Document:

Exhibit 4.1

 

REGISTRATION RIGHTS AGREEMENT

 

THIS REGISTRATION RIGHTS AGREEMENT
(this “Agreement”) is made and entered into as of May 9, 2021, to be effective as of the Effective Time (as defined
below), by and between Bonanza Creek Energy, Inc., a Delaware corporation (the “Company”), and Kimmeridge Chelsea,
LLC (the “Holder”).

 

RECITALS:

 

WHEREAS, this Agreement is
being entered into concurrently with the Agreement and Plan of Merger, dated as of the date hereof, among the Company, Raptor Eagle Merger
Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company, and Extraction Oil & Gas, Inc., a Delaware
corporation (the “Merger Agreement”);

 

WHEREAS, upon consummation
of the transactions contemplated by the Merger Agreement, the Company will issue to the Holder the Shares (as defined below) in accordance
with the terms of the Merger Agreement; and

 

WHEREAS, this Agreement shall
become effective as of the Effective Time.

 

NOW THEREFORE, in consideration
of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged by each party hereto, the parties hereby agree as follows:

 

Article I

DEFINITIONS

 

As used herein, the following
terms shall have the following respective meanings:

 

“Adoption Agreement”
means an Adoption Agreement in the form attached hereto as Exhibit A.

 

“Affiliate”
means as to any Person, any other Person who directly, or indirectly through one or more intermediaries, controls, is controlled by or
is under common control with such Person. As used in this Agreement, the term “control,” including the correlative terms “controlling,”
 “controlled by” and “under common control with,” means possession, directly or indirectly, of the power to direct
or cause the direction of management or policies (whether through ownership of securities or any partnership or other ownership interest,
by contract or otherwise) of a Person. For the avoidance of doubt, for purposes of this Agreement, the Company, on the one hand, and the
Holder, on the other hand, shall not be considered Affiliates.

 

“Agreement”
has the meaning set forth in the introductory paragraph.

 

“Block Trade”
has the meaning set forth in Section 2.3.

 

“Board”
means the board of directors of the Company.

 

     

     

    

 

“Business Day”
means a day other than a day on which banks in the State of New York are authorized or obligated to be closed.

  

“Commission”
means the Securities and Exchange Commission or any successor governmental agency.

 

“Common Stock”
means the common stock of the Company, par value $0.01 per share.

 

“Company”
has the meaning set forth in the introductory paragraph.

 

“Company Securities”
has the meaning set forth in Section 2.5(c)(i).

 

“Effective Time”
has the meaning assigned such term in the Merger Agreement.

 

“Exchange Act”
means the Securities Exchange Act of 1934 or any successor federal statute, and the rules and regulations of the Commission thereunder,
all as the same shall be in effect at the time.

 

“Final Period”
means the period of time beginning on the first anniversary of the Effective Time and ending on the second anniversary of the Effective
Time.

 

“Governmental Entity”
means any federal, state, local or municipal court, governmental, regulatory or administrative agency or commission or other governmental
authority or instrumentality, domestic or foreign (which entity has jurisdiction over the applicable Person).

 

“Holder”
has the meaning set forth in the introductory paragraph and Article V.

 

“Holder Securities”
has the meaning set forth in Section 2.2(b)(i).

 

“Indemnified Party”
has the meaning set forth in Section 3.3.

 

“Indemnifying Party”
has the meaning set forth in Section 3.3.

 

“Initial Period”
means the period of time beginning with the Effective Time and ending on the six month anniversary of the Effective Time.

 

“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended, or any successor federal statute, and the regulations of U.S. Treasury
thereunder, all as the same shall be in effect at the time.

 

“Law” means
any law, rule, regulation, ordinance, code, judgment, order, treaty, convention, governmental directive or other legally enforceable requirement,
U.S. or non-U.S., of any Governmental Entity, including common law.

 

“Losses”
has the meaning set forth in Section 3.1.

 

“Managing Underwriter”
means, with respect to any Underwritten Offering, the lead book-running manager(s) of such Underwritten Offering.

 

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“Merger”
has the meaning assigned such term in the Merger Agreement.

 

“Merger Agreement”
has the meaning set forth in the recitals.

 

“Organized Offering”
means a Shelf Underwritten Offering or a Block Trade.

 

“Permitted Transferee”
means any Affiliate of the Holder, provided that such Transferee has delivered to the Company a duly executed Adoption Agreement.

 

“Person”
means any individual, corporation, partnership, limited liability company, firm, association, trust, government, governmental agency or
other entity, whether acting in an individual, fiduciary or other capacity.

 

“Piggyback Underwritten
Offering” has the meaning set forth in Section 2.5(a).

 

“Proceeding”
means any actual or threatened claim (including a claim of a violation of applicable Law), cause of action, action, audit, demand, litigation,
suit, proceeding, investigation, citation, inquiry, originating application to a tribunal, arbitration or other proceeding at Law or in
equity or order or ruling, in each case whether civil, criminal, administrative, investigative or otherwise, whether in contract, in tort
or otherwise, and whether or not such claim, cause of action, action, audit, demand, litigation, suit, proceeding, investigation, citation,
inquiry, originating application to a tribunal, arbitration or other proceeding or order or ruling results in a formal civil or criminal
litigation or regulatory action.

 

“Registrable Securities”
shall mean (a) the Shares and (b) any securities issued or issuable with respect to the Shares by way of distribution or in
connection with any reorganization or other recapitalization, merger, consolidation or otherwise; provided, however, that a Registrable
Security shall cease to be a Registrable Security when (i) such Registrable Security has been disposed of pursuant to an effective
Registration Statement, (ii) such Registrable Security is disposed of under Rule 144 under the Securities Act or any other exemption
from the registration requirements of the Securities Act as a result of which the Transferee thereof does not receive “restricted
securities” as defined in Rule 144 under the Securities Act, or (iii) such Registrable Security has been sold or disposed
of in a transaction in which the Transferor’s rights under this Agreement are not assigned to the Transferee pursuant to Article V;
and provided, further, that any security that has ceased to be a Registrable Security shall not thereafter become a Registrable
Security and any security that is issued or distributed in respect of securities that have ceased to be Registrable Securities shall not
be a Registrable Security.

 

“Registration Expenses”
means (a) all expenses incurred by the Company in complying with Article II, including, without limitation, all registration
and filing fees, printing expenses, fees and disbursements of counsel and independent public accountants and independent petroleum engineers
for the Company, fees and expenses (including counsel fees) incurred in connection with complying with state securities or “blue
sky” laws, fees of the Financial Industry Regulatory Authority, Inc., and fees of transfer agents and registrars, and (b) reasonable
fees and disbursements of one legal counsel for the Holder; in each case, excluding any Selling Expenses.

 

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“Registration Statement”
means any registration statement of the Company filed or to be filed with the Commission under the Securities Act, including the related
prospectus, amendments and supplements to such registration statement, and including pre- and post-effective amendments, and all exhibits
and all material incorporated by reference in such registration statement.

 

“Section 2.2
Maximum Number of Shares” has the meaning set forth in Section 2.2(b).

 

“Section 2.5
Maximum Number of Shares” has the meaning set forth in Section 2.5(c).

 

“Securities Act”
means the Securities Act of 1933 or any successor federal statute, and the rules and regulations of the Commission thereunder, all
as the same shall be in effect at the time. References to any rule under the Securities Act shall be deemed to refer to any similar
or successor rule or regulation.

 

“Selling Expenses”
means all (a) underwriting fees, discounts and selling commissions allocable to the sale of Registrable Securities, (b) transfer
taxes allocable to the sale of the Registrable Securities, and (c) costs or expenses related to any roadshows conducted in connection
with the marketing of any Shelf Underwritten Offering.

 

“Shares”
means the number of shares of Common Stock issuable to the Holder pursuant to the terms of the Merger Agreement.

 

“Shelf Registration
Statement” has the meaning set forth in Section 2.1(a).

 

“Shelf Underwritten
Offering” has the meaning set forth in Section 2.2(a).

 

“Subsequent Period”
means the period of time beginning on the six month anniversary of the Effective Time and ending on the one year anniversary of the Effective
Time.

 

“Suspension Period”
has the meaning set forth in Section 2.4.

 

“Transfer”
means any offer, sale, pledge, encumbrance, hypothecation, entry into any contract to sell, grant of an option to purchase, short sale,
assignment, transfer, exchange, gift, bequest or other disposition, direct or indirect, in whole or in part, by operation of law or otherwise.
 “Transfer,” when used as a verb, and “Transferee” and “Transferor” have correlative
meanings.

 

“Underwritten Offering”
means a registered underwritten offering (including an offering pursuant to a Shelf Registration Statement) in which shares of Common
Stock are sold to an underwriter on a firm commitment basis for reoffering to the public.

 

“Underwritten Offering
Filing” means (a) with respect to a Shelf Underwritten Offering, a preliminary prospectus supplement (or prospectus supplement
if no preliminary prospectus supplement is used) to the Shelf Registration Statement relating to such Shelf Underwritten Offering, and
(b) with respect to a Piggyback Underwritten Offering, (i) a preliminary prospectus supplement (or prospectus supplement if
no preliminary prospectus supplement is used) to an effective shelf Registration Statement (other than the Shelf Registration Statement)
in which Registrable Securities could be included and the Holder could be named as a selling security holder without the filing of a post-effective
amendment thereto (other than a post-effective amendment that becomes effective upon filing) or (ii) a Registration Statement (other
than the Shelf Registration Statement), in each case relating to such Piggyback Underwritten Offering.

