{"id":418015,"date":"2021-01-20T14:30:50","date_gmt":"2021-01-20T19:30:50","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=418015"},"modified":"2021-01-20T14:30:50","modified_gmt":"2021-01-20T19:30:50","slug":"extraction-oil-gas-completes-financial-restructuring","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/extraction-oil-gas-completes-financial-restructuring\/","title":{"rendered":"Extraction Oil & Gas Completes Financial Restructuring"},"content":{"rendered":"
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\n Company Achieves $1.3 Billion Reduction in Funded Debt and Preferred Equity; Names New Board and Leadership; Commences Trading on NASDAQ Under \u201cXOG\u201d on January 20, 2021<\/em>
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\n Extraction to embrace new E&P business and governance model<\/em>
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DENVER, Jan. 20, 2021 (GLOBE NEWSWIRE) — Extraction Oil & Gas, Inc. (NASDAQ: XOG) (\u201cExtraction\u201d or the \u201cCompany\u201d) today announced it has successfully completed its financial restructuring process and emerged from Chapter 11. The Company officially concluded its reorganization after completing all required actions and satisfying the remaining conditions of its Plan of Reorganization (the \u201cPlan\u201d).<\/p>\n

Extraction also announced the appointments of Tom Tyree as the Company\u2019s new Chief Executive Officer, Matt Owens as President and Chief Operating Officer and Marianella Foschi as Chief Financial Officer. Pursuant to the Plan, the Company appointed a new, seven-member Board of Directors comprised of Benjamin Dell (Chairman), Morris Clark, Carrie Fox, Carney Hawks, Tom Tyree, Michael Wichterich and Howard Willard. Biographical information can be found on the Company\u2019s website at www.<\/u><\/a>extractionog.com\/<\/u><\/a>le<\/u><\/a>adership<\/u><\/a>\/<\/u><\/a>. All leadership appointments are effective today.<\/p>\n

Extraction\u2019s new Board has also established the Company\u2019s first Environmental, Social and Governance committee made up of directors. The committee will oversee the Company\u2019s programs, policies and practices relating to environmental, health and safety, sustainability, corporate social responsibility and other public policy matters.<\/p>\n

\u201cThe Extraction team has worked hard over the last six months to right-size the business, lower its cost structure and optimize its midstream agreements,\u201d said Benjamin Dell, Chairman of the Board. \u201cThe Company is now well positioned to embrace a new E&P business model focused on generating returns above the cost of capital, delivering free cash flow and, most critically, returning that free cash flow to investors. The business has also instituted a new governance model where management and the Board have true alignment with shareholders, while striving for environmental leadership through low-impact operations, emission reductions and reporting,\u201d he said.<\/p>\n

\n New Capital Structure<\/strong>
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Extraction\u2019s capital structure now includes a new $1.0 billion reserve-based lending facility (\u201cNew RBL Facility\u201d) with an initial borrowing base of $500 million maturing in July 2024. Extraction\u2019s unsecured claimants, including holders of Extraction\u2019s senior unsecured notes, received a distribution of approximately 99% of Extraction\u2019s newly issued common stock. A summary of Extraction\u2019s new capital structure follows:<\/p>\n

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\n Unrestricted Cash <\/em>
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