HOUSTON, Nov. 8, 2018 /PRNewswire/ -- Oasis Midstream Partners LP (NYSE: OMP) ("Oasis Midstream" or the "Partnership") announced today that it has priced an underwritten public offering of 2,000,000 common units representing limited partnership interests ("common units") for total gross proceeds (before the underwriters' discounts and commissions and estimated offering expenses) of $40,000,000. The Partnership intends to use the net proceeds from the offering to fund a portion of the purchase price for the previously announced acquisition from Oasis Petroleum Inc. (NYSE: OAS) ("Oasis Petroleum") of an additional 15% limited liability company interest in Bobcat DevCo LLC and an additional 30% limited liability company interest in Beartooth DevCo LLC (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 partnership purposes, which may include, among other things, debt repayment, acquisitions, capital expenditures and additions to working capital. The Partnership granted the underwriters a 30-day option to purchase up to 300,000 additional common units. The offering is expected to close November 14, 2018.
Morgan Stanley and J.P. Morgan 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 on October 26, 2018. 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 Morgan Stanley & Co. LLC, attention Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; or J.P. Morgan Securities LLC, via Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, telephone: (866) 803-9204, email: email@example.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.
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 Partnership 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 statements regarding the intended us of offering proceeds and other aspects of the common unit offering. These statements are based on certain assumptions made by the Partnership 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 Partnership, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include, but are not limited to, the Partnership's ability to integrate acquisitions into its existing business, changes in oil and natural gas prices, weather and environmental conditions, the timing of planned capital expenditures, availability of acquisitions, the closing of the Acquisition, uncertainties in the estimates of proved reserves and forecasted production results of the Partnership's customers, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Partnership'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 Partnership's business and other important factors. Should one or more of these risks or uncertainties occur, or should underlying assumptions prove incorrect, the Partnership's actual results and plans could differ materially from those expressed in any forward-looking statements.
Any forward-looking statement speaks only as of the date on which such statement is made and the Partnership 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 Midstream Partners LP
Oasis Midstream is a growth-oriented, fee-based master limited partnership initially formed by Oasis Petroleum to own, develop, operate and acquire a diversified portfolio of midstream assets in North America that are integral to the oil and natural gas operations of Oasis Petroleum and strategically positioned to capture volumes from other producers. Oasis Midstream's initial assets are located in the Williston Basin area of North Dakota and Montana.
For further information: Oasis Midstream Partners LP, Bob Bakanauskas, (281) 404-9600, Director, Investor Relations
SOURCE Oasis Midstream Partners LP