The first oil and gas initial public offering in two years rose to a market cap of over $2 billion during its first 24 hours on the market.

According to the Wall Street Journal, an IPO from Denver-based Extraction Oil & Gas sold 33.3 million shares late Tuesday for $19 a share. 

The offering is the first oil and gas IPO in over two years, the Wall Street Journal said.

The shares are trading on the Nasdaq under the sign XOG.

The shares climbed nearly 20 percent during early trading on Wednesday, pushing the company’s market capitalization up to $2.4 billion, Reuters said.

Extraction’s shares were down slightly on Thursday morning, sliding down less than one point to $21.66 per share after closing at $21.85 per share on Wednesday.

Extraction’s market capitalization was up to $3.07 billion before noon on Thursday.

The company was founded by chairman and CEO Mark Erickson and president Matthew Owens in 2012.

The company’s backers include Yorktown Partners LLC, BlackRock Inc and Neuberger Berman Group, according to Reuters.

According to the company’s website, Erickson has 30 years of experience in the oil and gas industry and has severed in leadership positions at several companies.

Most recently, Erickson served as chairman and CEO of Denver-based PRE Resources from 2010 to 2014 and remains PRE’s chairman of the board.

Owens previously served as operations engineer for Gasco Energy from 2008 to 2010 and was named to Forbes 30 Under 30 in the energy sector category earlier this year.

Extraction Oil & Gas operates in the Greater Wattenberg Field of Colorado’s Denver-Julesburg Basin, targeting development of the Codell and Niobrara formations.

The Wattenberg Field, discovered in 1970, produced over 4.0 trillion cubic feet of natural gas from the J Sand, Codell and Niobrara formations from nearly 20,000 wells, according to the company’s website.


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