Oasis Petroleum completes $396M IPO

Houston-based Oasis Petroleum Inc. (NYSE: OAS) completed its initial public offering of 42,000,000 common shares (48,300,000 including the exercised overallotment option) at $14.00 per common share. 

The offering reflects the biggest energy IPO year-to-date (June 22). Including the exercise of the overallotment option, 30,370,000 primary shares and 17,930,000 secondary shares were sold in the offering. Net proceeds to Oasis Petroleum Inc. totaled approximately $396 million.

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.

Oasis has assembled a 300,000 net acreage position within the Bakken shale in North Dakota and Montana and as of December 31, 2009, Oasis Petroleum LLC had estimated proved reserves of 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.

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