casperson, Marvin Chronister, and Kevin Neveu to the Company’s Board of Directors. Messrs. Casperson, Chronister, and Neveu are Bonanza Creek’s first independent directors. In addition to the three new independent directors, Bonanza Creek’s seven person board also includes Chairman of the Board Richard Carty of West Face Capital, Inc., Todd Overbergen of D.E. Shaw & Co., Michael R. Starzer, President and Chief Executive Officer, and Gary A. Grove, Executive Vice President – Engineering and Planning.
Mr. Casperson has over 30 years of experience in the oil and gas industry and finance and accounting in the public and private sectors. Mr. Casperson is currently a private consultant to the energy industry. From 2005 until 2008, he was the Chief Financial Officer of Ellora Energy and, from 2000 until 2005, the Chief Financial Officer of Whiting Petroleum Corporation. Before Whiting, Mr. Casperson spent 15 years as President of Casperson Incorporated, a private consulting firm specializing in the energy industry. Mr. Casperson holds a BBA in accounting from Texas Tech University. Mr. Casperson has been appointed as Chairman of both the Audit Committee and the Reserve Committee.
Mr. Chronister has over 30 years experience in the oil and gas industry. Mr. Chronister is currently an independent investor, energy finance and operations consultant for Enfield Companies and on the Board of Sonde Resources Corp. From 2004 until 2006, Mr. Chronister was the Financial Operations Practice Director of Jefferson Wells International, Inc. He served as Managing Director of Corporate Finance for Deloitte & Touche from 1990 to 2003 with previous positions in industry and investment banking. Mr. Chronister holds a Bachelor of Business Administration degree from Stephen F. Austin State University. Mr. Chronister has been appointed as Chairman of the Environmental Safety & Regulatory Compliance Committee and will serve on the Audit Committee.
Mr. Neveu has over 25 years of experience in the oil and gas industry. Currently, Mr. Neveu serves as a director, President and Chief Executive Officer of Precision Drilling Corporation. Mr. Neveu was previously President of the Rig Solutions Group of National Oilwell Varco, where he was responsible for the company’s drilling equipment business. Beginning in 1982, Mr. Neveu held senior management positions with National Oilwell Varco and its predecessor companies in London, Moscow, Houston, Edmonton and Calgary. Mr. Neveu holds a Bachelor of Science degree and is a graduate of the Faculty of Engineering at the University of Alberta. Mr. Neveu is a Professional Engineer, as designated by the Association of Professional Engineers, Geologists and Geophysicists of Alberta and has attended the Advanced Management Program at the Harvard Business School. Mr. Neveu serves on the boards of RigNet Inc., the Heart and Stroke Foundation of Alberta, and the International Association of Drilling Contractors. Mr. Neveu has been appointed to serve on the Compensation Committee and the Environmental Safety and Regulatory Compliance Committee.
“The addition of these three independent directors is an important step in developing our board,” said Bonanza Creek’s President and Chief Executive Officer, Mike Starzer. “Jim’s and Marvin’s breadth and depth of knowledge and experience in accounting and finance will be a great asset to Bonanza Creek. Kevin’s wide range of experience in the energy sector in management and operations will be leveraged strategically and operationally. I welcome them all to our team.” Richard Carty, Chairman of the Company’s board said “Bonanza Creek’s new directors will be able to work with the Company’s executive team and other directors to manage the Company’s continued growth and drilling programs. We are very excited to utilize the resources they bring to the board and look forward to their impact on Bonanza Creek’s continued growth.”
About Bonanza Creek Energy:
Bonanza Creek Energy, Inc. is an independent oil and gas exploration and production company headquartered in Denver, Colorado with regional offices in Bakersfield, California and Houston, Texas. Bonanza Creek’s business strategy is focused on the acquisition, exploration and development of oil and gas properties in the Rocky Mountain and Mid-Continent regions of the United States. Bonanza Creek is led by a highly talented team of technical and business professionals, many of whom have worked together for over ten years successfully building previous companies. For additional information, please visit www.bonanzacrk.com or contact James Masters, Investor Relations Manager, at (720) 440-6121 or JMasters@bonanzacrk.com.
SOURCE Bonanza Creek Energy, Inc.