Bonanza Creek Energy Announces Borrowing Base Increase to $330 Million

DENVER, May 20, 2013 - Bonanza Creek Energy, Inc. (NYSE: BCEI) announced today that the borrowing base under its bank credit facility has been increased to $330 million pursuant to the completion of its semi-annual redetermination.  This represents an $80 million increase over the company's previous borrowing base of $250 million which had been reduced as a result of our recent issuance of senior unsecured notes completed on April 9, 2013.  As of April 30, 2013 and pro forma for the effects of the revised borrowing base, the company had cash and cash equivalents of $102.3 million, no outstanding indebtedness under its bank credit facility and $48 million of outstanding letters of credit resulting in $384 million of total liquidity.

Michael Starzer, Bonanza Creek's President and Chief Executive Officer, commented, "Our revised borrowing base of $330 million is the highest in the company's history and, when combined with the proceeds of our recent high yield offering, gives Bonanza Creek ample capacity to fund its organic growth initiatives in 2013 and should provide a comfortable liquidity position to work from as we begin to plan for 2014."

About Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. is an independent energy company engaged in oil and natural gas exploration and production in the United States. The company's assets and operations are concentrated primarily in the Wattenberg Field in Colorado and in southern Arkansas. The company's common shares are listed for trading on the New York Stock Exchange under the ticker symbol BCEI. For more information about the company, please visit www.bonanzacrk.com.

For further information, please contact:

Mr. Ryan Zorn
Vice President - Finance
720-440-6172

Mr. James Masters
Investor Relations Manager
720-440-6121