Oasis Petroleum has signed two purchase and sale agreements with undisclosed firms to sell certain Williston Basin assets for $283m.
The firm intends to sell an estimated 4.4 thousand barrels of oil equivalent per day (“mboepd”) of net production and approximately 65,000 net acres of non-core assets in the Williston Basin.
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 to 10 mboepd of production that could be divested for an estimated $500 million in proceeds,” said Thomas B. Nusz, Oasis’ Chairman and Chief Executive Officer. “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.”
Source: Company Press Release