Oasis Petroleum Completes Strategic Acquisition of Williston Basin Assets, Announces Re-Determination of Borrowing Base and Schedules Third Quarter 2021 Conference Call – Form 8-K

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Oasis Petroleum Inc. Completes Strategic Acquisition of Williston Basin Assets, Announces Re-Determination of Its Borrowing Base and Schedules Third Quarter 2021 Conference Call

HOUSTON, Oct. 21, 2021 / PRNewswire / – Oasis Petroleum Inc. (NASDAQ: OAS) (“Oasis” or the “Company”) today announced that it has completed the previously announced strategic acquisition of the assets of Williston Basin from Diamondback Energy (“Seller”). The cash payment made at closing to the seller of $ 511.3 million is net of the $ 75 million deposit made in 2Q21 and reflects the usual adjustments to the purchase price of the transaction, which was valued at approximately $ 745 million. dollars with an effective date of April 1, 2021.

Oasis also announced that lenders under its senior secured revolving credit facility have completed their regular semi-annual borrowing base reassessment, resulting in an increase in borrowing base of $ 400 million to $ 900 million. The amount of the chosen commitment will remain at $ 450 million. The next borrowing base review is scheduled for April 1, 2022. As at September 30, 2021, Oasis had a cash balance of approximately $ 818.9 million, $ 0 drawn on its credit facility and $ 400 million in cash. unsecured tickets. The pro forma cash adjustment for the acquisition would have been $ 307.6 million.

“The closing of this asset acquisition allows us to integrate and generate significant value from our position in the Williston Basin, where we see long-term leeway given the depth of our pro forma inventory.” , said Danny Brown, CEO of Oasis. “The close follows the exit of Oasis from the Permian Basin in June and represents a strategic repositioning of the portfolio, where we were able to buy assets for PDP value and sell assets for a significant premium over PDP value. With the close, Oasis pro forma volumes increase by approximately 50%. ”

“Oasis has fundamentally aligned its resources with our core competitive strengths and our strategic goal of building a sustainable business that generates attractive returns and significant free cash flow for the benefit of society and shareholders. Oasis remains committed to increasing its fixed dividend by more than 33% to reach $ 0.50 / share, or $ 2.00 / share annualized, in November 2021. ”

“I am grateful for the hard work of everyone involved in this transaction, with special thanks to the employees on the ground who have been managing the asset since we announced the transaction,” added Mr. Brown. “We look forward to Oasis exploiting this asset in a manner consistent with our values: to be respectful and engage with all of our stakeholders, including the three affiliated tribes of the Fort Berthold Indian Reservation; demonstrate commitment to our communities and the environment; and operate in a safe and sustainable manner. ”

Call for third quarter 2021 results
Oasis plans to announce its financial and operating results for the third quarter of 2021 on Wednesday, November 3, 2021 at the close of markets. Additionally, the company will host a live webcast and conference call on Thursday, November 4, 2021 at 10:00 a.m. Central Time to discuss third quarter 2021 financial and operating results.

Investors, analysts and other interested parties are invited to listen to the webcast:

Sell-side analysts wishing to ask a question can use the following dial-in:

Compose:

888-317-6003

Intl. Compose:

412-317-6061

Conference ID:

9965822

Website:

www.oasispetroleum.com

A recording of the conference call will be available from 12:00 p.m. Central Time on the day of the call and will be available until Thursday, November 11, 2021 by dialing:

Replay connection:

877-344-7529

Intl. replay:

412-317-0088

Access to the replay:

10161313

The call will also be available for replay for approximately 30 days at www.oasispetroleum.com.

In addition, Oasis Petroleum and Oasis Midstream Partners plan to participate in the following energy conferences and investor events:

November 18:

Bank of America World Energy Conference

December 8:

Capital One Energy Conference

December 14:

Pickering TE & MFest Energy Partners

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included in this press release that deal with activities, events or developments that the Company expects, believes or anticipates will occur or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, the forward-looking statements contained in this press release specifically include the expectations of the plans, strategies, objectives and anticipated financial and operational results of the Company, including the drilling program, production, instruments derivatives, the Company’s capital expenditure levels and other guidance included in this press release, as well as the impact of the 2019 novel coronavirus (“COVID-19”) pandemic on the Company’s operations. These statements are based on certain assumptions made by the Company based on management’s experience and perception of historical trends, current conditions, anticipated future developments and other factors deemed appropriate. These statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those suggested or expressed by forward-looking statements. These include, but are not limited to, the evolution of crude oil and natural gas prices, the development of the global economy, in particular the public health crisis linked to the pandemic of COVID-19 and its negative impact on the demand for crude oil and natural gas, the result of government policies and actions, including measures taken to combat the COVID-19 pandemic and to keep economies and communities functioning. national and global markets, the impact of the company’s actions to protect the health and safety of employees, suppliers, customers and communities, weather and environmental conditions, the timing of planned capital expenditures, the availability of acquisitions, the ability to realize the expected benefits of the acquisition of Williston Basin and the divestitures of Permian Basin, the uncertainties in the estimate of proved reserves and the forecast of the results. production conditions, operational factors affecting the start or maintenance of producing wells, the state of capital markets in general, as well as the Company’s ability to access them, the proximity and capacity of transmission facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company’s business and other significant factors that could cause actual results to differ materially from those projected as described in the reports. of the Company filed with the United States Securities and Exchange Commission. In addition, the unprecedented nature of the COVID-19 pandemic and the associated decline in the oil and gas exploration and production industry may make it particularly difficult to identify risks or predict the degree to which the risks identified will have an impact on the business and financial position of the Company. Since considerable uncertainty exists about the future pace and extent of a global economic recovery from the effects of the COVID-19 pandemic, the Company cannot predict if or when crude oil will be produced. and economic activities will return to normalized levels.

Any forward-looking statement is only valid as of the date on which such statement is made and the Company assumes no obligation to correct or update any forward-looking statement, whether as a result of new information, events future or otherwise, unless required by applicable law.

About Oasis Petroleum Inc.

Oasis Petroleum Inc. is an independent exploration and production company with quality, long-term sustainable assets in the Williston Basin. The Company occupies a unique position with a first-rate balance sheet and is

focused on rigorous capital discipline and generating free cash flow by operating efficiently, safely and responsibly to develop its unconventional onshore oil resources in the continental United States. For more information, please visit the Company’s website at www.oasispetroleum.com.

CONTACT: Oasis Petroleum Inc., Danny Brown, Chief Executive Officer, Michael H. Lou, Chief Financial Officer and Executive Vice President, Bob Bakanauskas, Director, Investor Relations, (281) 404-9600, ir @ oasispetroleum. com

Disclaimer

Oasis Petrol Inc. published this content on 22 October 2021 and is solely responsible for the information it contains. Distributed by Public, unedited and unmodified, on 22 October 2021 09:33:07 PM UTC.

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