Extraction Oil & Gas (XOG) Extends, Increases Buyback Plan

Extraction Oil & Gas, Inc. (NASDAQ: XOG) announced today that the board of directors of Extraction has approved an extension and increase in its ongoing stock repurchase program. The program was originally announced on November 18, 2018, under which Extraction was initially authorized to repurchase up to $100.0 million of its outstanding common stock from time to time in the open market, through negotiated transactions or otherwise. To date under the program, Extraction has repurchased approximately 13 million shares of its common stock for $63 million. Under the extended program, Extraction is authorized to repurchase an incremental $100 million in common stock from the date of the extension, bringing the total amount authorized to be repurchased to approximately $163 million.

The program is expected to be funded through internally generated cash flow and ongoing asset sales. The extended stock repurchase program will expire December 31, 2019. Extraction intends to conduct any open market stock repurchase activities in compliance with the safe harbor provisions of Rule 10b-18 of the Exchange Act.

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