The Joint Institute for Strategic Energy Analysis (JISEA) research finds that use of innovative best practices in upstream oil and gas operations and impact mitigation for local communities "can pay dividends"
DENVER, March 26, 2019 (GLOBE NEWSWIRE) -- Extraction Oil & Gas (Extraction) (NASDAQ: XOG) features prominently in a new study by the Joint Institute for Strategic Energy Analysis (JISEA), operated by the Alliance for Sustainable Energy, LLC, on behalf of the U.S. Department of Energy’s National Renewable Energy Laboratory, the University of Colorado-Boulder, the Colorado School of Mines, Colorado State University, Massachusetts Institute of Technology and Stanford University.
The study, “Innovations in Upstream Oil and Gas Operations in Close Proximity to Communities,” examined the technological innovations that address five key issues important to local communities: air emissions and odor prevention, water usage and treatment, transportation and traffic reduction, noise reduction and clean energy development. Also discussed were opportunities for engagement and collaboration with local communities for sustainable solutions.
The research revealed that Extraction Oil & Gas and other upstream oil and gas companies are “increasingly employing innovative and sustainable practices to reduce costs, minimize community impacts and secure their social license to operate in urban/suburban areas.”
“We are pleased by the recognition we have received by such a well-regarded institution as JISEA,” said Mark Erickson, Chairman and CEO of Extraction Oil & Gas. “Our focus on safe and efficient operations is exemplified in this report and our operations in Broomfield County. We take pride in the fact that we were the first operator on the Front Range to use an electric rig for our drilling operations, reducing emissions and noise for surrounding communities. We were also the first operator to utilize the ‘Quiet Fleet’ pressure pumping equipment, which is 60 percent quieter than a conventional fleet – quieter than a household vacuum cleaner.”
Erickson stated that Extraction’s ongoing commitment to minimizing operational impacts is key to securing its social license to operate.
“We also are utilizing technological innovations to develop closed-loop production systems that create an oil and gas site so air tight that based on our modeling is expected not to require an air permit by the State of Colorado, which has some of the most stringent air standards in the nation,” Erickson continued. “Our ongoing collaboration with communities and our tireless commitment to mitigating impact and being a good neighbor inspires us to innovate and improve every day.”
About Extraction Oil & Gas
Denver-based Extraction Oil & Gas, Inc. is an independent energy exploration and development company focused on exploring, developing and producing crude oil, natural gas and NGLs primarily in the Wattenberg Field in the Denver-Julesburg Basin of Colorado. For further information, please visit www.extractionog.com. The Company's common shares are listed for trading on the NASDAQ under the symbol: “XOG.”
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Source: Extraction Oil & Gas, Inc.