Houston-based Oasis Petroleum Inc. (NYSE: OAS) – who has amassed a 300,000 net acreage position within the Bakken shale in North Dakota and Montana, has raised $396 million in its initial public offering.
The company offered 42,000,000 common shares (48,300,000 including the exercised overallotment option) at $14.00 per common share.
Including the exercise of the overallotment option, 30,370,000 primary shares and 17,930,000 secondary shares were sold in the offering.
Oasis has become the holding company for Oasis Petroleum LLC, a Delaware limited liability company formed in 2007 by EnCap Investments LP and former senior management members of Burlington Resources to acquire, exploit, and develop acreage within unconventional resource plays.
The company’s estimated proved reserves in the Bakken are 13.3 MMBoe (93% oil; 42% developed).
Simmons & Company served as co-lead manager to Oasis Petroleum Inc. with respect to its initial public offering.
