Bonanza Oil & Gas, Inc.(fka BGOI)

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Item 8.01 Other Events

As a result of continued challenges in developing its properties and raising capital, Bonanza Oil & Gas, Inc. (the “Company”) was unable to complete its quarterly review for the quarter ended September 30, 2010 and is presently unable to file its Form 10-Q with the Securities and Exchange Commission. The Company is continuing to work with its advisors to review its financial and strategic restructuring options and generate the financing necessary to complete the financial statements for the period ended September 30, 2010 and file the Form 10-Q.