Civitas Resources (CIVI) 10-Q 8 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013
Document and Entity Information	'
Entity Registrant Name	'Bonanza Creek Energy, Inc.
Entity Central Index Key	'0001509589
Document Type	'10-Q
Document Period End Date	30-Sep-13
Amendment Flag	'false
Current Fiscal Year End Date	'--12-31
Entity Current Reporting Status	'Yes
Entity Filer Category	'Accelerated Filer
Entity Common Stock, Shares Outstanding	40,279,049
Document Fiscal Year Focus	'2013
Document Fiscal Period Focus	'Q3

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2013	Dec. 31, 2012
CURRENT ASSETS:	'	'
Cash and cash equivalents	$17,368,896	$4,267,667
Accounts receivable:	'	'
Oil and gas sales	62,937,148	38,600,436
Joint interest and other	13,228,686	5,484,620
Prepaid expenses and other	2,305,269	3,031,815
Inventory of oilfield equipment	5,389,949	1,740,934
Derivative asset	620,446	2,178,064
Total current assets	101,850,394	55,303,536
OIL AND GAS PROPERTIES-using the successful efforts method of accounting:	'	'
Proved properties	1,155,502,451	811,000,239
Unproved properties	44,444,030	72,928,364
Wells in progress	86,499,729	75,031,806
OIL AND GAS PROPERTIES-using the successful efforts method of accounting	1,286,446,210	958,960,409
Less: accumulated depreciation, depletion and amortization	-175,678,611	-89,669,725
OIL AND GAS PROPERTIES-net, using the successful efforts method of accounting	1,110,767,599	869,290,684
NATURAL GAS PLANT	75,301,626	73,087,603
Less: accumulated depreciation	-5,269,290	-3,403,817
NATURAL GAS PLANT-net	70,032,336	69,683,786
OTHER PROPERTY AND EQUIPMENT	8,784,996	5,089,795
Less: accumulated depreciation	-2,237,696	-890,093
OTHER PROPERTY AND EQUIPMENT-net	6,547,300	4,199,702
OIL AND GAS PROPERTIES HELD FOR SALE, LESS ACCUMULATED DEPRECIATION, DEPLETION AND AMORTIZATION	441,595	582,388
LONG-TERM DERIVATIVE ASSET	480,874	'
OTHER ASSETS, net	9,651,725	3,429,711
TOTAL ASSETS	1,299,771,823	1,002,489,807
CURRENT LIABILITIES:	'	'
Accounts payable and accrued expenses	96,917,401	72,850,272
Oil and gas revenue distribution payable	27,292,365	12,552,655
Contractual obligation for land acquisition	11,999,877	11,999,877
Derivative liability	9,613,257	5,200,202
Total current liabilities	145,822,900	102,603,006
LONG-TERM LIABILITIES:	'	'
Long-term debt	338,500,000	158,000,000
Contractual obligation for land acquisition	21,842,731	33,271,631
Ad valorem taxes	18,398,927	11,179,370
Derivative liability	294,440	1,208,106
Deferred income taxes, net	137,778,212	110,376,606
Asset retirement obligations	8,652,597	7,333,584
TOTAL LIABILITIES	671,289,807	423,972,303
COMMITMENTS AND CONTINGENCIES (Note 7)	'	'
STOCKHOLDERS' EQUITY:	'	'
Preferred stock, $.001 par value, 25,000,000 shares authorized, 0 outstanding	'	'
Common stock, $.001 par value, 225,000,000 shares authorized, 40,279,049 and 40,115,536 issued and outstanding, respectively	40,279	40,116
Additional paid-in capital	525,637,560	519,425,356
Retained earnings	102,804,177	59,052,032
Total stockholders' equity	628,482,016	578,517,504
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$1,299,771,823	$1,002,489,807

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
CONSOLIDATED BALANCE SHEETS	'	'
Preferred stock, par value (in dollars per share)	$0.00	$0.00
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$0.00	$0.00
Common stock, shares authorized	225,000,000	225,000,000
Common stock, shares issued	40,279,049	40,115,536
Common stock, shares outstanding	40,279,049	40,115,536

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
NET REVENUES:	'	'	'	'
Oil and gas sales	$125,973,199	$58,327,823	$288,797,684	$157,613,348
OPERATING EXPENSES:	'	'	'	'
Lease operating	12,957,541	8,444,403	36,986,307	22,506,131
Severance and ad valorem taxes	8,085,512	3,021,860	18,250,331	9,387,094
Exploration	2,099,415	6,359,222	3,524,111	9,563,876
Depreciation, depletion and amortization	36,750,003	17,715,763	89,629,794	41,751,296
Impairment of proved properties	'	268,500	'	268,500
General and administrative (including $2,652,476, $1,445,910, $9,715,764, and $2,912,248, respectively, of stock-based compensation)	13,811,237	9,335,266	40,260,147	22,410,369
Total operating expenses	73,703,708	45,145,014	188,650,690	105,887,266
INCOME FROM OPERATIONS	52,269,491	13,182,809	100,146,994	51,726,082
OTHER INCOME (EXPENSE):	'	'	'	'
Other (loss)	-53,525	-90,640	-3,167	-82,930
Interest expense	-6,180,497	-1,125,634	-14,012,990	-2,341,843
Unrealized gain (loss) in fair value of commodity derivatives	-10,016,608	-9,007,034	-4,576,133	2,985,356
Realized (loss) on settled commodity derivatives	-6,872,437	-92,812	-9,866,372	-1,173,619
Total other (loss)	-23,123,067	-10,316,120	-28,458,662	-613,036
INCOME FROM CONTINUING OPERATIONS BEFORE TAXES	29,146,424	2,866,689	71,688,332	51,113,046
Income tax expense	-11,221,296	-1,222,450	-27,607,420	-19,797,360
INCOME FROM CONTINUING OPERATIONS	17,925,128	1,644,239	44,080,912	31,315,686
DISCONTINUED OPERATIONS (Note 3)	'	'	'	'
(Loss) from operations associated with oil and gas properties held for sale	-233,584	-1,410,595	-534,581	-791,394
Gain on sale of oil and gas properties	'	4,279,998	'	4,279,998
Income tax (expense) benefit	89,877	-1,092,755	205,814	-1,331,147
Income (loss) associated with oil and gas properties held for sale	-143,707	1,776,648	-328,767	2,157,457
NET INCOME	17,781,421	3,420,887	43,752,145	33,473,143
COMPREHENSIVE INCOME	$17,781,421	$3,420,887	$43,752,145	$33,473,143
BASIC AND DILUTED INCOME PER SHARE	'	'	'	'
Income from continuing operations (in dollars per share)	$0.44	$0.04	$1.10	$0.79
Income (loss) from discontinued operations (in dollars per share)	'	$0.05	($0.01)	$0.06
Net income per common share (in dollars per share)	$0.44	$0.09	$1.09	$0.85
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK	'	'	'	'
Basic (in shares) (Note 10)	40,266,516	39,477,101	40,209,752	39,476,133
Diluted (in shares) (Note 10)	40,321,088	39,477,101	40,266,031	39,476,133

CONSOLIDATED_STATEMENTS_OF_OPE1

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
CONSOLIDATED STATEMENTS OF OPERATIONS	'	'	'	'
General and administrative, stock compensation	$2,652,476	$1,445,910	$9,715,764	$2,912,248

