Oasis Petroleum acquires Delaware basin assets for $946 million


HOUSTON -- Oasis Petroleum Inc. has announced that  it has entered into a definitive purchase and sale agreement with Forge Energy, LLC, to acquire 20,300 net acres in the Delaware basin (the Permian assets) for approximately $946 million, consisting of approximately $483 million in cash and 46 million shares of the Company's common stock (the OAS Shares) valued at approximately $463 million as of the close of trading on Dec. 8, 2017.

The acquisition will be funded through a combination of the OAS Shares issued to the seller, a draw on the Company's revolving credit facility, and/or capital markets transactions, depending on market conditions. Additionally, Oasis expects to divest non-core Williston basin acreage up to $500 million in 2018.

The acquisition has an effective date of Dec. 1, 2017, and is expected to close in February 2018, at which time the owners of the Seller will receive full consideration less a deposit paid. The transaction is subject to customary closing adjustments and conditions.

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