Denver-based Bonanza Creek, which is focused on the Niobrara tight oil play in Colorado, has struggled after the collapse of its $255 million deal to sell its Rocky Mountain Infrastructure midstream subsidiary to a division of Meritage Midstream Partners.
Bonanza Creek continues to market the assets, but analysts have become more doubtful that it will get a similar price.
At the end of the first quarter, the company had $288 million drawn on its $475 million credit facility, and another $800 million in senior unsecured notes due between 2021 and 2023.
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