Oasis Petroleum set its 2014 capital budget at $1,425 million, with 96% of expenditures ($1,367 million) earmarked for drilling and completion of its operated and non-operated wells.

The company saw production growth jump ~50% in 2013 from its' 2012 figures, and expects continued growth in 2014.

Oasis Anticipates Growing Production in 2014

Oasis plans on increasing production to 46,000 boed/d - 50,000 boe/d by the end of the year.

If the company reaches it's midpoint estimate of 48,000 boe/d, then that will be ~42% higher than total production of 33,904 boe/d in 2013.

Oasis Petroleum Divestiture of Bakken Acreage

A portion of Oasis's capital budget for 2014 will come from a $333 million sale in January of its' non-operated Sanish properties and a few non-operated leases adjacent to the Sanish.

Whiting Petroleum is believed to be the operator of the Sanish properties, and would be a logical buyer, although, Oasis has not disclosed any information about the purchaser.

Properties ear-marked in the sale are 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.

In 2013, Oasis grew its Bakken acreage to 515,314 total net acres from 335,383 net acres in 2012. With ample running room, non-operated and non-core properties become a fit for divesting. The company generated cash that can be used immediately and saved future development expenses that it can directed toward operated wells and acreage.

Oasis at a Glance in 2014

• $1,425 million capital budget ($1,367 million for drilling and completing wells)
• 42% production increase to 46,000 boed/d - 50,000 boe/d expected by the end of 2014
• $333 million sale of 8,354 net acres in January 2014
• Increase total operated rigs from 14 - 16 by second half of 2014
• Complete approximately 205 gross (147.8 net) operated and 7.7 net non-operated wells