Item 1.01 Entry Into a Material Definitive Agreement.

First Amendment to Credit Agreement

On June 18, 2020, in conjunction with its normally scheduled semi-annual borrowing base determination, Bonanza Creek Energy, Inc. (the "Company"), together with certain of its subsidiaries, entered into the First Amendment (the "First Amendment") to the Credit Agreement, dated as of December 7, 2018, with JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), and the lenders party thereto (as amended, restated, supplemented or otherwise modified, the "Credit Agreement"), to, among other things:

(i) decrease the borrowing base from $375 million to $260 million, effective June 18, 2020, with the next scheduled borrowing base redetermination to occur on or about November 1, 2020;

(ii) decrease the Elected Loan Limit (as defined in the Credit Agreement) from $350 million to $260 million;

(iii) implement certain anti-cash hoarding provisions, including a weekly mandatory prepayment requirement with respect to the excess of the Company's consolidated cash balance over $35.0 million;

(iv) require that, in order to borrow or issue a letter of credit under the Credit Agreement, the consolidated cash balance not exceed the greater of $35.0 million (both before and after giving effect to such borrowing or letter of credit issuance), or expenditures in respect of oil and gas properties in the ordinary course of business (as agreed to by the Administrative Agent);

(v) decrease the maximum permitted net leverage ratio from 4.0 to 3.5 and the maximum permitted leverage ratio for purposes of making a restricted payment, restricted investment or optional or voluntary redemption from 3.25 to 2.75;

(vi) amend and restate the Commitment Utilization Grid (as defined in the Credit Agreement) to provide as follows; and





                                                 Commitment Utilization Grid
                                    Level I   Level II    Level III   Level IV    Level V
Commitment Utilization Percentage    <25%     >25% <50%   >50% <75%   >75% <90%    ?90%
Eurodollar Revolving Credit Loans    2.00%      2.25%       2.50%       2.75%      3.00%
Letters of Credit                    2.00%      2.25%       2.50%       2.75%      3.00%
ABR Revolving Credit Loans           1.00%      1.25%       1.50%       1.75%      2.00%
Commitment Fee Rate                  0.50%      0.50%       0.50%       0.50%      0.50%

(vii) amend certain other covenants and provisions;

Support for the First Amendment among the lenders party to the Credit Agreement was unanimous.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the First Amendment filed as Exhibit 10.1 hereto and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an


           Off-Balance Sheet Arrangement.

The information set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.






(d) Exhibits.



Exhibit No.                                Description
  10.1          First Amendment to Credit Agreement dated June 18, 2020, to the
              Credit Agreement dated as of December 7, 2018, among Bonanza Creek
              Energy, Inc., as borrower, the guarantors party thereto, JPMorgan
              Chase Bank N.A., as administrative agent, and the lenders party
              thereto.
104           Cover Page Interactive Data File (formatted as Inline XBRL)

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