(Reuters) - Bonanza Creek Energy Inc (BCEI.N) and two other energy firms announced on Friday plans to file for bankruptcy in coming weeks, joining a long list of U.S. energy companies that have succumbed to a drop in oil prices. Global oil prices LCOc1 have fallen more than 50 percent since mid-2014, eroding cash flows of oil producers and crimping their ability to meet debt and interest payments. Denver-based Bonanza Creek, with oil and natural gas assets in Colorado and Arkansas, said it would file for bankruptcy on or before Jan. 5 with a plan to eliminate $850 million in debt and provide $200 million in new equity. Bonanza Creek's shares were down 47.5 percent at $1.01 before the opening bell on Friday. Earlier this month, Stone Energy Corp SGY.N filed for Chapter 11 bankruptcy and said it would eliminate about $1.2 billion in debt by transferring control of the company to its noteholders.
Bonanza Creek Energy says it plans to file for bankruptcy on or by January 5, 2017 and hopes to exit the process quickly, within the first quarter.