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Extraction Oil & Gas, Inc. is an independent oil and natural gas company headquartered in Denver, Colorado. Established in 2012, the company focuses on the acquisition, development and production of oil, natural gas and natural gas liquid reserves in the Rocky Mountains. Extraction Oil & Gas operates as a subsidiary of privately-owned PRE Resources, Inc. It spun off the company to focus on assets in the Denver-Julesburg (DJ) Basin. In October 2016, Extraction Oil & Gas issued 33.3 million shares at $19 a share in its IPO, making it the first exploration and production company to go public in two years, and valuing the company at about $2.5 billion. The significant interest that Extraction Oil & Gas received from its IPO represented a turning point in the industry and paved the way for other independent companies to go public.
Mark Erickson (a former CEO and current Chairman of the Board of PRE Resources, Inc.) and Matt Owens started Extraction Oil & Gas in 2012. They saw an opportunity to put together small or logistically-difficult leases that were passed over by larger companies, oftentimes because the leases were near developed areas. Although this niche creates significant opportunities, it also has its drawbacks. The affected communities often push back on having drilling sites in close proximity to their homes.
Extraction Oil & Gas has proven its willingness to work with these communities. It’s gone so far as to relocate sites that prove to be too problematic. The company also takes steps to lessen the impact on the community. For instance, it was the first operator in Colorado to use an all-electric drilling rig. This reduced the noise and exhaust that could be disruptive to residents. Extraction Oil & Gas was also the first company in the basin to install sound walls to further reduce noise during the drilling and completion phases. In addition, the company makes an effort to be involved in the community. It regularly supports local charities through donations to a number of causes, including The United Way and Weld Food Bank. In order to give the residents an opportunity to ask questions and feel more involved in the process, Extraction Oil & Gas also participates in community forums.
Safety and responsibility are two important components in how Extraction Oil & Gas operates its business. In fact, safety is one of the company’s highest priorities. It believes that the company’s success is dependent on its safety record. The mission of Extraction Oil & Gas is to be simultaneously sustainable and profitable, while maintaining this high quality of safety for its workers, the environment and the communities in which it operates. In recognition of the limited availability of water, Extraction Oil & Gas finds innovative ways to minimize its water usage and reduce water waste. One of the ways the company does this is by lining each well with concentric layers of cement and steel casing. This ensures their integrity and prevent leaks. The company also continually monitors the water. It takes a baseline sample before drilling and then pressure tests each well before completion.
Extraction Oil & Gas operates on approximately 224,000 acres in the DJ Basin. Within the DJ Basin, the company is primarily concentrated in the Codell and Niobrara formations of the Greater Wattenberg Field. Wattenberg Field has been drilled extensively using vertical wells since the 1970s. With recent advancements in the industry, it has given the area new potential for resource extraction. Extraction Oil & Gas is able to realize this potential, as the company specializes in using innovative ways to reach oil and natural gas resources. In fact, a majority of the company’s operations use horizontal drilling techniques. The average lateral length is between one to two miles. Horizontal drilling allows the company to reach the largest amount of resources, with the smallest possible footprint above ground.- especially in shale formations, for which DJ Basin is known for.
In September 2016, Extraction Oil & Gas acquired additional assets in the DJ Basin from Bayswater Exploration & Production, LLC for $420 million. These assets helped the company see a 45 percent increase in sales from the previous year. The acquisition from Bayswater also provided Extraction Oil & Gas with 18 drilled uncompleted wells. This set the company up for significant growth in production and reserves in 2017.
370 17th Street, Suite 5300
Denver, CO 80202