Extraction Oil & Gas, Inc. Announces Plans to Add a Third Drilling Rig in the DJ Basin in Q1 2017

Denver, Colorado, UNITED STATES

DENVER, Oct. 18, 2016 (GLOBE NEWSWIRE) -- Extraction Oil & Gas, Inc. (NASDAQ:XOG) (“Extraction,” or the “Company”) today announced plans to add a third drilling rig in the first quarter of 2017, earlier than the previously disclosed mid-year 2017 timing for the third drilling rig.

The Company’s intention to add a third drilling rig is subject to market conditions, prevailing commodity prices and oilfield services and equipment availability and other risks detailed in the Company's Registration Statement on Form S-1 (333-213634), which has been filed with the Securities and Exchange Commission (the “SEC”).

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.

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, that 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.