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$43,752,145	$33,473,143
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation, depletion and amortization	89,896,756	43,900,774
Impairment of oil and gas properties	'	1,916,690
Deferred income taxes	27,401,606	20,556,874
Stock-based compensation	9,715,764	2,912,248
Exploration	1,688,036	7,378,612
Amortization of deferred financing costs	1,120,052	501,315
Accretion of contractual obligation for land acquisition	570,977	'
Valuation (increase) decrease in commodity derivatives	4,576,133	-2,985,356
Gain on sale of oil and gas properties	'	-4,279,998
Other	'	70,563
(Increase) decrease in operating assets:	'	'
Accounts receivable	-32,080,778	-18,152,964
Prepaid expenses and other assets	726,546	352,541
(Decrease) increase in operating liabilities:	'	'
Accounts payable and accrued liabilities	33,960,797	7,149,501
Settlement of asset retirement obligations	-73,358	-146,125
Net cash provided by operating activities	181,254,676	92,647,818
CASH FLOWS FROM INVESTING ACTIVITIES:	'	'
Proceeds from sale of oil and gas properties	'	5,212,000
Acquisition of oil and gas properties	-10,968,636	-12,809,268
Payments of contractual obligations	-11,999,877	'
Exploration and development of oil and gas properties	-306,685,389	-183,357,438
Natural gas plant capital expenditures	-4,458,881	-12,009,040
Decrease in restricted cash	79,478	252,580
Additions to property and equipment-non oil and gas	-3,695,201	-2,203,315
Net cash (used) in investing activities	-337,728,506	-204,914,481
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Increase in bank revolving credit	72,000,000	115,700,000
Payment on bank revolving credit	-191,500,000	'
Proceeds from sale of senior notes	300,000,000	'
Offering costs related to sale of senior notes	-7,342,526	'
Payment of employee tax withholdings in exchange for the return of common stock	-3,503,397	'
Deferred financing costs	-79,018	-677,428
Net cash provided by financing activities	169,575,059	115,022,572
NET INCREASE IN CASH AND CASH EQUIVALENTS	13,101,229	2,755,909
CASH AND CASH EQUIVALENTS:	'	'
Beginning of period	4,267,667	2,089,674
End of period	17,368,896	4,845,583
SUPPLEMENTAL CASH FLOW DISCLOSURE:	'	'
Cash paid for interest	2,854,886	1,224,331
Cash paid for income taxes	100,000	185,765
Changes in working capital related to drilling expenditures, natural gas plant expenditures, and property acquisition	12,065,599	36,857,282
Contractual obligation for land acquisition	$33,842,608	$45,081,183

ORGANIZATION_AND_BUSINESS

ORGANIZATION AND BUSINESS:	9 Months Ended
	Sep. 30, 2013
ORGANIZATION AND BUSINESS:	'
ORGANIZATION AND BUSINESS:	'
	1. ORGANIZATION AND BUSINESS:
	Bonanza Creek Energy, Inc. (the “Company” or “BCEI”) is engaged primarily in acquiring, developing, exploiting and producing oil and gas properties. As of September 30, 2013, the Company’s assets and operations are concentrated primarily in the Wattenberg Field in the Rocky Mountains and in Southern Arkansas.

BASIS_OF_PRESENTATION

BASIS OF PRESENTATION:	9 Months Ended
	Sep. 30, 2013
BASIS OF PRESENTATION:	'
BASIS OF PRESENTATION:	'
	2. BASIS OF PRESENTATION:
	These statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The quarterly financial statements included herein do not necessarily include all of the disclosures as may be required under generally accepted accounting principles. The readers of these quarterly financial statements should also read the audited consolidated financial statements and related notes of BCEI that were included in BCEI’s Annual Report on Form 10-K filed with the SEC on March 15, 2013. These consolidated financial statements include all of the adjustments, which, in the opinion of management, are necessary for a fair presentation of the financial position and results of operations. All such adjustments are of a normal recurring nature only. The results of operations for the quarterly periods are not necessarily indicative of the results to be expected for the full fiscal year.
	Principles of Consolidation—The consolidated balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Holmes Eastern Company, LLC, Bonanza Creek Energy Upstream LLC, and Bonanza Creek Energy Midstream, LLC. All significant intercompany accounts and transactions have been eliminated.
	Oil and Gas Producing Activities—The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method of accounting, all property acquisition costs and costs of exploratory and development wells will be capitalized at cost when incurred, pending determination of whether the well has found proved reserves. If an exploratory well has not found proved reserves, the costs of drilling the well and other associated costs will be charged to expense. The costs of development wells will be capitalized whether productive or nonproductive. Costs incurred to maintain wells and related equipment and lease and well operating costs are charged to expense as incurred. Gains and losses arising from sales of properties will be included in income. However, sales that do not significantly affect a field’s unit-of-production depletion rate will be accounted for as normal retirements with no gain or loss recognized. Geological and geophysical costs of exploratory prospects and the costs of carrying and retaining unproved properties are expensed as incurred.
	Depletion, depreciation and amortization (“DD&A”) of capitalized costs of proved oil and gas properties are provided for on a field-by-field basis using the units of production method based upon proved reserves. The computation of DD&A takes into consideration the anticipated proceeds from equipment salvage and the Company’s expected cost to abandon its well interests.
	The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The impairment test compares undiscounted future net cash flows to the assets’ net book value. If the net capitalized costs exceed future net cash flows, then the cost of the property will be written down to “fair value.” Fair value for oil and natural gas properties is generally determined based on discounted future net cash flows.

DISCONTINUED_OPERATIONS

DISCONTINUED OPERATIONS:	9 Months Ended
	Sep. 30, 2013
DISCONTINUED OPERATIONS:	'
DISCONTINUED OPERATIONS:	'
	3. DISCONTINUED OPERATIONS:
	During June of 2012, the Company began marketing, with an intent to sell, all of its oil and gas properties in California. Assets are classified as held for sale when the Company commits to a plan to sell the assets and there is reasonable certainty that the sale will take place within one year. The Company determined that its intent to sell these properties qualifies for discontinued operations. The majority of these assets were sold in 2012, while the carrying amounts of the major classes of assets and liabilities related to the operation of the remaining property that is held for sale as of September 30, 2013 and December 31, 2012 are presented below:
		As of September 30,			As of December 31,
		2013			2012
	PROPERTY AND EQUIPMENT:
	Oil and gas properties, successful efforts method:
	Proved properties	$	1,721,265		$	1,721,265
	Unproved properties	629			629
	Wells in progress	100,936			39,245
	Total property and equipment	1,822,830			1,761,139
	Less accumulated depletion and depreciation	(1,381,235		)	(1,178,751		)
	Net property and equipment	$	441,595		$	582,388
	The current assets and liabilities related to the properties are immaterial.  Total revenues and costs and expenses, and the income (loss) associated with the operation of the oil and gas properties held for sale are presented below.
		Three Months			Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
		September 30			September 30			September 30			September 30
		2013			2012			2013			2012
	NET REVENUES:
	Oil and gas sales	$	403,184		$	1,274,906		$	1,277,968		$	5,000,665
	OPERATING EXPENSES:
	Lease operating	573,668			451,795			1,478,992			1,853,085
	Severance and ad valorem taxes	382			8,809			1,058			124,298
	Exploration	400			6,219			65,537			17,008
	Depreciation, depletion and amortization	62,318			570,488			266,962			2,149,478
	Impairment of proved properties	—			1,648,190			—			1,648,190
	TOTAL COSTS AND EXPENSES	636,768			2,685,501			1,812,549			5,792,059
	(LOSS) FROM OPERATIONS ASSOCIATED WITH OIL AND GAS PROPERTIES HELD FOR SALE
		$	(233,584	)	$	(1,410,595	)	$	(534,581	)	$	(791,394	)

RECENT_ACCOUNTING_PRONOUNCEMEN

RECENT ACCOUNTING PRONOUNCEMENTS:	9 Months Ended
	Sep. 30, 2013
RECENT ACCOUNTING PRONOUNCEMENTS:	'
RECENT ACCOUNTING PRONOUNCEMENTS:	'
	4.  RECENT ACCOUNTING PRONOUNCEMENTS
	In July 2013, the FASB issued Update No. 2013-11—Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists (a consensus of the FASB Emerging Issues Task Force). The update provides clarification on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss or a tax credit carryforward exists. The update is effective for public entities for fiscal years, and interim periods within those years, beginning after December 15, 2013. Early adoption is permitted. The Company has not yet evaluated the impact of the update on its financial statements.

