Extraction Oil & Gas Strengthens Technical Team; Names Eric Jacobsen SVP Operations

DENVER, Oct. 18, 2016 -- Extraction Oil & Gas, Inc. (NASDAQ:XOG) (“Extraction,” or the “Company”) today announced it has named Eric S.  Jacobsen as senior vice president of operations, effective immediately. Mr. Jacobsen joins Extraction from Noble Energy Inc. where he served in various senior operations leadership positons, most recently as director of planning and development for Noble’s DJ Basin Business Unit. While at Noble from 2011- 2016, he was part of the original team that began large-scale horizontal development drilling in the prolific Codell and Niobrara plays. He brings 23 years of oil and gas experience and significant DJ Basin technical and operations expertise and relationships to Extraction’s operations management team.

Prior to his time at Noble, Mr. Jacobsen had a successful 8-year international operations career at BP in offshore Baku, Azerbaijan and onshore Algeria where he oversaw multi-billion dollar capital expenditure budgets and large oil field development programs. Prior to BP, he held various offshore operations positons for Houston-based Vastar Resources, later acquired by BP, in Vastar’s Louisiana Gulf of Mexico offshore operations unit from 1997 to 2002.   

He holds a Bachelor of Science in environmental engineering and a Master of Science in petroleum engineering, both from Montana Tech in Butte, Mont. Mr. Jacobsen also serves on the Montana Tech Foundation Board of Directors which manages funds on behalf of its donors and encourages philanthropy among its constituents. 

Management Comment

"Extraction continues to attract strong technical talent to its operations team as we continue our active DJ Basin development drilling program,” said Mark Erickson, Chairman and CEO.  “On behalf of the entire Extraction organization, I would like to welcome Eric to the Company. The Company and its shareholders serve to benefit from Eric’s broad spectrum of industry experience and proven leadership skills. While at Noble, he was an integral part of the team that oversaw rapid growth in production and reserves for the DJ Basin operating unit, which was a pioneer in the horizontal Codell and Niobrara oil play. His experience in managing large drilling programs and the associated growth is valuable to Extraction’s own plans for efficiently developing its high-quality Wattenberg Field assets.”

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. 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, which 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 and in subsequent public filings with the SEC. These and other factors could cause its actual results to differ materially from those contained in any forward-looking statement.

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.

For further information, please contact:

Mr. Rusty Kelley, Chief Financial Officer, Extraction Oil & Gas, Inc. +1-720-557-8300