EXTRACTION OILINC. (NASDAQ:XOG) Files An 8-K Entry into a Material Definitive Agreement
Item1.01Entry into a Material Definitive Agreement.
Subscription Agreement
On December 12, 2016, Extraction Oil Gas, Inc. (the Company)
entered into a Common Stock Subscription Agreement (the
Subscription Agreement) with each of the purchasers listed on
Schedule A thereto (the Purchasers) to which the Purchasers
agreed to purchase 25,041,095 shares of the Companys common
stock, par value $0.01 per share (the Shares), at a price of
$18.25 per share. The issuance of the Shares to the Subscription
Agreement will be made in reliance upon an exemption from
registration provided under Section 4(a)(2) of the Securities Act
of 1933, as amended.
The foregoing is qualified in its entirety by reference to the
Subscription Agreement, a copy of which is filed as Exhibit 10.1
to this Current Report on Form 8-K and is incorporated herein by
reference.
Item8.01Other Events.
The Company has recently updated its 2017 hedge position and
currently has the following commodity derivative positions
through the fourth quarter of 2017: (i) approximately 1,500 MBbls
of oil hedged with swaps that have an average swap price of
$43.84/Bbl, (ii) approximately 6,250 MBbls of oil hedged with
collars that have average floor and ceiling prices of $47.70/Bbl
and $55.94/Bbl, respectively, and (iii) approximately 25,420,000
MMBtu of natural gas hedged with swaps that have an average swap
price of $3.06/MMBtu.
Item9.01Financial Statements and Exhibits.
(d)Exhibits.
|
ExhibitNo. |
Description |
|
| 10.1 |
Common Stock Subscription Agreement, dated as of December |
|
1
About EXTRACTION OIL & GAS, INC. (NASDAQ:XOG)
Extraction Oil & Gas, Inc., formerly Extraction Oil & Gas, LLC, is an energy company. It is focused on the acquisition, development and production of oil, natural gas and natural gas liquids (NGL) reserves in the Rocky Mountains, primarily in the Wattenberg Field of the Denver-Julesburg Basin (the DJ Basin) of Colorado. It focuses on the development of the Codell and Niobrara formations. It offers its exploration and production processes in various steps, such as seismic, site preparation, drilling the well, completing the well, monitoring the well and reclaiming the site. The Company utilizes sound walls to mute or redirect noise caused by its operations. The Company uses an electric rig to manage its drilling operations. It uses vapor recovery units to capture emissions from storage facilities. It uses lease automatic custody transfer (LACT) units to collect oil from tanks in a closed-loop system that manages air emissions associated with the oil gathering and transportation process. EXTRACTION OIL & GAS, INC. (NASDAQ:XOG) Recent Trading Information
EXTRACTION OIL & GAS, INC. (NASDAQ:XOG) closed its last trading session 00.00 at 20.71 with 764,950 shares trading hands.