Profile: Oasis Petroleum Inc (OAS.N)

OAS.N on New York Stock Exchange

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Oasis Petroleum Inc., incorporated on February 25, 2010, is an exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin. As of December 31, 2012, it has accumulated 335,383 net leasehold acres in the Williston Basin. It is exploiting resource potential from the Bakken and Three Forks formations, which are present across a substantial portion of its acreage.

In 2012, it completed and placed on production 117 gross operated wells in the Williston Basin. It have built its Williston Basin leasehold acreage position primarily through acquisitions and development in its three primary project areas: West Williston, East Nesson and Sanish. In 2012, it completed and placed on production 117 gross operated wells in the Williston Basin. It has built its Williston Basin leasehold acreage position primarily through acquisitions and development in its three primary project areas: West Williston, East Nesson and Sanish.

Williston Basin

Its operations are focused in the North Dakota and Montana areas of the Williston Basin. While It has interests in a substantial number of wells in the Williston Basin that target several different zones, its exploration and development activities are concentrated in the Bakken and Three Forks formations. The Williston Basin also has established infrastructure and access to materials and services. Regulatory delays are minimal in the Williston Basin due to fee ownership of properties, efficient state and local regulatory bodies and reasonable permitting requirements.

The Devonian-age Bakken formation is found within the Williston Basin underlying portions of North Dakota and Montana and is comprised of three lithologic members including the upper shale, middle Bakken and lower shale. The formation ranges up to 150 feet thick. The upper and lower shales are organic, thermally mature and over pressured and can act as both a source and reservoir for the oil. The middle Bakken, which varies in composition from a silty dolomite to shaley limestone or sand, also serves as a reservoir and is a critical component for commercial production. Generally, the Bakken formation is found at vertical depths of 8,500 to 11,500 feet. Based on its geologic interpretation of the Bakken formation, the evolution of completion techniques, it owns drilling results and publicly available drilling results for other operators in the basin, it believes that a substantial portion of its Williston Basin acreage is prospective in the Bakken formation.

The Devonian-age Bakken formation is found within the Williston Basin underlying portions of North Dakota and Montana and is comprised of three lithologic members including the upper shale, middle Bakken and lower shale. The formation ranges up to 150 feet thick. The upper and lower shales are organic, thermally mature and over pressured and can act as both a source and reservoir for the oil. The middle Bakken, which varies in composition from a silty dolomite to shaley limestone or sand, also serves as a reservoir and is a critical component for commercial production. Generally, the Bakken formation is found at vertical depths of 8,500 to 11,500 feet. Based on its geologic interpretation of the Bakken formation, the evolution of completion techniques, it owns drilling results and publicly available drilling results for other operators in the basin, it believes that a substantial portion of itsWilliston Basin acreage is prospective in the Bakken formation.

West Williston

It controls 208,062 net acres in the West Williston project area, primarily in Williams and McKenzie counties in North Dakota and Roosevelt and Richland counties in Montana. It had average daily production of 15,263 net Boe/d for the year ended December 31, 2012, 95% of which was produced from the Bakken and Three Forks formations and the remainder from other conventional formations. As of December 31, 2012, it had an average working interest of 57% and operated 94% of its 176.2 net producing wells in the West Williston project area. As of December 31, 2012, it operated 97% of its128.8 net producing Bakken and Three Forks wells in the West Williston project area. During the year ended December 31, 2012, its total completions were 94 gross (67.4 net) horizontal Bakken and Three Forks wells in the West Williston project area. As of December 31, 2012, it were participating in drilling or completion of 29 gross (16.3 net) wells in this project area.

East Nesson

It controls 118,943 net acres in the East Nesson project area, primarily in Mountrail and Burke counties in North Dakota. It had average daily production of 4,936 net Boe/d for the year ended December 31, 2012, all of which was produced from the Bakken and Three Forks formations. As of December 31, 2012, it had an average working interest of 47% and operated 91% of its 67.5 net producing wells in the East Nesson project area, all of which are producing out of the Bakken and Three Forks formations. During the year ended December 31, 2012, its total completions were 83 gross (6.8 net) horizontal Bakken and Three Forks wells in the Sanish project area. As of December 31, 2012, it participated in the drilling or completion of 16 gross (0.9 net) wells in this project area.

Sanish

It has 8,378 net acres in the Sanish project area, all of which are located in Mountrail County in North Dakota. It had average daily production of 2,270 net Boe/d for the year ended December 31, 2012, all of which was produced from the Bakken and Three Forks formations. As of December 31, 2012, it had an average working interest of 8% in its 19.9 net wells in the Sanish project area. Its properties in this project area are entirely operated by other operators, the of which are Whiting Petroleum Corporation and Fidelity Exploration.

During the year ended December 31, 2012, its total completions were 83 gross (6.8 net) horizontal Bakken and Three Forks wells in the Sanish project area. As of December 31, 2012, it participated in the drilling or completion of 16 gross (0.9 net) wells in this project area.

Company Address

Oasis Petroleum Inc

Suite 1500, 1001 Fannin Street
HOUSTON   TX   77002
P: +1281.4049500
F: +1302.6555049

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