Extraction Oil & Gas, Inc.

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EXTRACTION OIL INVESTIGATION: HALPER SADEH LLP ANNOUNCES INVESTIGATION INTO WHETHER THE SALE OF EXTRACTION OIL & GAS, INC. IS FAIR TO SHAREHOLDERS; INVESTORS ARE ENCOURAGED TO CONTACT THE FIRM – XOG

May 10, 2021.

New York, New York—Halper Sadeh LLP, a global investor rights law firm, is investigating whether the sale of Extraction Oil & Gas, Inc. (NASDAQ: XOG) to Bonanza Creek Energy, Inc. is fair to Extraction Oil shareholders. Under the terms of the agreement, Extraction shareholders will receive a fixed exchange ratio of 1.1711 shares of Bonanza Creek common shares for each share of Extraction common stock owned on the closing date. Upon completion of the transaction, Extraction Oil will own approximately 50.0% of the combined company, to be named Civitas Resources, Inc.

The investigation concerns whether Extraction Oil and its board of directors violated the federal securities laws and/or breached their fiduciary duties to shareholders by failing to, among other things: (1) obtain the best possible consideration for Extraction Oil shareholders; (2) determine whether Bonanza Creek is underpaying for Extraction Oil; and (3) disclose all material information necessary for Extraction Oil shareholders to adequately assess and value the merger consideration. On behalf of Extraction Oil shareholders, Halper Sadeh LLP may seek increased consideration for shareholders, additional disclosures and information concerning the proposed transaction, or other relief and benefits.

Halper Sadeh LLP represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

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