Extraction Oil and Gas Inc
Business Description
We are an independent oil and gas company focused on the acquisition, development
and production of oil, natural gas and NGL reserves in the Rocky Mountain region,
primarily in the Wattenberg Field of the Denver-Julesburg Basin (the “DJ
Basin”) of Colorado. The Wattenberg Field has been producing since the
1970s and is a premier North American oil and natural gas basin characterized
by high recoveries relative to drilling and completion costs, high initial production
rates, long reserve life and multiple stacked producing horizons. We have assembled,
as of December 31, 2016, approximately 109,400 net acres of large, contiguous
acreage blocks in some of the most productive areas of the DJ Basin, indicated
by the results of our horizontal drilling program and the results of offset
operators, which we refer to as the “Core DJ Basin”. Subsequent
to year-end 2016, the Company acquired approximately 5,300 additional net acres
and entered into agreements to acquire approximately 1,100 additional net acres
in the Core DJ Basin. These properties have extensive production histories,
high drilling success rates, and significant horizontal development potential.
We believe our acreage in the Core DJ Basin has been significantly delineated
by our own drilling success and by the success of offset operators, providing
confidence that our inventory is relatively low-risk, repeatable and will continue
to generate economic returns. We are primarily focused on growing our proved
reserves and production primarily through the development of our large inventory
of identified liquids-rich horizontal drilling locations in the DJ Basin.
|