Featured Company News - Broomfield City Council Approves Extraction Oil & Gas' Operator Agreement

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LONDON, UK / ACCESSWIRE / October 27, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Extraction Oil & Gas, Inc. (NASDAQ: XOG) ("Extraction O&G"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=XOG. The Company announced on October 25, 2017, that the Company has successfully signed the Oil & Gas Operator Agreement with the City and County of Broomfield, Colorado. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Broomfield City Council has approved the agreement with the Company after a yearlong process that consisted of continuous collaboration and engagement with the stakeholders and local community members. The inputs from the stakeholders has resulted in the formation of one of the most thoughtfully designed oil and gas developments in the country.

Commenting on the occasion, Mark Erickson, CEO of Extraction Oil & Gas, said:

"We are pleased with the far-reaching effects of both this process and the agreement created between Extraction and the City and County of Broomfield, and we applaud the pragmatic approach of the Broomfield Councilmembers who seized on this opportunity to create a best-in-class development. We also want to commend the hard work of Broomfield staff and Broomfield's Citizen Comprehensive Update Committee Task Force, with whom we worked to make this outstanding development plan even better."

Details of the Operator Agreement

Extraction O&G signed the Operator agreement with the City and County of Broomfield, Colorado after the approval from the Broomfield City Council. Following the receipt of the approval, the Company can now proceed with completing the spacing and permitting process for the remainder of its Broomfield leasehold. The Company is on track with its plans to spud its initial Broomfield wells from the Coyote Trails pad by the end of 2017.

The approved Operator Agreement features some of the most advanced technology and operational best-practices utilized by an oil and gas developer across the continental US.

The best features of the agreement were described by Eric Jacobsen, Extraction Senior Vice President of Operations, who said:

"Our introduction of electric drilling and sound walls to this basin, and our role in the creation of quiet completions fleet technology, have all demonstrated this commitment. Extraction has a wide array of mitigation techniques and technologies available – and we use these techniques in a customized approach to development where each site is evaluated and mitigated differently. Not all sites require the full toolbox of best management practices, but where there is development scale, electricity and other factors as there is in Broomfield, we are able to produce engineering designs that can serve as a model for onshore development."

Although the receipt of approval from Broomfield Council is in the Company's favor, it has yet to get drilling permits from the Colorado Oil and Gas Conservation Commission. The hearing for the Company's application is expected in the next week.

About the Broomfield project

Extraction O&G acquired several oil and gas leases located in the City and County of Broomfield. The Company had plans to drill 99 wells on four pads on the leased areas in 2016. The Broomfield had formed an oil and gas task force in February 2017 to deal directly with the Company, so issues can be discussed and that any negative impact of the extraction on the community is minimalized. After the dialogue with the task force the Company is planning measures to address health and safety, and even noise and sigh of its proposed operations. The Company also plans to use the less noisy fracking equipment, reduce truck traffic and remove dozens of old oil and gas wells so that inconveniences and impacts to the community are minimized. The recent agreement outlines that Extraction O&G will drill only 84 wells and nearly 49 wells which are in Broomfield area would be done in open space close to Broomfield. The well locations were finalized after taking into consideration both the technical feasibility and the potential impacts to those living in the area.

About Extraction Oil & Gas Inc.

Denver, Colorado based Extraction O&G is an independent and domestic energy company focused on the exploration and production of oil and gas reserves in the Rocky Mountains. The Company's main area of operations and production is the primarily in the Wattenberg Field in the Denver-Julesburg Basin of Colorado.

Last Close Stock Review

On Thursday, October 26, 2017, the stock closed the trading session at $14.98, rising 1.08% from its previous closing price of $14.82. A total volume of 746.40 thousand shares have exchanged hands. Extraction Oil & Gas' stock price surged 19.27% in the last three months. At Thursday's closing price, the stock's net capitalization stands at $2.60 billion.

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