ACCOUNTS_PAYABLE_AND_ACCRUED_E

ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	9 Months Ended
	Sep. 30, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
	5. ACCOUNTS PAYABLE AND ACCRUED EXPENSES:
	Accounts payable and accrued expenses contain the following:
		As of September 30,		As of December 31,
		2013		2012
	Drilling and completion costs	$	63,764,281	$	51,698,682
	Accounts payable	3,829,146		10,049,131
	Accrued general and administrative cost	8,134,689		5,079,462
	Lease operating expense	4,947,900		2,824,300
	Accrued reclamation cost	186,587		400,000
	Accrued interest	9,686,569		219,494
	Accrued oil and gas hedging	2,434,858		238,365
	Production taxes and other	3,933,371		2,340,838
		$	96,917,401	$	72,850,272

LONGTERM_DEBT

LONG-TERM DEBT:	9 Months Ended
	Sep. 30, 2013
LONG-TERM DEBT:	'
LONG-TERM DEBT:	'
	6. LONG-TERM DEBT:
	Long-term debt consisted of the following at September 30, 2013 and December 31, 2012:
		As of September 30,		As of December 31,
		2013		2012
	Revolving credit facility	$	38,500,000	$	158,000,000
	6.75% Senior Notes	300,000,000		—
		$	338,500,000	$	158,000,000
	Revolving Credit Facility—The Company’s senior secured revolving Credit Agreement (the “Revolver”), dated March 29, 2011, as amended, with a syndication of banks, including KeyBank National Association as the administrative agent and issuing lender, provides for borrowings of up to $600 million. The Revolver provides for interest rates plus an applicable margin to be determined based on the London Interbank Offered Rate (“LIBOR”) or a bank base rate (“Base Rate”), at the Company’s election. LIBOR borrowings bear interest at LIBOR plus 1.75% to 2.75% depending on the utilization level, and the Base Rate borrowings bear interest at the “Bank Prime Rate,” as defined plus .75% to 1.75%.
	The borrowing base under the Revolver was $330.0 million as of September 30, 2013.  The borrowing base is redetermined semiannually by May 15 and November 15 and may be re-determined up to one additional time between such scheduled determinations upon request by the Company or lenders holding 66 and 2/3% of the aggregate commitments. A letter of credit that was issued to the Colorado State Board of Land Commissioners in connection with the Company’s lease of acreage in the Wattenberg Field (Wattenberg Field Lease Acquisition) reduces the borrowing base under the Revolver by approximately $36 million as of September 30, 2013 and will be paid in equal $12 million increments over the next three years. The Revolver provides for commitment fees ranging from 0.375% to 0.50%, depending on utilization, and restricts, among other items, the payment of dividends, certain additional indebtedness, sale of assets, loans and certain investments and mergers. The Revolver also contains certain financial covenants, which require the maintenance of a minimum current ratio and a minimum debt coverage ratio, as defined. The Company was in compliance with these covenants as of September 30, 2013.  The Revolver is collateralized by substantially all the Company’s assets and matures on September 15, 2016. As of September 30, 2013, there was $38.5 million outstanding and the $36.0 million letter of credit issued under the Revolver, and the Company had $255.5 million available for future borrowings under the Revolver.
	Senior Notes—On April 9, 2013, the Company issued $300,000,000 of 6.75% Senior Notes (the “Senior Notes”). Interest on the Senior Notes began accruing on April 9, 2013, and the Company will pay interest on April 15 and October 15 of each year, which began on October 15, 2013. The Senior Notes mature on April 15, 2021. The Senior Notes are guaranteed on a senior unsecured basis by the Company’s existing and future subsidiaries that incur or guarantee certain indebtedness, including indebtedness under the Company’s revolving credit facility.  The Company may redeem the Senior Notes (i) at any time on or after April 15, 2017 at the redemption price equal to 100% together with accrued and unpaid interest, and (ii) prior to April 15, 2017 at the “make-whole” redemption prices described in the indenture together with accrued and unpaid interest. The net proceeds from the sale of the Senior Notes were approximately $292.7 million after deducting $7.3 million of expenses and underwriting discounts and commissions, and a portion of the proceeds were used to repay all of the then outstanding balance of $191,500,000 under our revolving credit facility.
	The Company filed a Registration Statement on Form S-4 with the SEC, which became effective June 3, 2013 and registered the offering to exchange unregistered Senior Notes for registered Senior Notes, as well as the guarantees of the Senior Notes by the Company’s subsidiaries.  As of September 30, 2013, all of the existing subsidiaries of the Company are guarantors of the Senior Notes, and all such subsidiaries are 100 percent owned by the Company.  The guarantees by the subsidiaries are full and unconditional (except for customary release provisions) and constitute joint and several obligations of the subsidiaries. The Company has no independent assets or operations unrelated to its investments in its consolidated subsidiaries. There are no significant restrictions on the Company’s ability or the ability of any subsidiary guarantor to obtain funds from its subsidiaries by such means as a dividend or loan.

COMMITMENTS_AND_CONTINGENT_LIA

COMMITMENTS AND CONTINGENT LIABILITIES:	9 Months Ended
	Sep. 30, 2013
COMMITMENTS AND CONTINGENT LIABILITIES:	'
COMMITMENTS AND CONTINGENT LIABILITIES:	'
	7. COMMITMENTS AND CONTINGENT LIABILITIES:
	Contingent Liabilities—From time to time, the Company is involved in various commercial and regulatory claims, litigation and other legal proceedings that arise in the ordinary course of its business. The Company assesses these claims in an effort to determine the degree of probability and range of possible loss for potential accrual in its consolidated financial statements. In accordance with ASC 450, Contingencies, an accrual is recorded for a loss contingency when its occurrence is probable and damages can be reasonably estimated based on the anticipated most likely outcome or the minimum amount within a range of possible outcomes. Because legal proceedings are inherently unpredictable and unfavorable resolutions could occur, assessing contingencies is highly subjective and requires judgments about uncertain future events. When evaluating contingencies, the Company may be unable to provide a meaningful estimate due to a number of factors, including the procedural status of the matter in question, the presence of complex or novel legal theories, and/or the ongoing discovery and development of information important to the matters. The Company regularly reviews contingencies to determine the adequacy of its accruals and related disclosures.
	Environmental—The Company is engaged in oil and gas exploration and production and may become subject to certain liabilities as they relate to environmental cleanup of well sites or other environmental restoration or regulation procedures as they relate to the drilling of oil and gas wells and associated operations. Relative to the Company’s acquisition of existing or previously drilled well bores, the Company may not be aware of what environmental safeguards were taken at the time such wells were drilled or during such time the wells were operated. Should it be determined that a liability exists with respect to any environmental cleanup or restoration, the liability to cure such a violation could fall upon the Company.
	Legal Proceedings—From time to time, the Company is subject to legal proceedings and claims that arise in the ordinary course of business. Like other gas and oil producers and marketers, the Company’s operations are subject to extensive and rapidly changing federal and state environmental, health and safety and other laws and regulations governing air emissions, wastewater discharges and solid and hazardous waste management activities. As of the date of this filing, there are no material pending or overtly threatened legal actions against the Company of which it is aware.
	Commitments—The Company rents office facilities under various non-cancelable operating lease agreements. The Company’s non-cancelable operating lease agreements result in total future minimum non-cancelable lease payments presented below. The Company also has principal payment requirements for its 6.75% Senior Notes and payments on a portion of the Wattenberg Field Lease Acquisition, all of which are presented below:
		Office Leases		Wattenberg Field		Interest on Senior		Repayment of		Total
				Lease Acquisition		Notes		Senior Notes
	2013	$	417,321	$	—	$	10,462,500	$	—	$	10,879,821
	2014	2,028,651		11,999,877		20,250,000		—		34,278,528
	2015	2,016,960		11,999,877		20,250,000		—		34,266,837
	2016	1,742,910		11,999,877		20,250,000		—		33,992,787
	2017 and thereafter	5,690,442		—		91,125,000		300,000,000		396,815,442
		$	11,896,284	$	35,999,631	$	162,337,500	$	300,000,000	$	510,233,415

