Extraction Oil & Gas (XOG) Announces Prelim. Q4 Production

Extraction Oil & Gas, Inc. (NASDAQ: XOG), an oil and gas exploration and production company with primary assets in the Wattenberg Field in the Denver-Julesburg Basin of Colorado, today provided select preliminary operational results for the fourth quarter of 2017.

Preliminary Fourth-Quarter 2017 Highlights

• Preliminary estimates for fourth-quarter 2017 average net sales volumes between 65.9 and 66.2 thousand barrels of oil equivalent per day (MBoe/d) including 33.6 to 33.7 thousand barrels per day (MBbl/d) of crude oil. Estimated total equivalent production volumes exceeded the midpoint of the Company’s guidance while estimated crude oil volumes were near the upper end of the Company’s guidance range; and
• Turned to sales 75 gross (53 net) operated wells with an average lateral length of approximately 8,500 feet, and completed 42 gross (26 net) wells with an average lateral length of approximately 7,500 feet.

Commenting on preliminary fourth-quarter 2017 results, Extraction's Chairman and CEO Mark Erickson said: “We look forward this year to continuing the strong momentum we built during 2017. Of the 75 wells turned to sales during the fourth quarter, 59 came on during the back half of the quarter. These 59 wells contributed little to our fourth quarter production but have positioned us well as we entered 2018.”

Preliminary Operational Results

During the fourth quarter of 2017, Extraction reached total depth on 45 gross (37 net) wells with an average lateral length of approximately 7,000 feet and completed 42 gross (26 net) wells with an average lateral length of approximately 7,500 feet. The Company turned to sales 75 gross (53 net) wells with an average lateral length of approximately 8,500 feet.

Extraction estimates its fourth quarter average net sales volumes between 65.9 and 66.2 MBoe/d including 33.6 to 33.7 MBbl/d of crude oil. Extraction estimates its net production averaged approximately 70 MBoe/d during the month of December, of which 53% was crude oil. An incident on one of Extraction’s well pads on December 22, 2017 negatively impacted its December average net production by approximately 1.5 MBoe/d and its fourth quarter production by approximately 500 Boe/d.

Mark Erickson, Extraction’s Chairman and CEO continued: “Our fourth quarter production ended our first full year as a public company on a high note. Despite various challenges throughout the year, this performance continues to demonstrate the quality of both our assets and our operations team. We continue to be optimistic about our ability to deliver on our 2018 goals.”

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