 

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“WKSI”
means a well-known seasoned issuer (as defined in Rule 405 under the Securities Act).

 

Article II

REGISTRATION RIGHTS

 

Section 2.1            Shelf
Registration.

 

(a)            Within
20 Business Days of the written request of the Holder, which written request may be delivered no earlier than three months after the Effective
Time, the Company shall prepare and file a “shelf” registration statement under the Securities Act to permit the resale of
the Registrable Securities from time to time as permitted by Rule 415 under the Securities Act (or any similar provision adopted
by the Commission then in effect) (the “Shelf Registration Statement”), and the Company shall use commercially reasonable
efforts to cause such Registration Statement to become or be declared effective as soon as practicable after the filing thereof, including
by filing an automatic shelf registration statement that becomes effective upon filing with the Commission in accordance with Rule 462(e) under
the Securities Act to the extent the Company is then a WKSI. Following the effective date of the Shelf Registration Statement, the Company
shall notify the Holder of the effectiveness of such Registration Statement.

 

(b)            The
Shelf Registration Statement shall be on Form S-3 or, if Form S-3 is not then available to the Company, on Form S-1 or
such other form of registration statement as is then available to effect a registration for resale of the Registrable Securities and shall
contain a prospectus in such form as to permit the Holder to sell the Registrable Securities pursuant to Rule 415 under the Securities
Act (or any successor or similar rule adopted by the Commission then in effect) at any time beginning on the effective date for such
Registration Statement. The Shelf Registration Statement shall provide for the distribution or resale pursuant to any method or combination
of methods legally available to the Holder and requested by the Holder.

 

(c)            The
Company shall use commercially reasonable efforts to cause the Shelf Registration Statement to remain effective, and to be supplemented
and amended to the extent necessary to ensure that the Shelf Registration Statement is available or, if not available, that another Registration
Statement is available, for the resale of all the Registrable Securities until all of the Registrable Securities have ceased to be Registrable
Securities or the earlier termination of this Agreement pursuant to Section 6.1.

 

(d)            When
effective, the Shelf Registration Statement (including the documents incorporated therein by reference) will comply as to form in all
material respects with all applicable requirements of the Securities Act and the Exchange Act and will not contain an untrue statement
of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading
(in the case of any prospectus contained in the Shelf Registration Statement, in the light of the circumstances under which such statements
are made).

 

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Section 2.2          Underwritten
Shelf Offering Requests.

 

(a)          In
the event that the Holder elects to dispose of Registrable Securities totaling 5% or more of the outstanding shares of Common Stock of
the Company under a Registration Statement pursuant to an Underwritten Offering, the Company shall, at the request of the Holder, subject
to the agreement of the Company on the form of such Underwritten Offering (whether a typical underwritten offering, or an overnight or
bought deal), enter into an underwriting agreement in a form as is customary in Underwritten Offerings of securities by the Company with
the underwriter or underwriters selected pursuant to Section 2.2(c) and shall take all such other reasonable actions
as are requested by the Managing Underwriter of such Underwritten Offering and/or the Holder in order to expedite or facilitate the disposition
of such Registrable Securities (a “Shelf Underwritten Offering”); provided, however, that the Company shall
have no obligation to facilitate or participate in (i) any Shelf Underwritten Offerings that are initiated by the Holder pursuant
to this Section 2.2 during the Initial Period, or (ii) more than one Organized Offering that is initiated by the Holder
pursuant to this Section 2.2 or Section 2.3 during or after the Subsequent Period.

 

(b)          If
the Managing Underwriter of the Shelf Underwritten Offering shall inform the Company and the Holder in writing of its belief that the
number of Registrable Securities requested to be included in such Shelf Underwritten Offering by any other Persons having registration
rights with respect to such offering, when added to the number of Registrable Securities proposed to be offered by the Holder, would materially
adversely affect such offering, then the Company shall include in the applicable Underwritten Offering Filing, to the extent of the total
number of Registrable Securities that the Company is so advised can be sold in such Shelf Underwritten Offering without so materially
adversely affecting such offering (the “Section 2.2 Maximum Number of Shares”), Registrable Securities in the
following priority:

 

(i)            First,
all Registrable Securities that the Holder requested to be included therein (the “Holder Securities”), and

 

(ii)           Second,
to the extent that the number of Holder Securities is less than the Section 2.2 Maximum Number of Shares, the shares of Common Stock
requested to be included by any other Persons having registration rights with respect to such offering, pro rata among such other
Persons based on the number of shares of Common Stock each requested to be included.

 

(c)          The
Company shall propose three or more nationally prominent firms of investment bankers reasonably acceptable to the Company to act as the
Managing Underwriter or as other underwriters in connection with such Shelf Underwritten Offering from which the Holder shall select the
Managing Underwriter and the other underwriters. The Holder shall determine the pricing of the Registrable Securities offered pursuant
to any Shelf Underwritten Offering and the applicable underwriting discounts and commissions and determine the timing of any such Shelf
Underwritten Offering, subject to Section 2.4.

 

Section 2.3          Block
Trades. In the event that the Holder elects
to dispose of Registrable Securities totaling 5% or more of the outstanding shares of Common Stock of the Company pursuant to an unregistered
block trade with the assistance of the Company (a “Block Trade”), the Company shall, at the request of the Holder,
enter into customary agreements and shall take all such other customary actions as are requested by the Holder in order to expedite or
facilitate the disposition of such Registrable Securities; provided, however, that the Company shall have no obligation
to facilitate or participate in (i) any Block Trades that are initiated by the Holder pursuant to this Section 2.3 during
the Initial Period, or (ii) more than one Organized Offering that is initiated by the Holder pursuant to Section 2.2
or this Section 2.3 during or after the Subsequent Period.

 

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Section 2.4            Delay
and Suspension Rights. Notwithstanding any other provision of this Agreement, the Company
may (i) delay filing or effectiveness of a Shelf Registration Statement (or any amendment thereto) or effecting a Shelf Underwritten
Offering, (ii) suspend the Holder’s use of any prospectus that is a part of a Shelf Registration Statement upon written notice
to the Holder (provided that in no event shall such notice contain any material non-public information regarding the Company) (in which
event the Holder shall discontinue sales of Registrable Securities pursuant to such Registration Statement but may settle any then-contracted
sales of Registrable Securities), or (iii) delay a Block Trade, in each case for a period of up to 60 consecutive days, if the Board
determines (A) that such delay or suspension is in the best interest of the Company and its stockholders generally due to a pending
financing or other transaction involving the Company, including a proposed sale of Common Stock pursuant to a Registration Statement,
(B) that such registration or offering would render the Company unable to comply with applicable securities Laws or (C) that
such registration or offering would require disclosure of material information that the Company has a bona fide business purpose
for preserving as confidential (any such period, a “Suspension Period”); provided, however, that in no event
shall any Suspension Periods collectively exceed an aggregate of 120 days in any 12-month period.

 

Section 2.5            Piggyback
Registration Rights.

 

(a)            Subject
to Section 2.5(c), if the Company at any time proposes to file an Underwritten Offering Filing for an Underwritten Offering
of shares of Common Stock for its own account or for the account of any other Persons who have or have been granted registration rights
(a “Piggyback Underwritten Offering”), it will give written notice of such Piggyback Underwritten Offering to the Holder,
which notice shall be held in strict confidence by the Holder and shall include the anticipated filing date of the Underwritten Offering
Filing and, if known, the number of shares of Common Stock that are proposed to be included in such Piggyback Underwritten Offering, and
of such Holder’s rights under this Section 2.5(a). Such notice shall be given promptly (and in any event at least five
Business Days before the filing of the Underwritten Offering Filing or two Business Days before the filing of the Underwritten Offering
Filing in connection with a bought or overnight Underwritten Offering); provided, that if the Piggyback Underwritten Offering is
a bought or overnight Underwritten Offering and the Managing Underwriter advises the Company that the giving of notice pursuant to this
Section 2.5(a) would adversely affect the offering, no such notice shall be required (and the Holder shall have no right
to include Registrable Securities in such bought or overnight Underwritten Offering). If such notice is delivered pursuant to this Section 2.5(a),
the Holder shall then have four Business Days (or one Business Day in the case of a bought or overnight Underwritten Offering) after the
date on which the Holder received notice pursuant to this Section 2.5(a)  to request inclusion of Registrable Securities
in the Piggyback Underwritten Offering (which request shall specify the maximum number of Registrable Securities intended to be disposed
of by the Holder and such other information as is reasonably required to effect the inclusion of such Registrable Securities). If no request
for inclusion from the Holder is received within such period, the Holder shall have no further right to participate in such Piggyback
Underwritten Offering. Subject to Section 2.5(c), the Company shall use its commercially reasonable efforts to include in
the Piggyback Underwritten Offering all Registrable Securities that the Company has been so requested to include by the Holder; provided,
however, that if, at any time after giving written notice of a proposed Piggyback Underwritten Offering pursuant to this Section 2.5(a) and
prior to the execution of an underwriting agreement with respect thereto, the Company or such other Persons who have or have been granted
registration rights, as applicable, shall determine for any reason not to proceed with or to delay such Piggyback Underwritten Offering,
the Company shall give written notice of such determination to the Holder (which the Holder will hold in strict confidence) and (i) in
the case of a determination not to proceed, shall be relieved of its obligation to include any Registrable Securities in such Piggyback
Underwritten Offering (but not from any obligation of the Company to pay the Registration Expenses in connection therewith), and (ii) in
the case of a determination to delay, shall be permitted to delay inclusion of any Registrable Securities for the same period as the delay
in including the shares of Common Stock to be sold for the Company’s account or for the account of such other Persons who have or
have been granted registration rights, as applicable.