FAIR_VALUE_MEASUREMENTS

FAIR VALUE MEASUREMENTS:	9 Months Ended
	Sep. 30, 2013
FAIR VALUE MEASUREMENTS:	'
FAIR VALUE MEASUREMENTS:	'
	8. FAIR VALUE MEASUREMENTS:
	The Company follows FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for using fair value to measure assets and liabilities, and expands disclosures about fair value measurements. The statement establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions of what market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the reliability of the inputs as follows:
	Level 1:	Quoted prices are available in active markets for identical assets or liabilities;
	Level 2:	Quoted prices in active markets for similar assets and liabilities that are observable for the asset or liability; or
	Level 3:	Unobservable pricing inputs that are generally less observable from objective sources, such as discounted cash flow models or valuations.
	Financial assets and liabilities are to be classified based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the valuation of the fair value of assets and liabilities and their placement within the fair value hierarchy levels.
	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 by level within the fair value hierarchy:
		Fair Value Measurements Using
		Level 1			Level 2			Level 3
	Commodity derivative assets	$	—		$	940,214		$	161,106
	Commodity derivative liabilities	$	—		$	3,879,369		$	6,028,328
	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2012 by level within the fair value hierarchy:
		Fair Value Measurements Using
		Level 1			Level 2			Level 3
	Commodity derivative assets	$	—		$	450,872		$	1,727,192
	Commodity derivative liabilities	$	—		$	5,173,140		$	1,235,168
	Fair value of all derivative instruments are estimated with industry-standard models that consider various assumptions, including quoted forward prices for commodities, time value, volatility factors and current market and contractual prices for the underlying instruments, as well as other relevant economic measures.  All valuations were compared against counterparty statements to verify the reasonableness of the estimate.  The Company’s commodity swaps are validated by observable transactions for the same or similar commodity options using the NYMEX futures index, and are designated as Level 2 within the valuation hierarchy. The Company’s collars, which are designated as Level 3 within the valuation hierarchy, are not validated by observable transactions with respect to volatility. Presently, all of our hedging arrangements are concentrated with six counterparties, five of which are lenders under our Company’s senior secured revolving credit facility.
	The following table reflects the activity for the commodity derivatives measured at fair value using Level 3 inputs during the period from January 1, 2013 through September 30, 2013:
		Derivative Asset			Derivative Liability
	Beginning net asset (liability) balance	$	1,727,192		$	1,235,168
	Net (decrease) increase in fair value	(4,062,935		)	5,310,842
	Net realized (loss) on settlement	(586,249		)	(1,559,729		)
	New derivatives	3,083,098			1,042,047
	Transfers in (out) of Level 3	—			—
	Ending net asset (liability) balance	$	161,106		$	6,028,328
	As of September 30, 2013, the Company’s derivative commodity contracts are as follows:
	Settlement Period	Swap Volume		Fixed Price		Collar Volume		Average Short		Average Floor	Average Ceiling
								Floor
	Oil	Bbl/d		$		Bbl/d		$		$	$
	Q4 2013	3,939		93.81		5,022				87.99	101.46
	Q1 2014	2,133		96.19		5,617				86.33	97.09
	Q2 2014	2,126		96.21		4,846				86.55	96.72
	Q3 2014	1,370		94.4		4,326				86.16	96.57
	Q4 2014	1,370		94.4		4,326				86.16	96.57
	Q1 2014					1,000		60		85	99.5
	Q2 2014					1,000		60		85	99.5
	Q3 2014					1,000		60		85	99.5
	Q4 2014					1,000		60		85	99.5
	FY 2015					1,500		60		80	98.15
	Gas	MMBtu/d		$
	Q4 2013	166		6.4
	The table below contains a summary of all the Company’s derivative positions reported on the consolidated balance sheet as of September 30, 2013:
	Derivatives	Balance Sheet Location		Fair Value
	Asset
	Commodity derivatives	Current derivative assets		$	620,446
	Commodity derivatives	Long-term derivative assets		480,874
	Liability
	Commodity derivatives	Current derivative liability		(9,613,257		)
	Commodity derivatives	Long-term derivative liability		(294,440		)
	Total			$	(8,806,377	)
	Realized gains and losses on commodity derivatives and the unrealized gains or losses are recorded in other income (expense).
	Asset Retirement Obligation—Upon completion of wells and natural gas plants, the Company records an asset retirement obligation at fair value using Level 3 assumptions.
	Proved Oil and Gas Properties—Proved oil and gas property costs are evaluated for impairment and reduced to fair value when there is an indication that the carrying costs exceed the sum of the undiscounted cash flows. The Company uses Level 3 inputs and the income valuation technique, which converts future amounts to a single present value amount, to measure the fair value of proved properties through an application of discount rates and price forecasts selected by the Company’s management. The calculation of the discount rate is a significant management estimate based on the best information available and estimated to be 10 percent for the nine months ended September 30, 2013. Management believes that the discount rate is representative of current market conditions and reflects the following factors: estimate of future cash payments, expectations of possible variations in the amount and/or timing of cash flows, the risk premium, and nonperformance risk. The price forecast is based on New York Mercantile Exchange (“NYMEX”) strip pricing, adjusted for basis differentials. Future operating costs are also adjusted as deemed appropriate for these estimates.

STOCKHOLDERS_EQUITY

STOCKHOLDERS' EQUITY:	9 Months Ended
	Sep. 30, 2013
STOCKHOLDERS' EQUITY:	'
STOCKHOLDERS' EQUITY:	'
	9. STOCKHOLDERS’ EQUITY:
	Management Incentive Plan—On December 23, 2010, the Company established the Management Incentive Plan (the “Plan” or “MIP”) for the benefit of certain employees, officers and other individuals performing services for the Company. Ten thousand shares of Class B common stock were available under the Plan and these shares were converted into 437,787 shares of restricted common stock upon completion of our initial public offering (“IPO”). The conversion rate was determined based on a formula factoring in the rate of return to the pre-IPO common stockholders. The 437,787 shares of common stock that were granted to employees were valued at $17.00 per share on the grant date and vest over a three year period. For the three and nine months ended September 30, 2013, stock-based compensation expense related to the MIP grant was approximately $0.8 million and $1,926,000, respectively, and, as of September 30, 2013, there was approximately $2,690,000 of unrecognized compensation costs related to the unvested restricted common stock granted under the MIP. That cost is expected to be recognized over a period of 1.25 years. The MIP has been terminated such that there will be no future grants thereunder.
	BCEC Investment Trust— The BCEC Investment Trust was formed to hold shares of our common stock received by Bonanza Creek Energy Company, LLC, our predecessor, in connection with our December 23, 2010 corporate restructuring. On February 5, 2013, 13,825 previously issued shares of our common stock that were fully vested and held by the BCEC Investment Trust were distributed to former employees. While the shares had been issued in December 2010, for accounting purposes, the date of distribution to former employees was considered the grant date, and these shares were valued at the closing price of our common stock on the grant date, which was $34.18 per share. On February 11, 2013, 59,372 previously issued shares of our common stock that were fully vested and held by the BCEC Investment Trust were distributed to certain current employees. While the shares had been issued in December 2010, for accounting purposes, the date of distribution to employees was considered the grant date, and these shares were valued at the closing price of our common stock on the grant date, which was $34.89 per share. These distributions resulted in a stock-based compensation expense of $— and $2,741,000, respectively, related to the BCEC Investment Trust during the three and nine month periods ended September 30, 2013.
	2011 Long Term Incentive Plan. During 2012, the Company granted 703,246 shares of restricted common stock under its 2011 Long Term Incentive Plan (the “LTIP”) to officers and certain key employees. For accounting purposes, these shares are valued at the closing price of our common stock on the grant date and compensation expense is recognized over the vesting period. These shares will vest annually in one-third increments over three years. For the three and nine months ended September 30, 2013, stock-based compensation expense related to the 2012 LTIP grants was approximately $1.0 million and $3,151,000, respectively, and, as of September 30, 2013, there remained $5,877,000 of unrecognized compensation costs related to the unvested restricted common stock granted under the LTIP. That cost is expected to be recognized over the next 2.17 years.
	During 2013, the Company granted 265,066 shares of restricted common stock under the LTIP to officers and employees. For accounting purposes, these shares are valued at the closing price of our common stock on the grant date and compensation expense is recognized over the vesting period. These shares will vest annually in one-third increments over three years. For the three and nine months ended September 30, 2013, stock-based compensation expense related to the 2013 LTIP grants was approximately $0.8 million and $1,645,000, respectively, and, as of September 30, 2013, there remained $8,450,000 of unrecognized compensation costs related to the unvested restricted stock granted under the LTIP. That cost is expected to be recognized over the next 3.0 years.
	During 2013, the Company granted 41,622 Performance Stock Units (“PSUs”) under the LTIP to certain officers. The number of shares of the Company’s common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded and is determined based on the Company’s performance over a three-year measurement period. The performance criterion for the PSUs is based on a comparison of the Company’s Total Shareholder Return (“TSR”) for the measurement period compared with the TSRs of a group of peer companies for the measurement period. Expense associated with PSUs is recognized as general and administrative expense over the vesting period.  The fair value of the PSUs was measured at the grant date with a stochastic process method using the Geometric Brownian Motion Model (“GBM Model”).  For the three and nine months ended September 30, 2013, stock-based compensation expense related to the 2013 LTIP PSU grants was approximately $102,000 and $253,000, respectively, and, as of September 30, 2013, there remained $1,094,000 of unrecognized compensation cost as of September 30, 2013 related to the unvested PSUs granted under the LTIP. That cost is expected to be recognized over the next 2.25 years.

