Oasis Petroleum’s portfolio is almost solely focused on Bakken Shale and Three Forks-Sanish Formations in the Williston Basin. The company has an interest in more than 335,000 net acres in the Williston Basin. As of year-end 2012, the company has more than 27,000 boe/d of production and has booked over 143 million boe in proved reserves.
Oasis Petroleum was formed by EnCap (private equity firm) and former Burlington Resources (acquired by ConocoPhillips in 2006) executives in March of 2007. The company farmed in and acquired almost 300,000 net acres in the Williston Basin over the next three years. The company was taken public in June of 2010 and trades on the NYSE under the symbol “OAS”.
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Oasis Petroleum’s Quarterly Bakken Commentary
January 31, 2013
The company continued to high-grade and grow the Company’s leasehold position to 335,383 total net acres in the Williston Basin, primarily targeting the Bakken and Three Forks formations. The Company increased its operated drill blocks by 37 through acreage additions and trades during 2012. In addition, Oasis has 264,595 net acres held-by-production as of December 31, 2012.
Oasis also launched and utilized Oasis Well Services (“OWS”), the Company’s internal frac service provider on its operated wells during the year. In house services helped reduced well costs by 16% from $10.5 million in the first half of 2012 to $8.8 million as of year-end 2012, while maintaining similar estimated ultimate recoveries on wells.