 

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(b)          The
Holder shall have the right to withdraw its request for inclusion of its Registrable Securities in any Piggyback Underwritten Offering
at any time prior to the execution of an underwriting agreement with respect thereto by giving written notice to the Company of its request
to withdraw. The Holder may deliver written notice (an “Opt-Out Notice”) to the Company requesting that the Holder
not receive notice from the Company of any proposed Piggyback Underwritten Offering; provided, however, that the Holder may later
revoke any such Opt-Out Notice in writing. Following receipt of an Opt-Out Notice from the Holder (unless subsequently revoked), the Company
shall not, and shall not be required to, deliver any notice to the Holder pursuant to this Section 2.5 and the Holder shall
no longer be entitled to participate in any Piggyback Underwritten Offering.

 

(c)          If
the Managing Underwriter of the Piggyback Underwritten Offering shall inform the Company of its belief that the number of Registrable
Securities requested to be included in such Piggyback Underwritten Offering, when added to the number of shares of Common Stock proposed
to be offered by the Company or such other Persons who have or have been granted registration rights (and any other shares of Common Stock
requested to be included by any other Persons having registration rights on parity with the Holder with respect to such offering), would
materially adversely affect such offering, then the Company shall include in such Piggyback Underwritten Offering, to the extent of the
total number of securities which the Company is so advised can be sold in such offering without so materially adversely affecting such
offering (the “Section 2.5 Maximum Number of Shares”), shares of Common Stock in the following priority:

 

(i)            First,
(A) if the Piggyback Underwritten Offering is for the account of the Company, all shares of Common Stock that the Company proposes
to include for its own account (the “Company Securities”) or, (B) if the Piggyback Underwritten Offering is for
the account of any other Persons who have or have been granted registration rights, all shares of Common Stock that such Persons propose
to include (the “Other Securities”); and

 

(ii)            Second,
(A) if the Piggyback Underwritten Offering is for the account of the Company, to the extent that the number of Company Securities
is less than the Section 2.5 Maximum Number of Shares, the shares of Common Stock requested to be included by the Holder and holders
of any other shares of Common Stock requested to be included by Persons having rights of registration on parity with the Holder with respect
to such offering, pro rata among the Holder and such other holders based on the number of shares of Common Stock each requested
to be included and, (B) if the Piggyback Underwritten Offering is for the account of any other Persons who have or have been granted
registration rights, to the extent that the number of Other Securities is less than the Section 2.5 Maximum Number of Shares, the
shares of Common Stock requested to be included by the Holder.

 

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Section 2.6          Participation
in Underwritten Offerings.

 

(a)          In
connection with any Underwritten Offering contemplated by Section 2.2 or Section 2.5, the underwriting agreement
into which the Holder and the Company shall enter into shall contain such representations, covenants, indemnities (subject to Article III)
and other rights and obligations as are customary in Underwritten Offerings of securities by the Company. The Holder shall not be required
to make any representations or warranties to or agreements with the Company or the underwriters other than representations, warranties
or agreements regarding the Holder’s authority to enter into such underwriting agreement and to sell, and its ownership of, the
securities being registered on its behalf, its intended method of distribution and any other representation required by Law.

 

(b)          Any
participation by the Holder in a Piggyback Underwritten Offering shall be in accordance with the plan of distribution of the Company.

 

(c)        In
connection with any Piggyback Underwritten Offering in which the Holder includes Registrable Securities pursuant to Section 2.5,
the Holder agrees (A) to supply any information reasonably requested by the Company in connection with the preparation of a Registration
Statement and/or any other documents relating to such registered offering and (B) to execute and deliver any agreements and instruments
being executed by all holders on substantially the same terms reasonably requested by the Company or the Managing Underwriter, as applicable,
to effectuate such registered offering, including, without limitation, underwriting agreements (subject to Section 2.6(a)),
custody agreements, lock-ups or “hold back” agreements pursuant to which the Holder agrees with the Managing Underwriter not
to sell or purchase any securities of the Company for the shorter of (i) the same period of time following the registered offering
as is agreed to by the Company and the other participating holders (not to exceed the shortest number of days that a director of the Company,
 “executive officer” (as defined under Section 16 of the Exchange Act) of the Company or any stockholder of the Company
(other than the Holder or director or employee of, or consultant to, the Company) who owns 10% or more of the outstanding Shares contractually
agrees with the underwriters of such Piggyback Underwritten Offering not to sell any securities of the Company following such Piggyback
Underwritten Offering and (ii) 60 days from the date of the execution of the underwriting agreement with respect to such Piggyback
Underwritten Offering), powers of attorney and questionnaires.

 

Section 2.7          Registration
Procedures.

 

(a)          In
connection with its obligations under this Article II (other than Section 2.3), the Company will:

 

(i)            promptly
prepare and file with the Commission such amendments and supplements to such Registration Statement and the prospectus used in connection
therewith as may be necessary to keep such Registration Statement effective and to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such Registration Statement until such time as all of such securities have been
disposed of in accordance with the intended methods of disposition by the Holder set forth in such Registration Statement;

 

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(ii)            furnish
to the Holder such number of conformed copies of such Registration Statement and of each such amendment and supplement thereto (in each
case including without limitation all exhibits), such number of copies of the prospectus contained in such Registration Statement (including
without limitation each preliminary prospectus and any summary prospectus) and any other prospectus filed under Rule 424 under the
Securities Act, in conformity with the requirements of the Securities Act, and such other documents, as the Holder may reasonably request;

 

(iii)          if
applicable, use commercially reasonable efforts to register or qualify all Registrable Securities and other securities covered by such
Registration Statement under such other securities or blue sky laws of such jurisdictions as the Holder shall reasonably request, to keep
such registration or qualification in effect for so long as such Registration Statement remains in effect, and to take any other action
which may be reasonably necessary or advisable to enable the Holder to consummate the disposition in such jurisdictions of the securities
owned by the Holder, except that the Company shall not for any such purpose be required to qualify generally to do business as a foreign
corporation in any jurisdiction wherein it would not but for the requirements of this clause (iii) be obligated to be so qualified
or to consent to general service of process in any such jurisdiction;

 

(iv)            in
connection with an Underwritten Offering, use all commercially reasonable efforts to provide to the Holder a copy of any auditor “comfort”
letters, customary legal opinions or reports of the independent petroleum engineers of the Company relating to the oil and gas reserves
of the Company, in each case that have been provided to the Managing Underwriter in connection with the Underwritten Offering;

 

(v)             promptly
notify the Holder, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, upon discovery
that, or upon the happening of any event as a result of which, the prospectus included in such Registration Statement, as then in effect,
includes an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make
the statements therein not misleading in the light of the circumstances under which they were made, and at the request of the Holder promptly
prepare and file or furnish to the Holder a reasonable number of copies of a supplement or post-effective amendment to the Registration
Statement or a supplement to the related prospectus or any document incorporated or deemed to be incorporated therein by reference, or
file any other required document as may be necessary so that, as thereafter delivered to the purchasers of such securities, such prospectus
shall not include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein not misleading in the light of the circumstances under which they were made;

 

(vi)            otherwise
use its commercially reasonable efforts to comply with all applicable rules and regulations of the Commission, and make available
to its security holders, as soon as reasonably practicable, an earnings statement, which earnings statement shall satisfy the provisions
of Section 11(a) of the Securities Act;

 

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(vii)          provide
and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by such Registration Statement from and
after a date not later than the effective date of such Registration Statement;

 

(viii)            cause
all Registrable Securities covered by such Registration Statement to be listed on any securities exchange on which the Common Stock is
then listed; and

 

(ix)            in
connection with any Underwritten Offering or Block Trade, enter into such customary agreements and take such other actions as the Holder
shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and

 

(x)            in
connection with any Underwritten Offering, cause its officers to use their commercially reasonable efforts to support the marketing of
the Registrable Securities covered by the Registration Statement (including, without limitation, participation in electronic or telephonic
 “road shows”).