EARNINGS_PER_SHARE

EARNINGS PER SHARE:	9 Months Ended
	Sep. 30, 2013
EARNINGS PER SHARE:	'
EARNINGS PER SHARE:	'
	10.  EARNINGS PER SHARE:
	The Company computes basic net income per share using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share is computed using the weighted average number of shares of common stock and, if dilutive, potential shares of common stock outstanding during the period. The potentially dilutive shares are related to the 2013 PSU grants to certain officers.  The number of shares of the Company’s common stock that may be issued to settle PSUs ranges from zero to two times the number of PSUs awarded and is determined based on the Company’s performance over a three-year measurement period.  The treasury stock method is used to measure the dilutive impact of potentially dilutive shares.
	The following table details the potential weighted average dilutive and anti-dilutive securities for the periods presented.
		Three Months	Three Months	Nine Months	Nine Months
		Ended	Ended	Ended	Ended
		September 30	September 30	September 30	September 30
		2013	2012	2013	2012
	Basic weighted average number of common shares outstanding	40,266,516	39,477,101	40,209,752	39,476,133
	Dilution effect of stock-based compensation awards at end of period	54,572	—	56,279	—
	Diluted weighted average number of common shares outstanding	40,321,088	39,477,101	40,266,031	39,476,133
	Anti-dilutive stock-based compensation awards	176,436	—	157,934	—

SUBSEQUENT_EVENTS

SUBSEQUENT EVENTS:	9 Months Ended
	Sep. 30, 2013
SUBSEQUENT EVENTS:	'
SUBSEQUENT EVENTS:	'
	11.  SUBSEQUENT EVENTS:
	On November 6, 2013, the lenders under the Company’s revolving credit facility completed their semi-annual borrowing base redetermination which resulted in an increase of the available borrowing base to $450 million. Pursuant to the corresponding amendment, the Company elected to limit bank commitments at $330 million while reserving the option to access, at the Company’s request, the full $450 million prior to the next semi-annual redetermination. The maturity date of the credit facility was also extended by one year to September 15, 2017.

BASIS_OF_PRESENTATION_Policies

BASIS OF PRESENTATION: (Policies)	9 Months Ended
	Sep. 30, 2013
BASIS OF PRESENTATION:	'
Principles of Consolidation	'
	Principles of Consolidation—The consolidated balance sheets include the accounts of the Company and its wholly owned subsidiaries, Bonanza Creek Energy Operating Company, LLC, Bonanza Creek Energy Resources, LLC, Holmes Eastern Company, LLC, Bonanza Creek Energy Upstream LLC, and Bonanza Creek Energy Midstream, LLC. All significant intercompany accounts and transactions have been eliminated.
Oil and Gas Producing Activities	'
	Oil and Gas Producing Activities—The Company follows the successful efforts method of accounting for its oil and gas properties. Under this method of accounting, all property acquisition costs and costs of exploratory and development wells will be capitalized at cost when incurred, pending determination of whether the well has found proved reserves. If an exploratory well has not found proved reserves, the costs of drilling the well and other associated costs will be charged to expense. The costs of development wells will be capitalized whether productive or nonproductive. Costs incurred to maintain wells and related equipment and lease and well operating costs are charged to expense as incurred. Gains and losses arising from sales of properties will be included in income. However, sales that do not significantly affect a field’s unit-of-production depletion rate will be accounted for as normal retirements with no gain or loss recognized. Geological and geophysical costs of exploratory prospects and the costs of carrying and retaining unproved properties are expensed as incurred.
Depletion, Depreciation and Amortization	'
	Depletion, depreciation and amortization (“DD&A”) of capitalized costs of proved oil and gas properties are provided for on a field-by-field basis using the units of production method based upon proved reserves. The computation of DD&A takes into consideration the anticipated proceeds from equipment salvage and the Company’s expected cost to abandon its well interests.
Impairment of Oil and Gas Properties	'
	The Company assesses its proved oil and gas properties for impairment whenever events or circumstances indicate that the carrying value of the assets may not be recoverable. The impairment test compares undiscounted future net cash flows to the assets’ net book value. If the net capitalized costs exceed future net cash flows, then the cost of the property will be written down to “fair value.” Fair value for oil and natural gas properties is generally determined based on discounted future net cash flows.

DISCONTINUED_OPERATIONS_Tables

DISCONTINUED OPERATIONS: (Tables)	9 Months Ended
	Sep. 30, 2013
DISCONTINUED OPERATIONS:	'
Schedule of carrying amounts of the major classes of assets and liabilities related to the operation of the remaining property that is held for sale	'
		As of September 30,			As of December 31,
		2013			2012
	PROPERTY AND EQUIPMENT:
	Oil and gas properties, successful efforts method:
	Proved properties	$	1,721,265		$	1,721,265
	Unproved properties	629			629
	Wells in progress	100,936			39,245
	Total property and equipment	1,822,830			1,761,139
	Less accumulated depletion and depreciation	(1,381,235		)	(1,178,751		)
	Net property and equipment	$	441,595		$	582,388
Schedule of revenues and costs and expenses, and the income (loss) associated with the operation of the oil and gas properties held for sale	'
		Three Months			Three Months			Nine Months			Nine Months
		Ended			Ended			Ended			Ended
		September 30			September 30			September 30			September 30
		2013			2012			2013			2012
	NET REVENUES:
	Oil and gas sales	$	403,184		$	1,274,906		$	1,277,968		$	5,000,665
	OPERATING EXPENSES:
	Lease operating	573,668			451,795			1,478,992			1,853,085
	Severance and ad valorem taxes	382			8,809			1,058			124,298
	Exploration	400			6,219			65,537			17,008
	Depreciation, depletion and amortization	62,318			570,488			266,962			2,149,478
	Impairment of proved properties	—			1,648,190			—			1,648,190
	TOTAL COSTS AND EXPENSES	636,768			2,685,501			1,812,549			5,792,059
	(LOSS) FROM OPERATIONS ASSOCIATED WITH OIL AND GAS PROPERTIES HELD FOR SALE
		$	(233,584	)	$	(1,410,595	)	$	(534,581	)	$	(791,394	)

