Extraction Oil & Gas (XOG) Prices 33.3M Common Stock IPO at $19/Share, Above Prior Estimations

October 12, 2016 6:08 AM EDT
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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) LLCAttn: Prospectus DepartmentOne Madison AvenueNew York, NY 10010Telephone: 1-800-221-1037Email: newyork.prospectus@credit-suisse.com

Barclays Capital Inc. c/o Broadridge Financial Solutions1155 Long Island Ave.Edgewood, New York, 11717Telephone: 1 (888) 603-5847Email: Barclaysprospectus@broadridge.com

Goldman, Sachs & Co.Attn: Prospectus Department200 West StreetNew York, NY 10282Telephone: 1-866-471-2526Email: prospectus-ny@ny.email.gs.com

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.

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