Oasis Petroleum Buys 55,000 Acres in the Bakken

Oasis Petroleum announces a huge acquisition of assets in the Bakken Shale Play.

Related: SM Energy Sells 54,000 Bakken Acres

On October 17th, Oasis signed an agreement to purchase the drilling rights to approximately 55,000 net acres in the Williston Basin from SM Energy Company.

The $785 million deal includes an estimated estimated 226 gross operated drilling location with a production of 50.2 MMBoe of proved reserves, 63% of which are considered proved developed producing and 77% of which are oil.  

This acquisition is a great opportunity to add acreage and inventory that is a natural fit with our existing core and extended core positions and will increase our gross operated drilling locations in our core acreage by approximately 25%.
— Thomas B. Nusz, Chairman and CEO

Oasis also announced third quarter 2016 Highlights that includes:

  • Average daily production of 48,509 barrels of oil equivalent per day and increased full-year 2016 guidance of 49,300 to 50,000 Boepd.
  • Completed and placed on production 17 gross (7.1 net) operated wells. As of September 30, 2016, the Company had 80 gross operated wells awaiting completion.
  • Estimated capital expenditures were between $76 million and $81 million.

Read more at oasispetroleum.com