Oasis Petroleum is on track to reach the low end of its estimated 2014 daily production target of 46,000 boe/d in the second quarter of the year. Current production estimates for Oasis' second quarter production are between 43,000 boe/d - 46,000 boe/d.
During the first quarter of 2014, the company's total production was 42,856 boe/d. That figure represents production growth of approximately 5% quarter over quarter for the company.
To help achieve its production targets, Oasis will continue slickwater tests, after seeing a 25% production uplift in three of its core operating areas. Specifically, these areas are Indian Hills, Foreman Butte, and Red Bank. Oasis says it now intends to complete 20% of wells during the second half of 2014 with the slickwater technique.
During the first quarter, Oasis completed the sale of certain non-operated properties in its Sanish project area and other adjacent non-operated properties on March 5, 2014 for cash proceeds of $321.9 million. Properties ear-marked in the sale were 8,354 net acres and 28.2 net producing Bakken and Three Forks wells. Production from the properties was 2,691 boe/d during Q4 2013.
Also during the first quarter, the company picked up an additional rig, and anticipates a sixteenth rig after the spring. The company says a majority of its rigs will be operating on pads through the spring.