Extraction Oil & Gas Inc. (NASDAQ: XOG) said on Oct. 25 its operator agreement has been approved by the city and county of Broomfield, Colorado.
The company now has a clear pathway to complete the spacing and permitting process for the remainder of its Broomfield leasehold. Extraction still plans to spud its initial Broomfield wells from the Coyote Trails pad by the end of 2017.
The approval of this agreement marks the conclusion of a year-long process of unprecedented collaboration and stakeholder engagement that has resulted in potentially one of the most thoughtfully designed oil and gas developments in the country.
“We are pleased with the far-reaching effects of both this process and the agreement created between Extraction and the city and county of Broomfield, and we applaud the pragmatic approach of the Broomfield Councilmembers who seized on this opportunity to create a best-in-class development,” Mark Erickson, CEO of Extraction, said.
The agreement contains some of the most advanced technology and operational best-practices utilized anywhere in the continental U.S. by an oil and gas developer, the company said.
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