April 5, 2018 / 12:18 PM / a year ago

UPDATE 1-Bonanza Creek appoints Eric Greager as CEO

(Adds background on bankruptcy, buyout attempt by SandRidge)

April 5 (Reuters) - U.S. oil and gas producer Bonanza Creek Energy Inc on Thursday named Eric Greager as its new chief executive officer effective April 11, replacing Seth Bullock, who served as interim CEO since June 2017.

Greager, 47, previously served as a vice-president and general manager at Encana Oil & Gas (USA) Inc, the company said. His appointment follows a 52 percent fall in the company’s shares since it emerged from bankruptcy proceedings a year ago.

Bullock was put in temporary charge of the company last June and oversaw eventually abandoned talks on selling the company to larger rival SandRidge Energy.

SandRidge in December abandoned its bid under pressure from activist investors Carl Icahn and Fir Tree Partners, who said the $746 million deal overvalued Colorado-based Bonanza.

Bonanza Creek filed for bankruptcy in January 2017 after a more than 50 percent fall in global oil prices from mid-2014 which eroded cash flows of many oil producers and crimped their ability to meet debt and interest payments. (Reporting by Ahmed Farhatha in Bengaluru; Editing by Shailesh Kuber)

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