Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. Oasis Petroleum North America LLC (OPNA) conducts the company’s exploration and production activities. The company also operates a well services business through Oasis Well Services LLC (OWS) and a midstream services business through Oasis Midstream Services LLC (OMS). As of December 31, 2015, the company had accumulated 484,745 net leasehold acres in the Williston Basin, of which approximately 91% is held by production. In 2015, it completed and placed on production 80 gross operated wells in the Williston Basin and had average daily production of 50,477 Boe per day. As of December 31, 2015, the company had 1,095 gross (595.5 net) producing wells in the Bakken and Three Forks formations. DeGolyer and MacNaughton, the company’s independent reserve engineers, estimated its net proved reserves to be 218.2 MMBoe as of December 31, 2015. Properties The entire Williston Basin is spread across North Dakota, South Dakota, Montana and parts of southern Canada. The basin produces oil and natural gas from various producing horizons, including the Bakken, Three Forks, Madison and Red River formations. The Williston Basin reaches approximately 200 rigs drilling in the basin. Its development activity is focused in the deepest part of the Williston Basin. The Devonian-age Bakken formation is found within the Williston Basin underlying portions of North Dakota and Montana and consist of three lithologic members, including the upper shale, middle Bakken and lower shale. The formation ranges up to 150 feet thick. The middle Bakken, which varies in composition from a silty dolomite to shaley limestone or sand, also serves as a reservoir and is a critical component for commercial production. Generally, the Bakken formation is found at vertical depths of 8,500 to 11,500 feet. The company’s estimated net proved reserves in the Williston Basin were 218.2 MMBoe at December 31, 2015. Of the company’s estimated net proved reserves in the Williston Basin, approximately 147.6 MMBoe were proved developed reserves. As of December 31, 2015, the company had a total of 689.2 net operated and non-operated producing wells and 658.8 net operated producing wells in the Williston Basin. The company had average daily production of 50,477 net Boe per day for the year ended December 31, 2015 in the Williston Basin. During 2015, its Bakken and Three Forks wells produced a daily average of 49,788 net Boe per day with 595.5 net producing wells on December 31, 2015. As of December 31, 2015, the company had 117 gross (63.8 net) wells in the process of being drilled or completed in the Williston Basin, which includes 2 gross operated wells drilling, 85 gross operated wells waiting on completion and 30 gross non-operated wells drilling or completing. The company participated in 121 gross (64.3 net) wells that were completed and brought on production during 2015. As of December 31, 2015, the company had leases representing 16,556 net acres expiring in 2016, 8,935 net acres expiring in 2017 and 7,938 net acres expiring in 2018. Business Strategy The key elements of the company’s strategy are to efficiently develop its Williston Basin leasehold position; and pursue strategic acquisitions with significant resource potential. Customers The company sells a significant amount of its crude oil production through gathering systems connected to multiple pipeline and rail facilities. The company principally sells its oil and natural gas production to refiners, marketers and other purchasers that have access to nearby pipeline and rail facilities. Regulation The company is required to observe anti-market manipulation laws and related regulations enforced by the Federal Energy Regulatory Commission and/or the Commodity Futures Trading Commission and the Federal Trade Commission. The company is subject to the requirements of the Resource Conservation and Recovery Act, as amended, and comparable state statutes. The underground injection well program under the Safe Drinking Water Act requires permits from the U.S. Environmental Protection Agency or analogous state agency for disposal wells that the company operates, establishes minimum standards for injection well operations and restricts the types and quantities of fluids that might be injected. The company is subject to various federal and state laws and regulations, including the federal Occupational Safety and Health Act and comparable state statutes, whose purpose is to protect the health and safety of workers. History Oasis Petroleum Inc. was founded in 2007. The company was incorporated in 2010 pursuant to the laws of the state of Delaware.
oasis petroleum inc (OAS:New York)
1001 Fannin Street
Houston, TX 77002
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