May 10, 2021
Extraction Oil & Gas, Inc. Investigation
We are investigating possible breaches of fiduciary duty and other violations of law by the board of directors of Extraction Oil & Gas, Inc. (“Extraction” or the “Company”) (NASDAQ: XOG) in connection with the proposed merger of the Company with Bonanza Creek Energy, Inc (“Bonanza Creek”) (NYSE: BCEI). Under the terms of the merger agreement, Extraction shareholders will receive 1.1711 shares of Bonanza Creek common stock for each Extraction share that they own, representing implied per-share merger consideration of approximately $43.85 based upon Bonanza Creek’s May 7, 2021 closing price of $37.44. Upon consummation of the transaction, both current Extraction and Bonanza Creek shareholders will own approximately 50% of the newly combined company. The transaction is valued at approximately $2.6 billion.
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