Oasis Petroleum has agreed to acquire 161,000 acres prospective for the Bakken in the Williston Basin for a total of $1.515 billion. In four separate deals, the company's position grows from 331,000 to 492,000 net acres.

The deals included production of 9,300 boe/d, so total volumes just grew from 33,700 boe/d to 43,000 boe/d.

Oasis currently operates 11 rigs in the region and the sellers operate two. Oasis expects to continue a similar level of activity (13 rigs) through the end of the year and will ramp up to running 15-16 rigs by the end of 2014.

"These acquisitions add high quality acreage in the heart of the Bakken and Three Forks play, providing incremental scale to our premier position in the Williston Basin," said Thomas B. Nusz, Oasis' CEO. "As we enter full development mode, our size and scale will continue to drive growth, efficiencies and shareholder value."

Other notable facts related to Oasis Petroleum's position include:

• Operational control held flat at 91% of acreage with the acquisition
• Operated working interest fell from 69% to 68%
• Estimated number of spacing units grew from 280 to 399
• Operated drilling inventory grew from 2,020 gross (1,532 net) to 2,847 (2,150 net) wells
• Estimated proved reserves grew from 169.9 mmboe (89% oil) to 215.6 mmboe (87% oil)

Over 90% of the value of the deal is attributed to acreage in the western portion of the company's target area. Approximately $1.45 billion was spent acquiring 9,000 boe/d and 136,000 net acres west of the Nesson Anticline; the remainder was attributed to 300 boe/d from 25,000 net acres to the east.