Bonanza Creek Energy Inc : Bonanza Creek Energy, Inc. Announces 2012 Guidance and Participation in BMO Capital Markets Unconventional Resource Conference

Denver, Colorado, January 10, 2012 - Bonanza Creek Energy, Inc. (NYSE: BCEI) ("Bonanza Creek" or the "Company") today announced its preliminary 2012 capital expenditure (Capex) budget of approximately $250 million. The 2012 budget compares to Bonanza Creek's 2011 Capex budget of $162 million. In addition, the Company is pleased to announce that Michael Starzer, President and Chief Executive Officer, will present at the BMO Capital Markets 9th Annual Unconventional Resource Conference in New York on Tuesday, January 10, 2012 at 11:30 a.m. Eastern Time. A copy of the presentation and a link to the live webcast presentation will be available at . The webcast can also be viewed on the BMO Capital Markets website at .

$250 million 2012 Preliminary Capex Budget

Bonanza Creek's Board of Directors has approved an approximately $250 million preliminary 2012 Capex budget allocated to oil and gas activities primarily in the Company's Rocky Mountain (Colorado) and Mid-Continent (Arkansas) regions. The Company has allocated approximately $230 million to upstream development expenditures and approximately $20 million to expanding its gas processing facilities in the Mid-Continent region.

The Company's drilling plans for the year in the Rocky Mountain region include 24 gross horizontal Niobrara oil shale wells and 92 gross vertical wells in the Greater Wattenberg Field for approximately $146 million. In the Mid-Continent region, the Company plans to spend approximately $56 million to drill 38 gross wells targeting the Cotton Valley formation. Also included in the 2012 Capex budget is an estimated $28 million allocated to testing Niobrara oil shale potential in the North Park Basin, recompletions and adding lease acreage in our core areas.

Bonanza Creek expects to fund the budget primarily from cash on hand, cash from operations and potential borrowings under its senior secured revolving credit facility. This preliminary 2012 Capex budget is subject to market conditions, oilfield services and equipment availability, commodity prices and drilling results.

Based on 2011 results and the 2012 Capex budget, Bonanza Creek expects to average 8,700 to 10,000 Boe per day in production in 2012.

The table below sets forth the Company's current 2012 production and operating costs and expenses guidance. This guidance is forward-looking information that is subject to a number of risks and uncertainties, many of which are beyond the Company's control.

			Current 2012 Guidance
Production:
Total (MBoe)			3,175 - 3,650
Percent oil and NGLs			69%
Operating costs and expenses (per Boe):
Lease operating		$	7.20 - 8.20
Severance and ad valorem		$	3.60 - 4.00
General and administrative		$	5.75 - 6.25
Capital expenditures (in millions)			~ $250

About Bonanza Creek Energy, Inc.

Bonanza Creek Energy, Inc. is an independent oil and natural gas company engaged in the acquisition, exploration, development and production of onshore oil and associated liquids-rich natural gas in the United States. The Company's assets and operations are concentrated primarily in the Rocky Mountains in the Greater Wattenberg Field, focused on the Niobrara oil shale, and in southern Arkansas, focused on the oily Cotton Valley sands. The Company's common shares are listed for trading on the NYSE under the symbol: BCEI. For more information about the Company, please visit . Please note that the Company routinely posts important information about the Company under the Investor Relations section of its website.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of management regarding the Company's expected 2012 capital expenditures and 2012 production and operating costs and expenses guidance. These statements are based on certain assumptions made by the Company based on management's experience, perception of historical trends and technical analyses, current conditions, anticipated future developments and other factors believed to be appropriate and reasonable by management. When used in this press release, the words "will," "potential," "believe," "estimate," "intend," "expect," "may," "should," "anticipate," "could," "plan," "predict," "project," "profile," "model," or their negatives, other similar expressions or the statements that include those words, are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in the Company's Securities and Exchange Commission ("SEC") filings. The Company's SEC filings are available on the Company's website at . Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

For further information, please contact:

Mr. James M. Masters
Investor Relations Manager
[phone]

HUG#1576232