American Oil and Gas Reporter - June 2021 - 20

IndustryDigest
Oasis Petroleum Inc. Sells
Assets In Permian Basin
HOUSTON-Oasis Petroleum Inc.
has entered into a series of definitive
agreements to sell its entire Permian
Basin position for a total gross potential
consideration of $481 million. The
company says that consists of $406
million at closing and as many as three
$25 million annual contingent payments
in 2023, 2024 and 2025 if West Texas
Intermediate crude oil averages more
than $60 a barrel in each respective
calendar year.
According to Oasis, the transaction
positions it exclusively in the Williston
Basin, where the company expects to
drive significant value creation through
its size, scale and inventory as one of
the basin's largest operators. At the
same time, the company adds, the
transaction allows it to divest a
nonstrategic Permian position
consisting of approximately 24,000 net
acres and first-quarter 2021 production
of 7,200 Barrels of oil equivalent a day.
" 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 of building a sustainable
enterprise which generates significant
free cash flow for the benefit of the
company and shareholders, " says Oasis
Chief Executive Officer Danny Brown.
" The successful conclusion of our
Permian divestiture process allows us to
bring substantial value forward from an
asset that was difficult to scale,
strengthens our balance sheet from
already peer-leading levels, and allows
us to focus our attention on driving
significant value from our world-class
Williston acreage position, where we
see great upside opportunity and longterm
running room.
" The combined Williston and
Permian transactions are highly
accretive, position Oasis to take
advantage of expanded scale, result in
very low leverage and demonstrate our
commitment to shareholders, " he adds.
" We believe Oasis represents a
compelling investment opportunity, and
we will continue to be aggressive in
pursuing strategies to unlock value. " ❒
Ring Energy Inc. Back To
Northwest Shelf Activity
THE WOODLANDS, TX.-Ring
Energy Inc. says it has initiated the next
phase of its Northwest Shelf drilling
program with three wells located in the
top tier acreage of the company's
highest rate-of-return projects, located
in Yoakum County, Tx.
According to the company, the
drilling of the first well, the Bevo 664 C
No. 2H, is complete and drilling
operations are under way on the second
well, the Bevo 664 A No. 4H. Drilling
operations on the third well, the Bevo
664 A No. 3H, were expected to
commence in late April. Each of the
three wells is one mile long and follows
the four wells that were successfully
placed on production during the first
20 THE AMERICAN OIL & GAS REPORTER

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American Oil and Gas Reporter - June 2021

Table of Contents for the Digital Edition of American Oil and Gas Reporter - June 2021

Contents
American Oil and Gas Reporter - June 2021 - Intro
American Oil and Gas Reporter - June 2021 - Cover1
American Oil and Gas Reporter - June 2021 - Cover2
American Oil and Gas Reporter - June 2021 - Contents
American Oil and Gas Reporter - June 2021 - 4
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American Oil and Gas Reporter - June 2021 - Cover3
American Oil and Gas Reporter - June 2021 - Cover
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