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Extraction Touts Results from Broomfield Area; Longer Laterals Boost Results

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Extraction Oil & Gas reported its Q3 2018 results.

Third-Quarter 2018 Highlights

- Q3 sales volumes of 75.7 BOEPD - up +20% YOY and up +3% from 2Q18

• Third quarter crude oil volumes of 39,323 Bbl/d increased 14% year-over-year and increased 1% sequentially.

- Drilling and completion (D&C) capital expenditures for the third quarter 2018 were $161 million

- Touts Strong Broomfield Results: First operated pad in Extraction's Broomfield Development Area produced crude oil at a peak 60-day average daily rate of 1,179 BOE/d, 68% of which was crude oil, exceeding internal estimates.

Touts First Broomfield Well Pad Results

Extraction turned its first pad in its Broomfield Development Area to sales starting in early August 2018. This pad consists of ten two-mile laterals with seven of the wells producing from the Niobrara formation and three producing from the Codell formation.

• The Codell wells produced at a peak IP60 of 1,197 BOE/d, 68% of which was crude oil.

• The Niobrara wells produced at a peak IP60 of 1,173 BOE/d, 69% of which was crude oil.

Well Design

During the third quarter, Extraction reached total depth on 41 gross (30 net) wells with an average lateral length of approximately 9,700 feet and completed 31 gross (26 net) wells with an average lateral length of approximately 6,500 feet. We turned to sales 71 gross (61 net) wells with an average lateral length of approximately 9,600 feet. Of these 71 wells, 57 are on DCP's midstream system. The Company completed 1,091 total stages during the quarter while pumping approximately 340 million pounds of proppant.