SOURCE: Bonanza Oil & Gas, Inc.

December 08, 2009 09:48 ET

Bonanza Oil & Gas Announces Restructuring

HOUSTON, TX--(Marketwire - December 8, 2009) - Bonanza Oil & Gas, Inc., a Nevada Corporation (OTCBB: BGOI) (the "Company") and an independent oil and gas company, is pleased to announce that the Company has entered agreements to restructure the Company's senior debt. The Company is also in the process of forward splitting its shares and increasing the authorized shares of the Company. The terms of the restructuring have been disclosed in the Form 8-K Current Report filed with the Securities and Exchange Commission on December 4, 2009.

Mr. Bill Wiseman, President/CEO said, "The Company is very pleased to restructure the senior debt, which, we believe will provide us the needed flexibility to begin to move forward with our original business plan and strategy focused on potentially adding proven properties to the Company."

About Bonanza Oil & Gas, Inc.

Based in Houston, TX, Bonanza Oil & Gas, Inc. holds assets ranging from current producing properties, wholly owned prospects, to developing working interests in Proven Undeveloped (PUDS) properties.

Safe Harbor Statement

Some of the statements made by the Company in this press release are forward-looking in nature. Actual results may differ materially from those projected in forward-looking statements. The Company believes that its primary risk factors include, but are not limited to: production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. Additional information concerning these and other important factors can be found within the Company's filings with the Securities and Exchange Commission. Statements in this press release should be evaluated in light of these important factors.

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