 

(b)            The
Holder agrees by acquisition of such Registrable Securities that upon receipt of any notice from the Company of the happening of any event
of the kind described in Section 2.7(a)(v), the Holder will forthwith discontinue the Holder’s disposition of Registrable
Securities pursuant to the Registration Statement until the Holder’s receipt of the copies of the supplemented or amended prospectus
contemplated by Section 2.7(a)(v) as filed with the Commission or until it is advised in writing by the Company that
the use of such Registration Statement may be resumed, and, if so directed by the Company, will deliver to the Company (at the Company’s
expense) all copies, other than permanent file copies, then in the Holder’s possession of the prospectus relating to such Registrable
Securities current at the time of receipt of such notice. The Company may provide appropriate stop orders to enforce the provisions of
this Section 2.7(b).

 

Section 2.8            Cooperation
by Holder. The Company shall have no obligation to include Registrable Securities in any
Registration Statement or Underwritten Offering if the Holder has failed to timely furnish such information as the Company may, from time
to time, reasonably request in writing regarding the Holder and the distribution of such Registrable Securities that the Company determines,
after consultation with its counsel, is reasonably required in order for any registration statement or prospectus supplement, as applicable,
to comply with the Securities Act.

 

Section 2.9            RESERVED.

 

    	 	11	 

     

    

 

Article III

INDEMNIFICATION AND CONTRIBUTION

 

Section 3.1            Indemnification
by the Company. The Company will indemnify and hold harmless the Holder, its officers and
directors and each Person (if any) that controls the Holder within the meaning of either Section 15 of the Securities Act or Section 20
of the Exchange Act from and against any and all losses, claims, damages, liabilities, costs (including reasonable costs of preparation
and reasonable attorneys’ fees and any legal or other fees or expenses incurred by such Person in connection with any investigation
or Proceeding), expenses, judgments, fines, penalties, charges and amounts paid in settlement (“Losses”) as incurred,
caused by, arising out of or based upon, resulting from or related to any untrue statement or alleged untrue statement of a material fact
contained in any Registration Statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or based on any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading (in the case
of any prospectus, in the light of the circumstances under which such statement is made), provided, however, that such indemnity
shall not apply to that portion of such Losses caused by, or arising out of, any untrue statement, or alleged untrue statement or any
such omission or alleged omission, to the extent such statement or omission was made in reliance upon and in conformity with information
furnished in writing to the Company by or on behalf of the Holder expressly for use therein.

 

Section 3.2            Indemnification
by the Holder. The Holder agrees to indemnify and hold harmless the Company, its officers
and directors and each Person (if any) that controls the Company within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act from and against any and all Losses caused by, arising out of, resulting from or related to any untrue
statement or alleged untrue statement of a material fact contained in any Registration Statement or prospectus relating to Registrable
Securities (as amended or supplemented if the Company shall have furnished any amendments or supplements thereto) or any preliminary prospectus,
or any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein not misleading (in the case of any prospectus, in the light of the circumstances under which such statement is made), only to
the extent such statement or omission was made in reliance upon and in conformity with information furnished in writing by or on behalf
of the Holder expressly for use in such Registration Statement or prospectus relating to the Registrable Securities, or any amendment
or supplement thereto, or any preliminary prospectus.

 

Section 3.3            Indemnification
Procedures. In case any Proceeding (including any governmental investigation) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to Section 3.1 or Section 3.2, such
Person (the “Indemnified Party”) shall promptly notify the Person against whom such indemnity may be sought (the “Indemnifying
Party”) in writing (provided that the failure of the Indemnified Party to give notice as provided herein shall not relieve the
Indemnifying Party of its obligations under this Article III, except to the extent the Indemnifying Party is actually prejudiced
by such failure to give notice), and the Indemnifying Party shall be entitled to participate in such Proceeding and, unless in the reasonable
opinion of outside counsel to the Indemnified Party a conflict of interest between the Indemnified Party and Indemnifying Party may exist
in respect of such claim, to assume the defense thereof jointly with any other Indemnifying Party similarly notified, to the extent that
it chooses, with counsel reasonably satisfactory to such Indemnified Party, and after notice from the Indemnifying Party to such Indemnified
Party that it so chooses, the Indemnifying Party shall not be liable to such Indemnified Party for any legal or other expenses subsequently
incurred by such Indemnified Party in connection with the defense thereof other than reasonable costs of investigation; provided,
however, that (i) if the Indemnifying Party fails to assume the defense or employ counsel reasonably satisfactory to the Indemnified
Party, (ii) if such Indemnified Party who is a defendant in any action or Proceeding which is also brought against the Indemnifying
Party reasonably shall have concluded that there may be one or more legal defenses available to such Indemnified Party which are not available
to the Indemnifying Party or (iii) if representation of both parties by the same counsel is otherwise inappropriate under applicable
standards of professional conduct then, in any such case, the Indemnified Party shall have the right to assume or continue its own defense
as set forth above (but with no more than one firm of counsel for all Indemnified Parties in each jurisdiction, except to the extent any
Indemnified Party or Indemnified Parties reasonably shall have concluded that there may be legal defenses available to such party or parties
which are not available to the other Indemnified Parties or to the extent representation of all Indemnified Parties by the same counsel
is otherwise inappropriate under applicable standards of professional conduct) and the Indemnifying Party shall be liable for any expenses
therefor. No Indemnifying Party shall, without the written consent of the Indemnified Party, effect the settlement or compromise of, or
consent to the entry of any judgment with respect to, any pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the Indemnified Party is an actual or potential party to such action or claim) unless
such settlement, compromise or judgment (A) includes an unconditional release of the Indemnified Party from all liability arising
out of such action or claim and (B) does not include a statement as to, or an admission of, fault, culpability or a failure to act,
by or on behalf of any Indemnified Party.

 

    	 	12	 

     

    

 

Section 3.4            Contribution.

 

(a)           If
the indemnification provided for in this Article III is unavailable to an Indemnified Party in respect of any Losses in respect
of which indemnity is to be provided hereunder, then each Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall to
the fullest extent permitted by Law contribute to the amount paid or payable by such Indemnified Party as a result of such Losses in such
proportion as is appropriate to reflect the relative fault of such party in connection with the statements or omissions that resulted
in such Losses, as well as any other relevant equitable considerations. The relative fault of the Company (on the one hand) and the Holder
(on the other hand) shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied by such party and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

 

(b)         The
Company and the Holder agree that it would not be just and equitable if contribution pursuant to this Article III were determined
by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in
Section 3.4(a). The amount paid or payable by an Indemnified Party as a result of the losses, claims, damages or liabilities
referred to in Section 3.4(a) shall be deemed to include, subject to the limitations set forth above, any legal or other
expenses reasonably incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding
the provisions of this Article III, the Holder shall not be liable for indemnification or contribution pursuant to this Article III
for any amount in excess of the net proceeds of the offering received by the Holder, less the amount of any damages which the Holder has
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty
of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
from any Person who was not guilty of such fraudulent misrepresentation.

 

    	 	13	 

     

    

 

Article IV

RULE 144

  

With a view to making available
the benefits of certain rules and regulations of the Commission that may permit the resale of the Registrable Securities without
registration, the Company agrees to use its commercially reasonable efforts to:

 

(a)            make
and keep public information regarding the Company available, as those terms are understood and defined in Rule 144 under the Securities
Act, at all times from and after the date hereof;

 

(b)            file
with the Commission in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange
Act at all times from and after the date hereof; and

 

(c)           so
long as the Holder owns any Registrable Securities, furnish (i) to the extent accurate, forthwith upon request, a written statement
of the Company that it has complied with the reporting requirements of Rule 144 under the Securities Act and (ii) unless otherwise
available via the Commission’s EDGAR filing system, to the Holder forthwith upon request a copy of the most recent annual or quarterly
report of the Company, and such other reports and documents so filed as the Holder may reasonably request in availing itself of any rule or
regulation of the Commission allowing the Holder to sell any such securities without registration.

 

Article V

TRANSFER OR ASSIGNMENT OF REGISTRATION RIGHTS

 

The rights to cause the Company
to register Registrable Securities or assist in a Block Trade under Article II of this Agreement may be transferred or
assigned by the Holder to one or more Transferees of Registrable Securities if such Transferee is a Permitted Transferee and such Transferee
has delivered to the Company a duly executed Adoption Agreement. Following any Transfer in compliance with this Article V,
references to the “Holder” in this Agreement shall include the Holder and any Permitted Transferee(s) collectively as
a group.

 

Article VI

MISCELLANEOUS

 

Section 6.1            Effectiveness.
This Agreement shall not become effective until the Effective Time and shall thereafter be effective until terminated in accordance with
the terms of this Agreement. In the event that the Merger Agreement is terminated prior to the consummation of the transactions contemplated
thereby, this Agreement and all the terms hereunder shall also terminate, regardless of any other provisions set forth in this Agreement.

 

Section 6.2           Termination.
After effectiveness in accordance with Section 6.1, this Agreement shall terminate, and the parties shall have no further
rights or obligations hereunder on (a) the second anniversary of the date hereof or (b) on such earlier date on which both (i) the
Holder owns less than 2.5% of the Company’s voting securities and (ii) all Registrable Securities owned by the Holder may be
sold without restriction (including any limitation thereunder on volume or manner of sale and without the need for current public information)
pursuant to Rule 144 under the Securities Act; provided, however, that Article III shall survive any termination
hereof.

