X0306 4 2016-10-26 1 0001655020 Extraction Oil & Gas, Inc. XOG 0001667954 Yorktown Energy Partners XI, L.P. 410 PARK AVENUE, 19TH FLOOR NEW YORK NY 10022 0 0 1 0 Common Stock 2016-10-26 4 A 0 4309079 A 4309079 D Yorktown Energy Partners XI, L.P. ("Yorktown XI") previously reported indirect beneficial ownership of 108,460,231 shares of common stock of Extraction Oil & Gas, Inc. ("XOG"). These shares were owned directly by Extraction Oil & Gas Holdings, LLC ("Holdings"). Yorktown Energy Partners IX, L.P. ("Yorktown IX"), Yorktown Energy Partners X, L.P. ("Yorktown X"), Yorktown XI and YT Extraction Co Investment Partners, LP ("YT Co Invest" and together with Yorktown IX, Yorktown X and Yorktown XI, collectively, the "Yorktown Funds") shared the right to appoint a majority of the representatives to the board of managers of Holdings. As a result, the Yorktown Funds were deemed to share the power to vote or direct the vote or to dispose or direct the disposition of the common stock owned by Holdings. (Continued from Footnote 1) In connection with the closing of the initial public offering of XOG, 4,309,079 shares were issued to Yorktown XI based on (i) Yorktown XI's equity ownership in Holdings, which merged with and into XOG in connection with the closing of the offering, and (ii) the 10-day volume weighted average price of XOG's common stock following the closing of the offering. Yorktown Energy Partners XI, L.P., By: Yorktown XI Company LP, its general partner, By: Yorktown XI Associates LLC, its general partner /s/ Peter A. Leidel, Manager 2016-10-31