Oasis Petroleum to sell certain assets in Sanis for $333M

theflyonthewall.com

Oasis has entered into a purchase and sale agreement to sell certain non-operated properties in its Sanish operating area and certain other non-operated leases adjacent to the Sanish position to an undisclosed buyer for approximately $333M in cash, subject to customary post-close adjustments. As of December 31, 2013 the properties expected to be divested consisted of 8,354 net acres and production from the properties was approximately 2,691 Boepd during the Q4. All expectations for 2014 assume the sale of these non-operated properties in early March 2014. Oasis intends to increase average daily production to a range of 46,000 to 50,000 Boepd in 2014, representing approximately 42% increase at the midpoint in 2014 over 2013 daily production. $1,425 million total capital expenditure budget, with approximately 90% allocated for drilling and completion CapEx.

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