Houston-based Oasis Petroleum said May 20 it is divesting its Permian Basin assets to focus on its core in Williston Basin. Buyers were not named by Oasis for three transactions with gross potential consideration of $481 million, including $406 million at closing. The transactions include 24,000 net acres and 2021Q1 production of 7,200 boed. Oasis said the primary transaction is expected to close June 30; two smaller transactions have already closed.
Danny Brown, CEO, said, “The decision to exit the Permian Basin while building scale in the Williston Basin is fundamentally based on aligning company resources with our core competitive strengths and strategic focus.” He said the deal “allows us to focus our attention on driving significant value from our world-class Williston acreage position, where we see great upside opportunity.”