Oasis Petroleum Inc. Announces Public Offering of Common Stock

Mar 04, 2015, 06:26 ET from Oasis Petroleum Inc.

HOUSTON, March 4, 2015 /PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis" or the "Company") announced today that it has commenced an underwritten public offering of 25,000,000 shares of common stock. Oasis expects to grant the underwriters a 30-day option to purchase up to 3,750,000 additional shares of common stock.  Oasis intends to use the net proceeds of this offering to repay outstanding borrowings under its credit facility and for general corporate purposes.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as book-running managers. 

Entities affiliated with SPO Advisory Corp. have indicated an interest in purchasing an aggregate of approximately 25% of the common stock offered in the offering at the price offered to the public. Because these indications are not binding agreements or commitments to purchase, any or all of these entities may elect not to purchase any shares in the offering, or the underwriter may elect not to sell any shares in the offering to any or all of these entities. In the event that these entities confirm their interest, Oasis will request that the underwriter consider selling to them such percentage of the common stock offered in 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:

Credit Suisse Securities (USA) LLC
One Madison Avenue
New York, New York 10010
Prospectus Department (1-800-221-1037)
email: newyork.prospectus@credit-suisse.com

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  The offering may be made only by means of a prospectus supplement and accompanying base prospectus, which is part of a shelf registration statement that became effective on July 15, 2014.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, derivatives activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include changes in oil and natural gas prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the SEC.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Oasis Petroleum Inc.

Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin. For more information, please visit the Company's website at www.oasispetroleum.com.

 

SOURCE Oasis Petroleum Inc.



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