Extraction Oil & Gas, Inc. Prices Initial Public Offering

DENVER, Oct. 11, 2016 -- Extraction Oil & Gas, Inc. (NASDAQ:XOG) (“Extraction”) announced today the pricing of its initial public offering of 33,333,333 shares of its common stock at $19.00 per share. Extraction was initially offering the shares at an estimated price range of $15.00 to $18.00. The shares are expected to begin trading on the NASDAQ Global Select Market under the ticker symbol “XOG” on October 12, 2016.  In addition, Extraction has granted the underwriters a 30-day option to purchase up to an additional 5,000,000 shares of its common stock.  The offering is expected to close on October 17, 2016, subject to customary closing conditions.

Extraction intends to use (i) $90.0 million of the net proceeds from this offering to redeem in full certain of its convertible preferred securities and (ii) $291.6 million to repay borrowings under its revolving credit facility. Extraction will use the remaining net proceeds of $212.5 million for general corporate purposes, including to fund its 2016 and 2017 capital expenditures.

Credit Suisse Securities (USA) LLC, Barclays Capital Inc. and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.  Citigroup Global Markets Inc., KeyBanc Capital Markets Inc., RBC Capital Markets, LLC, SunTrust Robinson Humphrey, Inc. and Wells Fargo Securities, LLC are also acting as book-running managers for the offering. When available, copies of the written prospectus for the offering may be obtained from:

Credit Suisse Securities (USA) LLC
Attn: Prospectus Department
One Madison Avenue
New York, NY 10010
Telephone: 1-800-221-1037
Email: [email protected]

Barclays Capital Inc.
c/o Broadridge Financial Solutions
1155 Long Island Ave.
Edgewood, New York, 11717
Telephone: 1 (888) 603-5847
Email: [email protected]

Goldman, Sachs & Co.
Attn: Prospectus Department
200 West Street
New York, NY 10282
Telephone: 1-866-471-2526
Email: [email protected]

A registration statement relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (the “SEC”). This press release shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. A copy of the registration statement can be accessed through the SEC’s website at www.sec.gov.

About Extraction Oil & Gas, Inc.

Extraction is an independent oil and gas company focused on the acquisition, development and production of oil, natural gas and natural gas liquids reserves in the Rocky Mountains, primarily in the Wattenberg Field of the Denver-Julesburg Basin of Colorado.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Extraction’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Extraction’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Extraction does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Extraction to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the prospectus filed with the SEC in connection with Extraction’s initial public offering. The risk factors and other factors noted in Extraction’s prospectus could cause its actual results to differ materially from those contained in any forward-looking statement.