Oasis Petroleum to divest certain Williston basin assets

HOUSTON -- Oasis Petroleum Inc. has signed two separate purchase and sale agreements to sell an estimated 4,400 boed of net production and approximately 65,000 net acres of non-core assets in the Williston basin for $283 million.

The agreements include the Company's Foreman Butte position, which included inventory that we characterized as fairway, and certain non-operated acreage. Oasis plans to formally update guidance concurrent with its second quarter 2018 earnings release. RBC Richardson Barr and CIBC Griffis & Small acted as financial advisors to Oasis.

"We highlighted approximately 200,000 net acres and [8,000 to 10,000 boed] of production that could be divested for an estimated $500 million in proceeds," said Thomas B. Nusz, Oasis' Chairman and CEO. "With these transactions, we are pleased to report that Oasis has made significant progress towards that target, selling a fraction of the non-core acreage for over half the estimated proceeds. We continue to evaluate additional non-core properties for potential divestment as we optimize our portfolio and high-grade our assets."