Oasis Petroleum Buys Oil and Gas Assets for $1.5B

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Sept 5 (Reuters) – Oasis Petroleum Inc said it signed four separate agreements totaling $1.52 billion to buy oil and gas assets in the Williston Basin in North Dakota that will raise its production by nearly a third.

Oasis will add about 161,000 net acres to the 331,000 net acres it already holds. Production will increase by 9,300 barrels of oil equivalent (boe) to 43,000 boe.

The company expects to keep production levels at the acquired assets relatively flat through the end of 2013. The four deals are expected to close in October.

Oasis plans to ramp up drilling across its combined position next year, operating 15 to 16 rigs by the end of 2014. The company operates 11 rigs currently.

Oasis did not name the sellers but said they operated 2 rigs.

Oasis Petroleum shares closed at $39.60 on Wednesday on the New York Stock Exchange.

Article Source:RigZone.com