Oasis Petroleum Inc. has signed four separate agreements with a total value of $1.52 billion to buy oil and gas assets in the Williston Basin in North Dakota. These purchases will raise Oasis production by nearly a third.
With these deals Oasis will add about 161,000 acres to the 331,000 acres it already holds in the area. This will boost Production by 9,300 barrels of oil equivalent (boe) to 43,000 boe for the company.
The expected close date of all four deals is in October of this year and the company expects to keep production levels at the acquired sites relatively flat until 2014.
On their company page, Oasis states “While we have a great track record of rapidly growing production and reserves, we do not subscribe to the idea of growth at any cost.”