Bonanza Creek Energy and HighPoint Resources expect to close the previously announced merger on April 1, 2021. The closing of the Merger remains subject to the conditions set forth in HighPoint’s prepackaged plan of reorganization, the Agreement and Plan of Merger, dated as of November 9, 2020, by and among Bonanza Creek, HighPoint, and Boron Merger Sub, Inc., the Transaction Support Agreement, dated as of November 9, 2020, by and among HighPoint, HighPoint Operating Corporation, Fifth Pocket Production, LLC, certain consenting holders of HighPoint Operating Corporation’s 7.0% Senior Notes due October 15, 2022 and 8.75% Senior Notes due June 15, 2025, and certain consenting HighPoint stockholders, and related transaction documents.

Based on the number of shares of HighPoint common stock outstanding as of the date of the Merger Agreement, the transaction implies an exchange ratio of 0.114 shares of Bonanza Creek common stock for each share of HighPoint common stock. Based on Bonanza Creek’s closing stock price of $36.39 on March 26, 2021, and the estimated exchange ratio of 0.114, in the Merger, each share of HighPoint common stock will receive Bonanza Creek common stock (or cash in lieu of fractional shares) with a value of $4.15.

Bonanza Creek expects to file a Form 8-K in conjunction with the closing on April 1, and then to issue a press release on Monday, April 5 after market, announcing 2021 guidance for the combined company. An updated investor presentation will also be posted to its website at the time of the April 5 release.

Eric Greager, President and Chief Executive Officer, commented, 
“We are pleased to announce the closing date of our merger with HighPoint. The structure of the transaction with HighPoint was complex, and I am extremely proud of the work many have done to get this deal closed ahead of schedule.”

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