 

    	 	14	 

     

    

 

Section 6.3            Severability
and Construction. Each party hereto agrees that, should any court or other competent authority
hold any provision of this Agreement or part hereof to be invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such other term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable,
the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties hereto as
closely as possible in a mutually acceptable manner in order that the transactions contemplated by the Merger Agreement be consummated
as originally contemplated to the greatest extent possible. Except as otherwise contemplated by this Agreement, in response to an order
from a court or other competent authority for any party hereto to take any action inconsistent herewith or not to take an action consistent
herewith or required hereby, to the extent that a party hereto took an action inconsistent with this Agreement or failed to take action
consistent with this Agreement or required by this Agreement pursuant to such order, such party hereto shall not incur any liability or
obligation unless such party hereto did not in good faith seek to resist or object to the imposition or entering of such order.

 

Section 6.4            Governing
Law; Submission to Jurisdiction; Selection of Forum; Waiver of Jury Trial.

 

(a)            THIS
AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT OF RELATE TO THIS AGREEMENT,
OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

 

(b)           THE
PARTIES HERETO IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF THE COURT OF CHANCERY
OF THE STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF the
General Corporation Law of the State of Delaware, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION
OVER SUCH MATTER, THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE
OF DELAWARE SOLELY IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS
AGREEMENT AND THE DOCUMENTS REFERRED TO IN THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT, AND
HEREBY WAIVE, AND AGREE NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY
SUCH DOCUMENT THAT IT IS NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN
SAID COURTS OR THAT VENUE THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN
OR BY SUCH COURTS, AND THE PARTIES HERETO IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD
AND DETERMINED EXCLUSIVELY BY SUCH DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION
OVER THE PERSON OF SUCH PARTIES AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION
WITH SUCH ACTION, SUIT OR PROCEEDING IN THE MANNER PROVIDED IN Section 6.7
OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND SUFFICIENT SERVICE THEREOF.

 

    	 	15	 

     

    

 

(c)           EACH
PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT
ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY
IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT. EACH PARTY HERETO CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH
PARTY MAKES THE FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS Section 6.4.

 

Section 6.5            Adjustments
Affecting Registrable Securities. The provisions of this Agreement shall apply to any and
all shares of capital stock of the Company or any successor or assignee of the Company (whether by merger, consolidation, sale of assets
or otherwise) which may be issued in respect of, in exchange for or in substitution for the Shares, by reason of any stock dividend, split,
reverse split, combination, recapitalization, reclassification, merger, consolidation or otherwise in such a manner and with such appropriate
adjustments as to reflect the intent and meaning of the provisions hereof and so that the rights, privileges, duties and obligations hereunder
shall continue with respect to the capital stock of the Company as so changed.

 

Section 6.6            Binding
Effects; Benefits of Agreement. This Agreement shall be binding upon and inure to the benefit
of the Company and its successors and assigns and the Holder and its successors and assigns. Except as provided in Article V,
neither this Agreement nor any of the rights, benefits or obligations hereunder may be assigned or transferred, by operation of law or
otherwise, by the Holder without the prior written consent of the Company.

 

    	 	16	 

     

    

 

Section 6.7           Notices.
All notices hereunder shall be deemed given if in writing and delivered, by electronic mail, courier, or registered or certified mail
(return receipt requested), to the following addresses (or at such other addresses as shall be specified by like notice):

 

(a)            If
to the Company, to:

 

Bonanza Creek Energy, Inc.

410 17th St.

Denver, CO 80202

Attention: Skip Marter, General Counsel

E
mail: SMarter@bonanzacrk.com

 

(b)          If
to the Holder, to the address or electronic mail addresses of the Holder as it appears on the Holder’s signature page attached
hereto or such other address as may be designated in writing by the Holder;

 

or to such other address as the party to whom
notice is to be given may have furnished to such other party in writing in accordance herewith. Any notice given by delivery, mail, or
courier shall be effective when received.

 

Section 6.8            Modification;
Waiver. This Agreement may be amended, modified or supplemented only by a written instrument
duly executed by the Company and the Holder. No course of dealing between the Company and the Holder or any delay in exercising any rights
hereunder will operate as a waiver of any rights of any party to this Agreement. The failure of any party to enforce any of the provisions
of this Agreement will in no way be construed as a waiver of such provisions and will not affect the right of such party thereafter to
enforce each and every provision of this Agreement in accordance with its terms.

 

Section 6.9          Entire
Agreement. Except as otherwise explicitly provided herein, this Agreement (together with
the Merger Agreement, the Confidentiality Agreement (as defined in the Merger Agreement), and any other documents and instruments executed
pursuant hereto or thereto) constitutes the entire agreement among the parties hereto with respect to the subject matter hereof and supersedes
all prior agreements, oral or written, among the parties hereto with respect thereto.

 

Section 6.10          Counterparts.
This Agreement may be executed and delivered in any number of counterparts and by way of electronic signature and delivery, each such
counterpart, when executed and delivered, shall be deemed an original, and all of which together shall constitute the same agreement.
Except as expressly provided in this Agreement, each individual executing this Agreement on behalf of a party hereto has been duly authorized
and empowered to execute and deliver this Agreement on behalf of said party hereto.

 

Section 6.11        Further
Assurances. Subject to the other terms of this Agreement, the parties hereto agree to execute
and deliver such other instruments and perform such acts, in addition to the matters herein specified, as may be reasonably appropriate
or necessary, from time to time, to effectuate the transactions contemplated by the Merger Agreement, as applicable.

 

Section 6.12          Prior
Registration Rights. For the avoidance of doubt, the Holder is deemed to have registration
rights on parity with the registration rights granted in that certain Registration Rights Agreement, dated as of April 1, 2021,
by and among the Company and Franklin Advisers, Inc., as investment manager on behalf of certain funds and accounts. In addition,
Holder hereby agrees that the rights of Holder and/or its Affiliates under that certain Registration Rights Agreement, dated January 20,
2021, between Extraction Oil & Gas, Inc. and the holders party thereto, shall automatically terminate upon the effectiveness
of this Agreement without further action by any Person.

 

[signature page follows]

 

    	 	17	 

     

    

 

IN WITNESS WHEREOF, each of
the parties hereto has caused this Agreement to be executed by its undersigned duly authorized representative as of the date first written
above.

 

	 	THE COMPANY:
	 	 	 
	 	BONANZA CREEK ENERGY, INC.
	 	 	 
	 	By:	/s/ Cyrus D. Marter IV
	 	Name:	Cyrus D. Marter IV 
	 	Title:	Executive Vice President, General Counsel
              and Secretary 

 

Signature
Page To Registration Rights Agreement

 

    	 	 	 

     

    

 

	 	holder:
	 	 	 
	 	Kimmeridge Chelsea, LLC
	 	 	 
	 	By:	Kimmeridge Energy Management Company, LLC, the investment adviser to its parent companies 
	 	 	 
	 	By:	/s/ Tamar Goldstein 
	 	Name:	Tamar Goldstein 
	 	Title:	General Counsel 

 

Notices: 

 

c/o Kimmeridge Energy Management Company, LLC

412 West 15th Street, 11th Floor

New York, New York 10011

Attention: Tamar Goldstein, Esq. 

E-mail: tamar.goldstein@kimmeridge.com 

 

with a required copy to (which copy shall not constitute notice):  

 

Schulte Roth & Zabel LLP
  

919 Third Avenue  

New York, NY 10022 

	Attention:	Eleazer Klein, Esq. 
	 	Adrianna Schwartz, Esq. 

	E-mail:	eleazer.klein@srz.com 
	 	adrianna.schwartz@srz.com

 

Signature
Page To Registration Rights Agreement

 

    	 	 	 

     

    

 

EXHIBIT A

 

ADOPTION AGREEMENT

 

This Adoption Agreement (“Adoption
Agreement”) is executed by the undersigned transferee (“Transferee”) pursuant to the terms of the Registration
Rights Agreement, dated as of May 9, 2021, between Bonanza Creek Energy, Inc. (the “Company”) and Kimmeridge
Chelsea, LLC (the “Holder”) (as amended from time to time, the “Registration Rights Agreement”).
Terms used and not otherwise defined in this Adoption Agreement have the meanings set forth in the Registration Rights Agreement.

 

By the execution of this Adoption
Agreement, the Transferee agrees as follows:

 

		1.	Acknowledgement. Transferee acknowledges that Transferee is acquiring certain shares of Common
Stock of the Company, subject to the terms and conditions of the Registration Rights Agreement among the Company and the Holder.

 

		2.	Agreement. Transferee (i) agrees that the shares of Common Stock of the Company acquired by
Transferee shall be bound by and subject to the terms of the Registration Rights Agreement, pursuant to the terms thereof, and (ii) hereby
adopts the Registration Rights Agreement with the same force and effect as if he, she or it were originally a party thereto.

 

		3.	Notice. Any notice required as permitted by the Registration Rights Agreement shall be given to
Transferee at the address listed beside Transferee’s signature below.

 

		4.	Joinder. The spouse of the undersigned Transferee, if applicable, executes this Adoption Agreement
to acknowledge its fairness and that it is in such spouse’s best interest, and to bind such spouse’s community interest, if
any, in the shares of Common Stock and other securities referred to above and in the Registration Rights Agreement, to the terms of the
Registration Rights Agreement.

