Oasis Petroleum (OAS) Announces 40M Share Common Stock Offering

October 18, 2016 6:50 AM EDT

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Oasis Petroleum Inc. (NYSE: OAS) announced that it has commenced an underwritten public offering of 40,000,000 shares of common stock. Oasis expects to grant the underwriters a 30-day option to purchase up to 6,000,000 additional shares of common stock. The Company intends to use the net proceeds from this offering to fund a portion of the previously announced acquisition of SM Energy Company's Bakken assets (the "Acquisition"). The offering is not conditioned on the consummation of the Acquisition, and if the Acquisition does not occur, the net proceeds will be used for general corporate purposes, which may include funding a portion of the Company's 2017 capital budget.

J.P. Morgan Securities LLC and Goldman, Sachs & Co. are acting as joint book-running managers for the offering.

The offering is being made pursuant to an effective shelf registration statement, which has been filed and became effective July 15, 2014. The offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the Securities and Exchange Commission's website at www.sec.gov. Alternatively, the underwriters will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting J.P. Morgan via Broadridge Financial Solutions (866-803-9204), 1155 Long Island Avenue, Edgewood, New York 11717, email: prospectus-eq_fi@jpmchase.com; or Goldman, Sachs & Co., attention: Prospectus Department (866-471-2526), 200 West Street, New York, New York 10282, email: prospectus-ny@ny.email.gs.com.

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