ACCOUNTS_PAYABLE_AND_ACCRUED_E1

ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Tables)	9 Months Ended
	Sep. 30, 2013
ACCOUNTS PAYABLE AND ACCRUED EXPENSES:	'
Schedule of accounts payable and accrued expenses	'
		As of September 30,		As of December 31,
		2013		2012
	Drilling and completion costs	$	63,764,281	$	51,698,682
	Accounts payable	3,829,146		10,049,131
	Accrued general and administrative cost	8,134,689		5,079,462
	Lease operating expense	4,947,900		2,824,300
	Accrued reclamation cost	186,587		400,000
	Accrued interest	9,686,569		219,494
	Accrued oil and gas hedging	2,434,858		238,365
	Production taxes and other	3,933,371		2,340,838
		$	96,917,401	$	72,850,272

LONGTERM_DEBT_Tables

LONG-TERM DEBT: (Tables)	9 Months Ended
	Sep. 30, 2013
LONG-TERM DEBT:	'
Schedule of long-term debt	'
		As of September 30,		As of December 31,
		2013		2012
	Revolving credit facility	$	38,500,000	$	158,000,000
	6.75% Senior Notes	300,000,000		—
		$	338,500,000	$	158,000,000

COMMITMENTS_AND_CONTINGENT_LIA1

COMMITMENTS AND CONTINGENT LIABILITIES: (Tables)	9 Months Ended
	Sep. 30, 2013
COMMITMENTS AND CONTINGENT LIABILITIES:	'
Schedule of future minimum noncancelable lease payments and principal and interest for Senior Notes	'
		Office Leases		Wattenberg Field		Interest on Senior		Repayment of		Total
				Lease Acquisition		Notes		Senior Notes
	2013	$	417,321	$	—	$	10,462,500	$	—	$	10,879,821
	2014	2,028,651		11,999,877		20,250,000		—		34,278,528
	2015	2,016,960		11,999,877		20,250,000		—		34,266,837
	2016	1,742,910		11,999,877		20,250,000		—		33,992,787
	2017 and thereafter	5,690,442		—		91,125,000		300,000,000		396,815,442
		$	11,896,284	$	35,999,631	$	162,337,500	$	300,000,000	$	510,233,415

FAIR_VALUE_MEASUREMENTS_Tables

FAIR VALUE MEASUREMENTS: (Tables)	9 Months Ended
	Sep. 30, 2013
FAIR VALUE MEASUREMENTS:	'
Schedule of financial assets and liabilities at fair value on recurring basis	'
	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2013 by level within the fair value hierarchy:
		Fair Value Measurements Using
		Level 1			Level 2			Level 3
	Commodity derivative assets	$	—		$	940,214		$	161,106
	Commodity derivative liabilities	$	—		$	3,879,369		$	6,028,328
	The following table presents the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2012 by level within the fair value hierarchy:
		Fair Value Measurements Using
		Level 1			Level 2			Level 3
	Commodity derivative assets	$	—		$	450,872		$	1,727,192
	Commodity derivative liabilities	$	—		$	5,173,140		$	1,235,168
Schedule of activity for commodity derivatives measured at fair value using Level 3 inputs	'
		Derivative Asset			Derivative Liability
	Beginning net asset (liability) balance	$	1,727,192		$	1,235,168
	Net (decrease) increase in fair value	(4,062,935		)	5,310,842
	Net realized (loss) on settlement	(586,249		)	(1,559,729		)
	New derivatives	3,083,098			1,042,047
	Transfers in (out) of Level 3	—			—
	Ending net asset (liability) balance	$	161,106		$	6,028,328
Schedule of derivative commodity contracts	'
	Settlement Period	Swap Volume		Fixed Price		Collar Volume		Average Short		Average Floor	Average Ceiling
								Floor
	Oil	Bbl/d		$		Bbl/d		$		$	$
	Q4 2013	3,939		93.81		5,022				87.99	101.46
	Q1 2014	2,133		96.19		5,617				86.33	97.09
	Q2 2014	2,126		96.21		4,846				86.55	96.72
	Q3 2014	1,370		94.4		4,326				86.16	96.57
	Q4 2014	1,370		94.4		4,326				86.16	96.57
	Q1 2014					1,000		60		85	99.5
	Q2 2014					1,000		60		85	99.5
	Q3 2014					1,000		60		85	99.5
	Q4 2014					1,000		60		85	99.5
	FY 2015					1,500		60		80	98.15
	Gas	MMBtu/d		$
	Q4 2013	166		6.4
Schedule of derivative positions reported on consolidated balance sheet	'
	Derivatives	Balance Sheet Location		Fair Value
	Asset
	Commodity derivatives	Current derivative assets		$	620,446
	Commodity derivatives	Long-term derivative assets		480,874
	Liability
	Commodity derivatives	Current derivative liability		(9,613,257		)
	Commodity derivatives	Long-term derivative liability		(294,440		)
	Total			$	(8,806,377	)

EARNINGS_PER_SHARE_Tables

EARNINGS PER SHARE: (Tables)	9 Months Ended
	Sep. 30, 2013
EARNINGS PER SHARE:	'
Schedule of details of the potential weighted average dilutive and anti-dilutive securities	'
		Three Months	Three Months	Nine Months	Nine Months
		Ended	Ended	Ended	Ended
		September 30	September 30	September 30	September 30
		2013	2012	2013	2012
	Basic weighted average number of common shares outstanding	40,266,516	39,477,101	40,209,752	39,476,133
	Dilution effect of stock-based compensation awards at end of period	54,572	—	56,279	—
	Diluted weighted average number of common shares outstanding	40,321,088	39,477,101	40,266,031	39,476,133
	Anti-dilutive stock-based compensation awards	176,436	—	157,934	—

DISCONTINUED_OPERATIONS_Detail

DISCONTINUED OPERATIONS: (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
DISCONTINUED OPERATIONS:	'	'	'	'	'	'
Period within which sale of asset takes place to classify it as held for sale	'1 year	'	'	'	'	'
Oil and gas properties, successful efforts method:	'	'	'	'	'	'
Proved properties	'	$1,155,502,451	'	$1,155,502,451	'	$811,000,239
Unproved properties	'	44,444,030	'	44,444,030	'	72,928,364
Wells in progress	'	86,499,729	'	86,499,729	'	75,031,806
OIL AND GAS PROPERTIES-using the successful efforts method of accounting	'	1,286,446,210	'	1,286,446,210	'	958,960,409
Less accumulated depletion and depreciation	'	-175,678,611	'	-175,678,611	'	-89,669,725
OIL AND GAS PROPERTIES-net, using the successful efforts method of accounting	'	1,110,767,599	'	1,110,767,599	'	869,290,684
NET REVENUES:	'	'	'	'	'	'
Oil and gas sales	'	125,973,199	58,327,823	288,797,684	157,613,348	'
OPERATING EXPENSES:	'	'	'	'	'	'
Lease operating	'	12,957,541	8,444,403	36,986,307	22,506,131	'
Severance and ad valorem taxes	'	8,085,512	3,021,860	18,250,331	9,387,094	'
Exploration	'	2,099,415	6,359,222	3,524,111	9,563,876	'
Depreciation, depletion and amortization	'	36,750,003	17,715,763	89,629,794	41,751,296	'
Impairment of proved properties	'	'	268,500	'	268,500	'
Total operating expenses	'	73,703,708	45,145,014	188,650,690	105,887,266	'
(LOSS) FROM OPERATIONS ASSOCIATED WITH OIL AND GAS PROPERTIES HELD FOR SALE	'	-233,584	-1,410,595	-534,581	-791,394	'
Oil and gas properties in California	'	'	'	'	'	'
Oil and gas properties, successful efforts method:	'	'	'	'	'	'
Proved properties	'	1,721,265	'	1,721,265	'	1,721,265
Unproved properties	'	629	'	629	'	629
Wells in progress	'	100,936	'	100,936	'	39,245
OIL AND GAS PROPERTIES-using the successful efforts method of accounting	'	1,822,830	'	1,822,830	'	1,761,139
Less accumulated depletion and depreciation	'	-1,381,235	'	-1,381,235	'	-1,178,751
OIL AND GAS PROPERTIES-net, using the successful efforts method of accounting	'	441,595	'	441,595	'	582,388
NET REVENUES:	'	'	'	'	'	'
Oil and gas sales	'	403,184	1,274,906	1,277,968	5,000,665	'
OPERATING EXPENSES:	'	'	'	'	'	'
Lease operating	'	573,668	451,795	1,478,992	1,853,085	'
Severance and ad valorem taxes	'	382	8,809	1,058	124,298	'
Exploration	'	400	6,219	65,537	17,008	'
Depreciation, depletion and amortization	'	62,318	570,488	266,962	2,149,478	'
Impairment of proved properties	'	'	1,648,190	'	1,648,190	'
Total operating expenses	'	636,768	2,685,501	1,812,549	5,792,059	'
(LOSS) FROM OPERATIONS ASSOCIATED WITH OIL AND GAS PROPERTIES HELD FOR SALE	'	($233,584)	($1,410,595)	($534,581)	($791,394)	'

