Bonanza Creek Energy Inc. (NYSE: BCEI) said March 25 it has eliminated 26 employees and 17 contractors, including parting ways with its CFO and general counsel.

Billy Cassidy, Chris Humber, CFO, general counsel, Bonanza Creek Energy, staff, reduction, reorganization

The reduction is part of the Denver company's corporate reorganization to align its employee base and general and administrative cost structure with the current commodity price environment and resulting anticipated activity level, the release said.

William J. Cassidy, executive vice president and CFO, and Christopher I. Humber, executive vice president, general counsel and secretary, will separate from their positions with the company.

Cassidy has been with the company since 2013. Humber joined the company in 2012 immediately following its IPO.

As a result of the reorganization and executive departures, the company will incur a one-time charge of about $2.1 million related to severance payments. It expects its annual general and administrative expense to decrease by about $7.6 million and its lease operating expense to drop by about $3.1 million, the release said.