 

Signature:

 

	 	 
	 	 
	 	 

 

Address:

Contact Person:

Telephone No:

Email:

 

    	 	Exhibit AExhibit 10.1

 

VOTING AGREEMENT

 

This Voting Agreement (this
 “Agreement”), dated as of May 9, 2021, is entered into by and among Bonanza Creek Energy, Inc., a
Delaware corporation (“Parent”), Extraction Oil & Gas, Inc., a Delaware corporation (the “Company”),
and Kimmeridge Energy Management Company, LLC, a Delaware limited liability company (“Stockholder”). Parent,
the Company and Stockholder are each sometimes referred to herein individually as a “Party” and collectively
as the “Parties.”

 

WHEREAS, concurrently with
the execution of this Agreement, the Company, Parent, and Merger Sub, are entering into an Agreement and Plan of Merger (as the same may
be amended from time to time, the “Merger Agreement”), providing for, among other things, the merger (the “Merger”)
of Merger Sub and the Company pursuant to the terms and conditions of the Merger Agreement;

 

WHEREAS, in order to induce
Parent to enter into the Merger Agreement, Stockholder is willing to make certain representations, warranties, covenants, and agreements
as set forth in this Agreement with respect to the 9,799,080 shares of common stock, par value $0.01 per share, of the Company (“Company
Common Stock”) Beneficially Owned (as defined below) by Stockholder (the “Original Shares” and,
together with any additional shares of Company Common Stock pursuant to Section 6 hereof, the “Shares”);
and

 

WHEREAS, as a condition to
their willingness to enter into the Merger Agreement, Parent and the Company have required that Stockholder, and Stockholder has agreed
to, execute and deliver this Agreement.

 

NOW, THEREFORE, in consideration
of the foregoing and the respective representations, warranties, covenants, and agreements set forth below and for other good and valuable
consideration, the receipt, sufficiency, and adequacy of which are hereby acknowledged, the Parties hereto, intending to be legally bound,
do hereby agree as follows:

 

		1.	Definitions.

 

For purposes of this Agreement,
capitalized terms used and not otherwise defined herein shall have the respective meanings ascribed to such terms in the Merger Agreement.
When used in this Agreement, the following terms in all of their tenses, cases, and correlative forms shall have the meanings assigned
to them in this Section 1.

 

(a)            “Affiliate”
means with respect to any Person, any other Person directly or indirectly, controlling, controlled by, or under common control with, such
Person, through one or more intermediaries or otherwise; provided, however, that solely for purposes of this Agreement, notwithstanding
anything to the contrary set forth herein, neither the Company nor any of its Subsidiaries shall be deemed to be a Subsidiary or Affiliate
of Stockholder; provided, further, that, for the avoidance of doubt, any member of Stockholder shall be deemed an Affiliate Stockholder;
and provided, further, that an Affiliate of Stockholder shall include any investment fund, vehicle or holding company of which Stockholder
or an affiliate thereof serves as the general partner, managing member or discretionary manager or advisor.

 

     

     

    

 

(b)            “Beneficially
Own” or “Beneficial Ownership” has the meaning assigned to such term in Rule 13d-3 under
the Exchange Act, and a Person’s beneficial ownership of securities shall be calculated in accordance with the provisions of such
rule (in each case, irrespective of whether or not such rule is actually applicable in such circumstance). For the avoidance
of doubt, “Beneficially Own” and “Beneficial Ownership” shall also include record
ownership of securities.

 

(c)            “Beneficial
Owner” shall mean the Person who Beneficially Owns the referenced securities.

 

		2.	Representations of Stockholder. Stockholder represents and warrants to
Parent that:

 

(a)            Ownership
of Shares. Stockholder (i) is the Beneficial Owner of all of the Original Shares free and clear of any proxy, voting restriction,
adverse claim, or other Encumbrances, other than those created by this Agreement or under applicable federal or state securities laws;
and (ii) has the sole voting power over all of the Original Shares. Except as expressly provided by this Agreement, there are no
options, warrants, or other rights, agreements, arrangements, or commitments of any character to which Stockholder is a party relating
to the pledge, disposition, or voting of any of the Original Shares and there are no voting trusts or voting agreements with respect to
the Original Shares.

 

(b)            Disclosure
of All Shares Owned. Neither Stockholder nor any of its Affiliates Beneficially Owns any shares of Company Common Stock other than
the Original Shares.

 

(c)            Power
and Authority; Binding Agreement. Stockholder has full limited liability company power and authority to enter into, execute, and deliver
this Agreement and to perform fully Stockholder’s obligations hereunder (including the proxy described in Section 3(b) below).
This Agreement has been duly and validly executed and delivered by Stockholder and constitutes the legal, valid, and binding obligation
of Stockholder, enforceable against Stockholder in accordance with its terms.

 

(d)           No
Conflict. The execution and delivery of this Agreement by Stockholder does not, and the consummation of the transactions contemplated
hereby and the compliance with the provisions hereof will not, conflict with or violate any Law applicable to Stockholder or result in
any breach of or violation of, or constitute a default (or an event that with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration, or cancellation of, or result in the creation of any Encumbrance
on any of the Shares pursuant to, any agreement or other instrument or obligation, including organizational documents binding upon Stockholder
or any of the Shares.

 

(e)            No
Consents. No Consent, order or declaration of any Governmental Entity or any other Person on the part of Stockholder is required in
connection with the valid execution and delivery of this Agreement.

 

    2 

     

    

 

(f)             No
Litigation. There is no Proceeding pending against, or to the knowledge of Stockholder, threatened against or affecting, Stockholder
that could reasonably be expected to materially impair or materially adversely affect the ability of Stockholder to perform Stockholder’s
obligations hereunder or to consummate the transactions contemplated by this Agreement on a timely basis.

 

		3.	Agreement to Vote Shares.

 

Stockholder irrevocably and
unconditionally agrees during the term of this Agreement, at any annual or special meeting of the Company called with respect to the following
matters, and at every adjournment or postponement thereof (each, a “Covered Meeting”), to appear at any such meeting
or otherwise cause the Shares to be counted as present thereat for purpose of establishing a quorum and vote or cause the holder of record
to vote the Shares at such meeting (i) in favor of (1) adoption of the Merger Agreement and approval of any other matters necessary
for consummation of the transactions contemplated by the Merger Agreement, including the Merger and (2) any proposal to adjourn or
postpone such meeting of stockholders of the Company to a later date if there are not sufficient votes to approve the Merger; and (ii) against
(1) any Company Competing Proposal or any of the transactions contemplated thereby, (2) any action, proposal, transaction, or
agreement which could reasonably be expected to result in a breach of any covenant, representation or warranty, or any other obligation
or agreement of the Company under the Merger Agreement or of Stockholder under this Agreement, and (3) any action, proposal, transaction,
or agreement that could reasonably be expected to impede, interfere with, delay, discourage, adversely affect, or inhibit the timely consummation
of the Merger or the fulfillment of Parent’s, the Company’s or Merger Sub’s conditions under the Merger Agreement or
change in any manner the voting rights of any class of shares of the Company (including any amendments to the Company’s Organizational
Documents). Any attempt by the Stockholder to vote, consent or express dissent with respect to (or otherwise to utilize the voting power
of), the Shares in contravention of this Section 3 shall be null and void
ab initio.

 

		4.	No Voting Trusts or Other Arrangement.

 

Stockholder agrees that during
the term of this Agreement Stockholder will not, and will not permit any Affiliate to, deposit any of the Shares in a voting trust, grant
any proxies with respect to the Shares, or subject any of the Shares to any arrangement with respect to the voting of the Shares other
than agreements entered into with Parent.

 

		5.	Transfer and Encumbrance.

 

Stockholder agrees that prior
to a shareholder vote on the Merger Agreement and the other items enumerated in Section 3
hereto at a Covered Meeting, Stockholder will not, directly or indirectly, transfer, sell, offer, exchange, assign, pledge, convey any
legal or Beneficial Ownership interest in or otherwise dispose of (by merger (including by conversion into securities or other consideration
but excluding any disposition made by the Stockholder pursuant to the Merger and the transactions contemplated by the Merger Agreement),
by tendering into any tender or exchange offer, by operation of Law or otherwise) or Encumber (“Transfer”) any
of the Shares or enter into any contract, option or other agreement with respect to, or consent to, a Transfer of any of the Shares or
Stockholder’s voting or economic interest therein. This Section 5 shall not prohibit a Transfer of the Shares by Stockholder
to an Affiliate of Stockholder; provided, that a Transfer referred to in this sentence shall be permitted only if, as a precondition to
such Transfer, the transferee agrees in a writing, reasonably satisfactory in form and substance to Parent, to be bound by all of the
terms of this Agreement. Any attempted Transfer of Shares or any interest therein in violation of this Section 5 shall, to
the fullest extent permitted by Law, be null and void ab initio. If any involuntary Transfer of any of Stockholder’s Shares
shall occur, the transferee (which term, as used herein, shall include any and all transferees and subsequent transferees of the initial
transferee) shall take and hold such Shares subject to all of the restrictions, liabilities and rights under this Agreement, which shall
continue in full force and effect until valid termination of this Agreement. For the avoidance of doubt, nothing in this Agreement will
restrict the Stockholder from Transferring any Shares following a shareholder vote on the Merger Agreement and the other items enumerated
in Section 3 hereto at a Covered Meeting, regardless of the outcome of such
vote.