ACCOUNTS_PAYABLE_AND_ACCRUED_E2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES: (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Accounts payable and accrued expenses contain the following:	'	'
Drilling and completion costs	$63,764,281	$51,698,682
Accounts payable	3,829,146	10,049,131
Accrued general and administrative cost	8,134,689	5,079,462
Lease operating expense	4,947,900	2,824,300
Accrued reclamation cost	186,587	400,000
Accrued interest	9,686,569	219,494
Accrued oil and gas hedging	2,434,858	238,365
Production taxes and other	3,933,371	2,340,838
Total accounts payable and accrued expenses	$96,917,401	$72,850,272

LONGTERM_DEBT_Details

LONG-TERM DEBT: (Details) (USD $)

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Apr. 09, 2013

Sep. 30, 2013

Apr. 09, 2013

Revolver

Revolver

Revolver

Revolver

Revolver

Revolver

Revolver

Revolver

Revolver

Revolver

Senior Note

Senior Note

Senior Note

item

LIBOR

Bank Prime Rate

Minimum

Minimum

Minimum

Maximum

Maximum

Maximum

Revolver

LIBOR

Bank Prime Rate

LIBOR

Bank Prime Rate

LONG-TERM DEBT

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term debt

$338,500,000

$158,000,000

$38,500,000

$158,000,000

'

'

'

'

'

'

'

'

'

$300,000,000

'

Maximum borrowing capacity

'

'

600,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Basis of interest rate

'

'

'

'

'LIBOR

'Bank Prime Rate

'

'

'

'

'

'

'

'

'

Interest rate margin (as a percent)

'

'

'

'

'

'

'

1.75%

0.75%

'

2.75%

1.75%

'

'

'

Borrowing base

'

'

330,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Maximum number of additional times for which the entity can redetermined borrowing base

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

Borrowing base redetermined based on request by lenders holding aggregate commitments (as a percent)

'

'

66.67%

'

'

'

'

'

'

'

'

'

'

'

'

Reduction in borrowing base due to issue of letter of credit

'

'

36,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Incremental amount to be paid on reduction in borrowing base due to issue of letter of credit

'

'

12,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Period to pay reduction in borrowing base due to issuance of letter of credit

'

'

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

Commitment fees (as a percent)

'

'

'

'

'

'

0.38%

'

'

0.50%

'

'

'

'

'

Letters of credit outstanding

'

'

36,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Remaining borrowing capacity

'

'

255,500,000

'

'

'

'

'

'

'

'

'

'

'

'

Amount of notes issued

'

'

'

'

'

'

'

'

'

'

'

'

300,000,000

'

'

Interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

6.75%

'

'

Redemption price as a percentage of principal amount of notes plus accrued and unpaid interest

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

Net proceeds from sale of notes

'

'

'

'

'

'

'

'

'

'

'

'

292,700,000

'

'

Expenses and underwriting discounts and commissions

'

'

'

'

'

'

'

'

'

'

'

'

7,300,000

'

'

Repayment of outstanding balance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

191,500,000

Ownership percentage in all existing subsidiaries

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

Amount of independent assets other than ownership interest in subsidiaries and affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

0

'

Amount of independent operations other than ownership interest in subsidiaries and affiliates

'

'

'

'

'

'

'

'

'

'

'

'

'

$0

'

COMMITMENTS_AND_CONTINGENT_LIA2

COMMITMENTS AND CONTINGENT LIABILITIES: (Details) (USD $)	Sep. 30, 2013
Total commitments	'
2013	$10,879,821
2014	34,278,528
2015	34,266,837
2016	33,992,787
2017 and thereafter	396,815,442
Total	510,233,415
Senior Notes	'
Interest	'
2013	10,462,500
2014	20,250,000
2015	20,250,000
2016	20,250,000
2017 and thereafter	91,125,000
Total	162,337,500
Repayment of Senior Notes	'
2017 and thereafter	300,000,000
Total	300,000,000
Office Leases	'
Leases	'
2013	417,321
2014	2,028,651
2015	2,016,960
2016	1,742,910
2017 and thereafter	5,690,442
Total	11,896,284
Wattenberg Field Lease Acquisition	'
Leases	'
2014	11,999,877
2015	11,999,877
2016	11,999,877
Total	$35,999,631

FAIR_VALUE_MEASUREMENTS_Detail

FAIR VALUE MEASUREMENTS: (Details) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Financial assets and liabilities accounted for at fair value	'	'
Total number of counterparties in derivative financial instruments	6	'
Number of lenders out of total counterparties in derivative financial instruments	5	'
Recurring | Level 2 | Commodity derivative	'	'
Financial assets and liabilities accounted for at fair value	'	'
Derivative assets	$940,214	$450,872
Derivative liabilities	3,879,369	5,173,140
Recurring | Level 3 | Commodity derivative	'	'
Financial assets and liabilities accounted for at fair value	'	'
Derivative assets	161,106	1,727,192
Derivative liabilities	$6,028,328	$1,235,168

FAIR_VALUE_MEASUREMENTS_Detail1

FAIR VALUE MEASUREMENTS: (Details 2) (Commodity derivatives, USD $)	9 Months Ended
	Sep. 30, 2013
Commodity derivatives	'
Derivative Asset	'
Beginning net asset (liability) balance	$1,727,192
Net (decrease) increase in fair value	-4,062,935
Net realized (loss) on settlement	-586,249
New derivatives	3,083,098
Ending net asset (liability) balance	161,106
Derivative Liability	'
Beginning net asset (liability) balance	1,235,168
Net (decrease) increase in fair value	5,310,842
Net realized (loss) on settlement	-1,559,729
New derivatives	1,042,047
Ending net asset (liability) balance	$6,028,328

