Bonanza Creek Energy, Inc. today announced that Richard J. Carty has resigned as President, Chief Executive Officer, and as a member of the company’s Board of Directors, and Seth Bullock, a managing director of Alvarez & Marshal, LLC, has been appointed as Interim Chief Executive Officer, effective immediately.
Bullock brings over 20 years of experience in the energy industry and led Alvarez & Marshal’s recent efforts in assisting Bonanza Creek Energy through its restructuring. Prior to joining Alvarez & Marshal, LLC, Bullock worked with several restructuring and investment advisory firms. He earned a bachelor’s degree in Finance from Loyola University, New Orleans.
“On behalf of the Board of Directors, we are pleased to announce that we have retained Seth Bullock as Interim Chief Executive Officer to assist in the management transition and quickly deliver on our resumed drilling initiatives while working to strengthen our company, drive cash flow and create value for our shareholders, employees and community,” said Jack E. Vaughn, Bonanza Creek Energy Chairman. “Seth brings exceptional expertise in areas of near-term focus for the company, and we are excited to welcome him back at Bonanza Creek. On behalf of the Board of Directors, I would also like to wish Rich the best in his future endeavors. With the capital plan approved and transitional leadership in place, the Board will now focus on securing long-term leadership for the company.”