San Diego, CA -- (SBWIRE) -- 05/18/2021 -- An investigation was announced concerning whether the takeover of Extraction Oil & Gas, Inc. is unfair to NASDAQ: XOG stockholders.

Investors who purchased shares of Extraction Oil & Gas, Inc. (NASDAQ: XOG) and currently hold any of those NASDAQ: XOG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm concerns whether certain officers and directors of Extraction Oil & Gas, Inc. breached their fiduciary duties owed to NASDAQ: XOG investors in connection with the proposed acquisition.

Denver, CO based Extraction Oil & Gas, Inc., an independent oil and gas company, focuses on the acquisition, development, and production of oil, natural gas, and natural gas liquid reserves in the Rocky Mountain region, primarily in the Wattenberg Field of the Denver-Julesburg (DJ) Basin of Colorado. On May 10, 2021, Bonanza Creek Energy, Inc. (NYSE: BCEI) and Extraction Oil & Gas, Inc. (NASDAQ: XOG announced that they have entered into a definitive agreement to combine in an all-stock merger of equals. Under the terms of the definitive merger 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. Based on a closing price of $37.44 per NYSE: BCEI shares investors in Extraction Oil & Gas, Inc. (NASDAQ: XOG) will receive a value of approximately $43.84 per share.

However, given that at least one analyst has set the high target price for NASDAQ: XOG shares at $51.00 per share, the investigation concerns whether the offer is unfair to NASDAQ: XOG stockholders.

Additionally, given that certain funds managed by Kimmeridge Energy, who own approximately 38% percent of the outstanding shares of Extraction, have already entered into a support agreement to vote in favor of the transaction, the investigation concerns whether the Extraction Oil & Gas, Inc. Board of Directors undertook an adequate sales process, adequately shopped the company before entering into the transaction, maximized shareholder value by negotiating the best price, and acted in the shareholders' best interests in connection with the proposed sale.

Those who are current investors in Extraction Oil & Gas, Inc. (NASDAQ: XOG) shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.