FAIR_VALUE_MEASUREMENTS_Detail2

FAIR VALUE MEASUREMENTS: (Details 3) (Commodity derivatives)	Sep. 30, 2013
Oil | Q4 2013 | Fixed Price 93.81	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	3,939
Price (in dollars per unit)	93.81
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	5,022
Oil | Q1 2014	'
Derivative contract	'
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,000
Average Short Floor (in dollars per unit)	60
Oil | Q1 2014 | Fixed Price 96.19	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	2,133
Price (in dollars per unit)	96.19
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	5,617
Oil | Q2 2014	'
Derivative contract	'
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,000
Average Short Floor (in dollars per unit)	60
Oil | Q2 2014 | Fixed Price 96.21	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	2,126
Price (in dollars per unit)	96.21
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	4,846
Oil | Q3 2014	'
Derivative contract	'
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,000
Average Short Floor (in dollars per unit)	60
Oil | Q3 2014 | Fixed Price 94.40	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,370
Price (in dollars per unit)	94.4
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	4,326
Oil | Q4 2014	'
Derivative contract	'
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,000
Average Short Floor (in dollars per unit)	60
Oil | Q4 2014 | Fixed Price 94.40	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,370
Price (in dollars per unit)	94.4
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	4,326
Oil | FY 2015	'
Derivative contract	'
Collar Volume (in Bbl./Day for oil or MMBTU/Day for gas)	1,500
Average Short Floor (in dollars per unit)	60
Oil | Average Floor | Q4 2013 | Fixed Price 93.81	'
Derivative contract	'
Price (in dollars per unit)	87.99
Oil | Average Floor | Q1 2014	'
Derivative contract	'
Price (in dollars per unit)	85
Oil | Average Floor | Q1 2014 | Fixed Price 96.19	'
Derivative contract	'
Price (in dollars per unit)	86.33
Oil | Average Floor | Q2 2014	'
Derivative contract	'
Price (in dollars per unit)	85
Oil | Average Floor | Q2 2014 | Fixed Price 96.21	'
Derivative contract	'
Price (in dollars per unit)	86.55
Oil | Average Floor | Q3 2014	'
Derivative contract	'
Price (in dollars per unit)	85
Oil | Average Floor | Q3 2014 | Fixed Price 94.40	'
Derivative contract	'
Price (in dollars per unit)	86.16
Oil | Average Floor | Q4 2014	'
Derivative contract	'
Price (in dollars per unit)	85
Oil | Average Floor | Q4 2014 | Fixed Price 94.40	'
Derivative contract	'
Price (in dollars per unit)	86.16
Oil | Average Floor | FY 2015	'
Derivative contract	'
Price (in dollars per unit)	80
Oil | Average Ceiling | Q4 2013 | Fixed Price 93.81	'
Derivative contract	'
Price (in dollars per unit)	101.46
Oil | Average Ceiling | Q1 2014	'
Derivative contract	'
Price (in dollars per unit)	99.5
Oil | Average Ceiling | Q1 2014 | Fixed Price 96.19	'
Derivative contract	'
Price (in dollars per unit)	97.09
Oil | Average Ceiling | Q2 2014	'
Derivative contract	'
Price (in dollars per unit)	99.5
Oil | Average Ceiling | Q2 2014 | Fixed Price 96.21	'
Derivative contract	'
Price (in dollars per unit)	96.72
Oil | Average Ceiling | Q3 2014	'
Derivative contract	'
Price (in dollars per unit)	99.5
Oil | Average Ceiling | Q3 2014 | Fixed Price 94.40	'
Derivative contract	'
Price (in dollars per unit)	96.57
Oil | Average Ceiling | Q4 2014	'
Derivative contract	'
Price (in dollars per unit)	99.5
Oil | Average Ceiling | Q4 2014 | Fixed Price 94.40	'
Derivative contract	'
Price (in dollars per unit)	96.57
Oil | Average Ceiling | FY 2015	'
Derivative contract	'
Price (in dollars per unit)	98.15
Gas | Q4 2013 | Fixed Price 6.40	'
Derivative contract	'
Swap Volume (in Bbl./Day for oil or MMBTU/Day for gas)	166
Price (in dollars per unit)	6.4

FAIR_VALUE_MEASUREMENTS_Detail3

FAIR VALUE MEASUREMENTS: (Details 4) (USD $)	9 Months Ended
	Sep. 30, 2013
Proved Oil and Gas Properties	'
Estimated discount rate to measure fair value of proved oil and gas properties (as a percent)	10.00%
Fair Value	'
Derivatives measured at fair value	'
Total	-8,806,377
Commodity derivatives | Fair Value | Current derivative assets	'
Derivatives measured at fair value	'
Derivative asset	620,446
Commodity derivatives | Fair Value | Long-term derivative assets	'
Derivatives measured at fair value	'
Derivative asset	480,874
Commodity derivatives | Fair Value | Current derivative liability	'
Derivatives measured at fair value	'
Derivative liability	-9,613,257
Commodity derivatives | Fair Value | Long-term derivative liability	'
Derivatives measured at fair value	'
Derivative liability	-294,440

STOCKHOLDERS_EQUITY_Details

STOCKHOLDERS' EQUITY: (Details) (USD $)

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

3 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 23, 2010

Dec. 23, 2010

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Feb. 05, 2013

Feb. 11, 2013

Sep. 30, 2013

Sep. 30, 2013

Dec. 31, 2012

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

Sep. 30, 2013

PSUs

PSUs

PSUs

MIP

MIP

MIP

MIP

BCEC Investment Trust

BCEC Investment Trust

BCEC Investment Trust

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

2011 Long Term Incentive Plan

Officers

Officers

Officers

Class B

Restricted shares

Restricted shares

Restricted shares

Former employees

Employees

2012 LTIP grants

2012 LTIP grants

2012 LTIP grants

2013 LTIP grants

2013 LTIP grants

PSUs

PSUs

PSUs

PSUs

Maximum

Minimum

Employees

Employees

Employees

Officers and employees

Officers and employees

Officers and employees

Officers and employees

Officers and employees

Officers

Officers

Officers

Officers

Maximum

Minimum

STOCKHOLDERS' EQUITY

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares available under the plan

'

'

'

10,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares granted

'

'

'

'

437,787

'

'

'

'

'

'

'

703,246

'

265,066

'

41,622

'

'

Vesting portion of shares

'

'

'

'

'

'

'

'

'

'

'

'

0.3333

'

0.3333

'

'

'

'

Share price (in dollars per share)

'

'

'

'

$17

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Vesting period

'

'

'

'

'3 years

'

'

'

'

'

'

'

'3 years

'

'3 years

'

'

'

'

Stock-based compensation expense

'

'

'

'

'

$1,926,000

$800,000

$2,741,000

'

'

$1,000,000

$3,151,000

'

$800,000

$1,645,000

$102,000

$253,000

'

'

Unrecognized compensation costs

'

'

'

'

'

$2,690,000

'

'

'

'

$5,877,000

$5,877,000

'

$8,450,000

$8,450,000

$1,094,000

$1,094,000

'

'

Unrecognized compensation costs recognition period

'

'

'

'

'

'1 year 3 months

'

'

'

'

'

'2 years 2 months 1 day

'

'

'3 years

'

'2 years 3 months

'

'

Number of shares of common stock distributed that were fully vested and held by the BCEC Investment Trust

'

'

'

'

'

'

'

'

13,825

59,372

'

'

'

'

'

'

'

'

'

Grant date fair market value (in dollars per share)

'

'

'

'

'

'

'

'

$34.18

$34.89

'

'

'

'

'

'

'

'

'

Ratio at which award holders get common stock of the company

'

2

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

0

Measurement period

'3 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'3 years

'

'

EARNINGS_PER_SHARE_Details

EARNINGS PER SHARE: (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Weighted average dilutive and anti-dilutive securities	'	'	'	'
Basic weighted average number of common shares outstanding	40,266,516	39,477,101	40,209,752	39,476,133
Dilution effect of stock-based compensation awards at end of period	54,572	'	56,279	'
Diluted weighted average number of common shares outstanding	40,321,088	39,477,101	40,266,031	39,476,133
Anti-dilutive stock-based compensation awards (in shares)	176,436	'	157,934	'
2013 PSU grants | Officers	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Measurement period	'	'	'3 years	'
2013 PSU grants | Officers | Minimum	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	0	'
2013 PSU grants | Officers | Maximum	'	'	'	'
EARNINGS PER SHARE	'	'	'	'
Ratio at which award holders get common stock of the company	'	'	2	'

SUBSEQUENT_EVENTS_Details

SUBSEQUENT EVENTS: (Details) (Revolving credit facility, USD $)	Sep. 30, 2013	Nov. 06, 2013
In Millions, unless otherwise specified		Subsequent event
SUBSEQUENT EVENTS	'	'
Maximum borrowing capacity	$600	$450
Bank commitments	$330	'