Weather New York, NY +73°F

Regions

Oasis Petroleum okays acquisition of North Dakota acreage for USD 1.52 billion

Close
(Credit: Reuters) Image shows the logo of Oasis Petroleum Inc.Oasis Petroleum Inc
September 5
12:27 PM 2013

Oasis Petroleum Inc inked four separate deals to purchase North Dakota acreage for USD 1.52 billion. The acquisition of a total of 161,000 net acres would expand the Houston-based oil firm's land ownership to 492,000 acres. This would represent a 49% increase in Oasis Petroleum's holdings in the state.The deals were expected to be completed early next month but Oasis did not reveal who the sellers were.

Oasis Petroleum's Chairman and Chief Executive Officer Thomas B. Nusz said, "These acquisitions add high quality acreage in the heart of the Bakken and Three Forks play, providing incremental scale to our premier position in the Williston Basin. As we enter full development mode, our size and scale will continue to drive growth, efficiencies and shareholder value."

RBC Capital Markets Analyst Scott Hanold told clients that the price paid by Oasis Petroleum for the purchases was very reasonable. He also said that the company would hold a share sale to help finance the acquisition.

Based on data compiled by Bloomberg Industries, the purchases made Oasis Petroleum the seventh largest acreage owner in North Dakota.

© 2019 VCPOST, All rights reserved. Do not reproduce without permission.
Tags
Share

Comments

Join the Conversation

Subscribe to VCpost newsletter

Sign up for our Deals of the Day newsletter.
We will not spam you!

Real Time Analytics