 

    3 

     

    

 

		6.	Additional Purchases; Adjustments.

 

Stockholder agrees that any
shares of Company Common Stock and any other shares of capital stock or other equity of the Company that Stockholder purchases, acquires
the voting power or otherwise acquires Beneficial Ownership of after the execution of this Agreement and prior to the record date for
any Covered Meeting shall be subject to the terms and conditions of this Agreement to the same extent as if they constituted Shares as
of the date hereof for all purposes of this Agreement, and Stockholder shall promptly notify the Company of the existence of any such
after-acquired Shares. In the event of any stock split, stock dividend, merger, reorganization, recapitalization, reclassification, combination,
exchange of shares or the like of the capital stock of the Company affecting the Shares, the terms of this Agreement shall apply to the
resulting securities and such resulting securities shall be subject to the terms and conditions of this Agreement to the same extent as
if they constituted Shares as of the date hereof for all purposes of this Agreement.

 

		7.	Waiver of Appraisal and Dissenters’ Rights and Certain Other Actions.

 

(a)            Waiver
of Appraisal and Dissenters’ Rights. To the fullest extent permitted by Law, Stockholder hereby irrevocably and unconditionally
waives, and agrees not to assert or perfect, any rights of appraisal (including under Section 262 of the DGCL) or rights to dissent
in connection with the Merger that Stockholder may have by virtue of ownership of the Shares.

 

(b)            Waiver
of Certain Other Actions. Stockholder hereby agrees not to commence, join in, and agrees to take all actions necessary to opt out
of any class in any class action with respect to, any claim, derivative or otherwise, against Parent, Merger Sub or the Company or any
of their respective Affiliates and each of their successors or directors relating to the negotiation, execution or delivery of this Agreement
or the Merger Agreement or the consummation of the transactions contemplated hereby or thereby, including any claim (a) challenging
the validity of, or seeking to enjoin the operation of, any provision of this Agreement or the Merger Agreement (including any claim seeking
to enjoin or delay the Closing) or (b) alleging a breach of any fiduciary duty of the Company Board in connection with the negotiation
and entry into this Agreement, the Merger Agreement or the transactions contemplated hereby or thereby, and hereby irrevocably waives
any claim or rights whatsoever with respect to any of the foregoing.

 

    4 

     

    

 

		8.	Termination.

 

This Agreement shall terminate
upon the earliest to occur of (the “Expiration Time”): (a) the Effective Time; (b) the date on which
the Merger Agreement is terminated in accordance with its terms; (c) the termination of this Agreement by mutual written consent
of the Parties; and (d) the date of any modification, waiver or amendment to the Merger Agreement effected without the Stockholder’s
consent that (i) decreases the amount or changes the form of consideration payable to all of the shareholders of the Company pursuant
to the terms of the Merger Agreement as in effect on the date of this Agreement or (ii) otherwise materially adversely affects the
interests of the Stockholder or the stockholders of the Company. Nothing in this Section 8 shall relieve or otherwise limit
the liability of any Party for any breach of this Agreement incurred prior to such termination.

 

		9.	No Solicitation.

 

Subject to Section 10,
Stockholder shall not, and shall cause its Affiliates not to, and shall use its reasonable best efforts to cause its and their respective
officers, members, directors, partners, employees, accountants, financial and tax advisers and legal counsel (“Representatives”)
not to, directly or indirectly, take any of the actions listed in clauses (i) - (v) of Section 6.3(b) of the Merger
Agreement (without giving effect to any amendment or modification of such clauses after the date hereof). Stockholder shall, and shall
cause its Affiliates to, and shall use its reasonable best efforts to cause its and their Representatives to, immediately cease, and cause
to be terminated, any discussions or negotiations conducted before the date of this Agreement with any Person other than Parent with respect
to any inquiry, proposal or offer that constitutes, or would reasonably be expected to lead to, a Company Competing Proposal.

 

		10.	Fiduciary Duties.

 

Stockholder is entering into
this Agreement solely in its capacity as the record or Beneficial Owner of the Shares and nothing herein is intended to or shall limit
or affect any actions taken by any of Stockholder’s designees serving in his or her capacity as a director of the Company (or a
Subsidiary of the Company). The taking of any actions (or failures to act) by Stockholder’s designees serving as a director of the
Company (in such capacity as a director) shall not be deemed to constitute a breach of this Agreement.

 

		11.	Further Assurances.

 

Stockholder agrees, from time
to time, and without additional consideration, to execute and deliver such additional proxies, documents and other instruments and to
take all such further action as Parent may reasonably request to consummate and make effective the transactions contemplated by this Agreement
and to not take or permit any of its Affiliates to take any action that would reasonably be likely to adversely affect or delay the ability
to perform Stockholder’s covenants and agreements under this Agreement.

 

    5 

     

    

 

		12.	Stop Transfer Instructions.

 

At all times commencing with
the execution and delivery of this Agreement and continuing until the Expiration Time, in furtherance of this Agreement, Stockholder hereby
authorizes and instructs the Company to instruct the Company’s transfer agent that there is a stop transfer order with respect to
all of the Shares (and that this Agreement places limits on the voting and transfer of the Shares), subject to the provisions hereof and
provided that any such stop transfer order and notice will immediately be withdrawn and terminated by the Company following the Expiration
Time.

 

		13.	Specific Performance.

 

The Parties agree that
irreparable damage, for which monetary damages would not be an adequate remedy, would occur in the event that any of the provisions
of this Agreement were not performed in accordance with their specific terms or were otherwise breached by the Parties. Prior to the
Expiration Time, it is accordingly agreed that the Parties shall be entitled to an injunction or injunctions, or any other
appropriate form of specific performance or equitable relief, to prevent breaches of this Agreement and to enforce specifically the
terms and provisions hereof in any court of competent jurisdiction, in each case in accordance with this Section
13, this being in addition to any other remedy to which they are entitled under the terms of this Agreement at Law or in equity.
Each Party accordingly agrees not to raise any objections to the availability of the equitable remedy of specific performance to
prevent or restrain breaches or threatened breaches of, or to enforce compliance with, the covenants and obligations of such party
under this Agreement, all in accordance with the terms of this Section 13.
Each Party further agrees that no other Party or any other Person shall be required to obtain, furnish or post any bond or similar
instrument in connection with or as a condition to obtaining any remedy referred to in this Section
13, and each Party irrevocably waives any right it may have to require the obtaining, furnishing or posting of any such bond or
similar instrument.

 

		14.	Entire Agreement.

 

This Agreement (together with
the Merger Agreement and any other documents and instruments executed pursuant hereto) supersedes all prior agreements, written or oral,
between the Parties hereto with respect to the subject matter hereof and contains the entire agreement between the Parties with respect
to the subject matter hereof. This Agreement may not be amended or supplemented, and no provisions hereof may be modified or waived, except
by an instrument in writing signed by both of the Parties hereto. No waiver of any provisions hereof by either Party shall be deemed a
waiver of any other provisions hereof by such Party, nor shall any such waiver be deemed a continuing waiver of any provision hereof by
such Party.

 

		15.	Extension; Waiver.

 

At any time prior to the Effective
Time, the Parties may, to the extent legally allowed:

 

(a)            extend
the time for the performance of any of the obligations or acts of the other Party hereunder;

 

    6 

     

    

 

(b)           waive
any inaccuracies in the representations and warranties of the other Party contained herein or in any document delivered pursuant hereto;
or

 

(c)            waive
compliance with any of the agreements or conditions of the other Party contained herein;

 

provided, that, in each case,
such waiver is made in writing and signed by the Party (or parties) against whom the waiver is to be effective.

 

Notwithstanding the foregoing,
no failure or delay by the Company or Parent in exercising any right hereunder shall operate as a waiver thereof nor shall any single
or partial exercise thereof preclude any other or further exercise of any other right hereunder. No agreement on the part of a Party to
any such extension or waiver shall be valid unless set forth in an instrument in writing signed on behalf of such Party. No waiver by
any of the Parties hereto of any default, misrepresentation or breach of representation, warranty, covenant or other agreement hereunder,
whether intentional or not, shall be deemed to extend to any prior or subsequent default, misrepresentation or breach or affect in any
way any rights arising by virtue of any prior or subsequent such occurrence.

 

		16.	Notices.

 

All notices, requests, consents,
claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) if delivered
in person; (b) if transmitted by facsimile (but only upon confirmation of transmission by the transmitting equipment); (c) if
transmitted by electronic mail (“e-mail”) (upon confirmation of receipt; provided, that each notice party shall
use reasonable best efforts to confirm receipt of any such email correspondence promptly upon receipt of such request); or (d) if
transmitted by national overnight courier. Such communications must be sent to the respective Parties at the following addresses (or at
such other address for a Party as shall be specified in a notice given in accordance with this Section 16):

 

If to Parent or Merger Sub,
to:

 

Bonanza Creek Energy, Inc.

410 17th St.

