UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of the Securities and Exchange Act of 1934

Date of Report (Date of earliest reported): January 2029, 2010

BONANZA OIL & GAS, INC.

(Exact name of registrant as specified in charter)

Nevada	000-52171	76-0720654
(State or Other Jurisdiction of Incorporation or Organization)	(Commission File Number)	(IRS Employer Identification No.)

3417 Mercer, Suite E

Houston, ~~Texas~~ TX 77027

(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code: (713) 333-5808

Copies to:

Stephen M. Fleming, Esq.

Law Offices of Stephen M. Fleming PLLC

110 Wall Street, 11th Floor

New York, New York 10005

Telephone: (516) 833-5034

Fax: (516) 977-1209

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 1.01 Entry Into A Material Definitive Agreement

Item 5 2.03 ~~Amendments to Articles~~ Creation of ~~Incorporation~~a orDirect ~~Bylaws;~~Financial ~~Change~~Obligation ~~in Fiscal Year.~~

OnItem ~~November 9, 2009, Bonanza Oil & Gas, Inc~~3. ~~("Bonanza" or the "Company") filed~~02 Unregistered aSales ~~Certificate~~ of ~~Amendment~~Equity ~~with the State of Nevada to forward split the issued~~Securities ~~and~~ outstanding common stock on a basis of two for one shares of common stock resulting in an increase in the number of issued and outstanding shares. No fractional shares shall be issued. In lieu of issuing fractional shares, the Company will issue to any shareholder who otherwise would have been entitled to receive a fractional share as a result of the forward split an additional full share of its common stock. The above transactions were approved by the Board of Directors of the Company. As provided by Nevada Corporations Law, section NRS 78.207, shareholder approval is not required.

OnIn January 152008,Bonanza ~~2010~~Oil & Gas, Inc. ( the “Company”) ~~was~~issued ~~informed~~14% Senior Secured Promissory Notes and Security to accredited investors for an aggregate principal amount of $800,000 (the “January 2008 Notes”). One accredited investor held $750,000 (the “Secured Note”) of the January 2008 Notes (the “Secured Investor). The January 2008 Notes matured on January 31, 2009, with interest payable on a monthly basis. The Company’s obligations under the January 2008 Notes are secured by ~~FINRA~~the ~~that~~Company’s interest in three prospect areas located in Borden, Hidalgo and Brazoria counties of Texas. In addition, in May 2008, the ~~forward~~Company ~~split~~entered into a Securities Purchase Agreement with the Secured Investor providing for the sale by the Company ~~which~~of an 8% convertible note in the principal amount of $750,000 (the “May 2008 Convertible Note” and collectively with the Secured Note, the “Restructured Notes”). The May 2008 Convertible Note matured on May 14, 2009, and interest is payable on a quarterly basis. The May 2008 Convertible Note is unsecured, however, in the event that the Company grants a secured interest in its assets in connection with any future financing, then the holder of the May 2008 Convertible Note will ~~take~~be ~~effect~~entitled to a pari passu interest in such secured interest. The May 2008 Convertible Note was convertible into the Company’s common stock, at a conversion price of $0.3742 per common share, as adjusted, and is subject to normal and customary anti-dilution provisions. The Company has been advised by Triumph Small Cap Fund, Inc. (“Triumph”) and the ~~open~~Secured Investor that Triumph has purchased the Restructured Notes from the Secured Investor. In order to induce Triumph to convert the Restructured Notes into shares of ~~business~~common stock and, in turn, to reduce the Company’s debt and avoid potentially filing for bankruptcy, the Company entered into a Letter Agreement with Triumph on ~~January~~December 2, 202009, pursuant to which the Restructured Notes were amended providing that ~~2010~~Triumph may from time to time convert all or any part of the outstanding and unpaid principal amount of the Restructured Notes into shares of common stock.

The ~~foregoing~~Restructured ~~information~~Notes iswere aconvertible ~~summary~~into common stock, at Triumph's option, at the lesser of ~~each~~(i) $0.0025 or (ii) a 50% discount to the average of the ~~matters~~three ~~described~~lowest ~~above,~~trading isprices of the common stock during ~~not~~the ~~complete,~~20 ~~and~~trading isday ~~qualified~~period inprior ~~its~~to conversion ~~entirety~~(the by“Variable ~~reference~~Conversion Price”). Triumph has agreed to restrict its ability to convert the ~~full~~Restructured ~~text~~Notes and receive shares of common stock such that the ~~exhibits,~~number of ~~each~~shares of ~~which~~common isstock ~~attached~~held anby ~~exhibit~~it toin ~~this~~the aggregate and its affiliates ~~Current~~after ~~Report~~such conversion or onexercise does not exceed ~~Form~~4.99% ~~8-K~~of the then issued and outstanding shares of common stock. ~~Readers~~On January ~~should~~29, ~~review~~2010, ~~those~~the ~~exhibits~~Company ~~for~~entered into a ~~complete~~Letter Agreement with Triumph ~~understanding~~pursuant ofto which the ~~terms~~Restructured ~~and~~Notes ~~conditions~~were ~~associated~~amended ~~with~~removing ~~this~~Triumph’s ability ~~matter~~to convert at the Variable Conversion Price.

The Company will continue to reserve and keep available at all times, free of preemptive rights, all shares of common stock available enabling the Company to issue the shares of common stock upon conversion of the Restructured Notes.

The issuance of the above securities was made in reliance upon exemptions from registration pursuant to Section 4(2) and the Securities Act of 1933, as amended (the “33 Act”), and/or Regulation D as promulgated under the 33 Act. The above transactions did not involve a public offering and each of the parties is an accredited investor.

The foregoing information is a summary of each of the agreements involved in the transactions described above, is not complete, and is qualified in its entirety by reference to the full text of those agreements, each of which is attached an exhibit to this Current Report on Form 8-K. Readers should review those agreements for a complete understanding of the terms and conditions associated with this transaction.

Item 9.01 Financial Statements and Exhibits

Exhibit Number		Description
3.1		Certificate of Amendment for the State of Nevada filed November 9, 2009 (1)
10.1		Letter Agreement between Bonanza Oil & Gas, Inc. and Triumph Small Cap Fund Ltd. dated January 29, 2010

(1) Incorporated by reference to the Form 8-K Current Report filed by the Securities and Exchange Commission on January 4, 2010

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	BONANZA OIL & GAS, INC.
Date: January 20, 2010	By:	/s/ William Wiseman
Date: February 9, 2010	By:	/s/ William Wiseman
		William Wiseman
		President and Chief Executive Officer

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