Denver, CO 80202

Attention: Skip Marter, General Counsel

E-mail: SMarter@bonanzacrk.com

 

with a required copy to (which copy shall not constitute
notice):

 

Vinson & Elkins LLP

1001 Fannin St.

Houston, TX 77002

Attention: Stephen M. Gill

E-mail: sgill@velaw.com

 

    7 

     

    

 

and

 

Vinson & Elkins LLP

1114 Avenue of the Americas, 32nd Floor

New York, NY 10036

Attention: Shelley A. Barber

E-mail: sbarber@velaw.com

 

If to the Company, to:

 

Extraction Oil & Gas, Inc.

370 17th Street, Suite 5200

Denver, CO 80202

Attention: Eric Christ

E-mail: echrist@extractionog.com

 

with a required copy to (which copy shall not
constitute notice):

 

Kirkland & Ellis LLP

609 Main Street, Suite 4700

Houston, Texas 77002

		Attention:	Doug Bacon, P.C.

Alex Rose

		E-mail:	douglas.bacon@kirkland.com

alex.rose@kirkland.com

 

If to Stockholder, to:

 

Kimmeridge Energy Management Company, LLC

412 West 15th Street, 11th Floor

New York, New York 10011

Attention: Tamar Goldstein, Esq.

E-mail: tamar.goldstein@kimmeridge.com

 

with a required copy to (which copy shall not
constitute notice):

 

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022

		Attention:	Eleazer Klein, Esq.

Adriana Schwartz, Esq.

		E-mail:	eleazer.klein@srz.com

adriana.schwartz@srz.com

 

    8 

     

    

 

		17.	Miscellaneous.

 

(a)            Governing
Law. THIS AGREEMENT, AND ALL CLAIMS OR CAUSES OF ACTION (WHETHER IN CONTRACT OR TORT) THAT MAY BE BASED UPON, ARISE OUT
OF RELATE TO THIS AGREEMENT, OR THE NEGOTIATION, EXECUTION OR PERFORMANCE OF THIS AGREEMENT, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT GIVING EFFECT TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF.

 

(b)            Submission
to Jurisdiction. THE PARTIES IRREVOCABLY SUBMIT TO THE JURISDICTION OF THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR, IF
THE COURT OF CHANCERY OF THE STATE OF DELAWARE OR THE DELAWARE SUPREME COURT DETERMINES THAT, NOTWITHSTANDING SECTION 111 OF THE
DELAWARE GENERAL CORPORATIONS LAW, THE COURT OF CHANCERY DOES NOT HAVE OR SHOULD NOT EXERCISE SUBJECT MATTER JURISDICTION OVER SUCH MATTER,
THE SUPERIOR COURT OF THE STATE OF DELAWARE AND THE FEDERAL COURTS OF THE UNITED STATES OF AMERICA LOCATED IN THE STATE OF DELAWARE SOLELY
IN CONNECTION WITH ANY DISPUTE THAT ARISES IN RESPECT OF THE INTERPRETATION AND ENFORCEMENT OF THE PROVISIONS OF THIS AGREEMENT AND THE
DOCUMENTS REFERRED TO IN THIS AGREEMENT OR IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AND HEREBY WAIVE, AND AGREE
NOT TO ASSERT, AS A DEFENSE IN ANY ACTION, SUIT OR PROCEEDING FOR INTERPRETATION OR ENFORCEMENT HEREOF OR ANY SUCH DOCUMENT THAT IT IS
NOT SUBJECT THERETO OR THAT SUCH ACTION, SUIT OR PROCEEDING MAY NOT BE BROUGHT OR IS NOT MAINTAINABLE IN SAID COURTS OR THAT VENUE
THEREOF MAY NOT BE APPROPRIATE OR THAT THIS AGREEMENT OR ANY SUCH DOCUMENT MAY NOT BE ENFORCED IN OR BY SUCH COURTS, AND THE
PARTIES IRREVOCABLY AGREE THAT ALL CLAIMS WITH RESPECT TO SUCH ACTION, SUIT OR PROCEEDING SHALL BE HEARD AND DETERMINED EXCLUSIVELY BY
SUCH A DELAWARE STATE OR FEDERAL COURT. THE PARTIES HEREBY CONSENT TO AND GRANT ANY SUCH COURT JURISDICTION OVER THE PERSON OF SUCH PARTIES
AND OVER THE SUBJECT MATTER OF SUCH DISPUTE AND AGREE THAT MAILING OF PROCESS OR OTHER PAPERS IN CONNECTION WITH SUCH ACTION, SUIT OR
PROCEEDING IN THE MANNER PROVIDED IN SECTION 15 OR IN SUCH OTHER MANNER AS MAY BE PERMITTED BY LAW SHALL BE VALID AND
SUFFICIENT SERVICE THEREOF.

 

(c)            Waiver
of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE
TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING
WAIVER; (II) SUCH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THE FOREGOING WAIVER; (III) SUCH PARTY MAKES THE
FOREGOING WAIVER VOLUNTARILY AND (IV) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL
WAIVER AND CERTIFICATIONS IN THIS SECTION 17(c).

 

    9 

     

    

 

(d)           Expenses.
All costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring such cost or expense, whether
or not the Merger is consummated.

 

(e)            Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality, or
unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision
in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable, the Parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a
mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest
extent possible.

 

(f)            Counterparts.
This Agreement may be executed in one or more counterparts, including via facsimile or email in “portable document format”
(“.pdf”) form transmission, each of which shall be deemed to be an original but all of which together shall constitute
one and the same agreement and shall become effective when two or more counterparts have been signed by each of the Parties and delivered
to the other Parties, it being understood that all Parties need not sign the same counterpart.

 

(g)            Interpretation.
The Parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent
or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof
shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement. When a reference is made
in this Agreement to Sections, such reference shall be to n Section of this Agreement unless otherwise indicated. The headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. Whenever
the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed to
be followed by the words “without limitation.” References to “the date hereof” shall mean the date of this Agreement.
As used in this Agreement, the “knowledge” of the Stockholder means the actual knowledge of any officer of Holder after due
inquiry.

 

(h)            Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether
by operation of law or otherwise) without the prior written consent of the other Parties. Any purported assignment in contravention hereof
shall be null and void. Subject to the preceding sentence and except as set forth in Section 5,
this Agreement will be binding upon, inure to the benefit of and be enforceable by the Parties and their respective successors and permitted
assigns.

 

    10 

     

    

 

(i)            No
Third-Party Beneficiaries; Non-Recourse. Nothing in this Agreement, express or implied, is intended to or shall confer upon any Person
other than the Parties and their respective successors and permitted assigns any legal or equitable right, benefit, or remedy of any nature
under or by reason of this Agreement.

 

(j)            No
Ownership Interest. Nothing contained in this Agreement shall be deemed to vest in Parent any direct or indirect ownership or incidence
of ownership of or with respect to the Shares. All rights, ownership and economic benefits of and relating to the Shares shall remain
vested in and belong to Stockholder, and Parent shall not have any authority to manage, direct, restrict, regulate, govern or administer
any of the policies or operations of the Company or exercise any power or authority to direct Stockholder in the voting or disposition
of any Shares, except as otherwise expressly provided herein.

 

(k)           No
Partnership, Agency or Joint Venture. This Agreement is intended to create, and creates, a contractual relationship and is not intended
to create, and does not create, any agency, partnership, joint venture, any like relationship between the Parties or a presumption that
the Parties are in any way acting in concert or as a group with respect to the obligations or the transactions contemplated by this Agreement.

 

(l)            Disclosure.
Stockholder consents to and authorizes the publication and disclosure by the Company and Parent of Stockholder’s identity and holding
of Shares, and the terms of this Agreement (including, for avoidance of doubt, the disclosure of this Agreement), in any press release,
the Registration Statement, including the Joint Proxy Statement, as applicable, and any other disclosure document required in connection
with the Merger Agreement, the Merger and the transactions contemplated by the Merger Agreement.

 

(m)          Amendment.
This Agreement may not be amended, modified or supplemented in any manner, whether by course of conduct or otherwise, except by an instrument
in writing specifically designated as an amendment hereto, signed on behalf of each of the Parties.

 

(n)           Reliance.
Stockholder understands and acknowledges that Parent, Merger Sub and the Company are entering into the Merger Agreement in reliance upon
Stockholder’s execution and delivery of this Agreement.

 

[Signature Page Follows]

 

    11 

     

    

 

IN WITNESS WHEREOF, the Parties
hereto have executed and delivered this Agreement as of the date first written above.

 

	 	BONANZA CREEK ENERGY, INC.
	 	 
	 	By	/s/ Eric T. Greager
	 	 	Name:	Eric T. Greager
	 	 	Title:	President and Chief Executive Officer
	 	 
	 	EXTRACTION OIL & GAS, INC.
	 	 
	 	By	/s/ Tom Tyree
	 	 	Name:	Tom Tyree
	 	 	Title:	Chief Executive Officer
	 	 
	 	KIMMERIDGE ENERGY MANAGEMENT COMPANY, LLC
	 	 
	 	By	/s/ Ben Dell
	 	 	Name:	Ben Dell
	 	 	Title:	Authorized Person

 

Signature Page to Voting
agreement

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