Oasis Midstream Partners’ $250 Million Acquisition of Additional Interests in Development Companies from Oasis Petroleum


Vinson & Elkins advised Oasis Midstream Partners (OMP or the Partnership) in a definitive agreement to acquire additional interests in Bobcat DevCo LLC and Beartooth DevCo LLC from Oasis Petroleum Inc. (Oasis) for $250 million. The acquisition will increase OMP’s interest in the Bobcat DevCo to 25% from 10% and will increase OMP’s interest in the Beartooth DevCo to 70% from 40%.

V&E also advised OMP on an underwritten public offering of 2,000,000 common units representing limited partnership interests (“common units”) for total gross proceeds 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 acquisition from Oasis. The offering priced on November 8, 2018 and is expected to close November 14, 2018.

The V&E corporate team was led by partners Dave Oelman (Picture) and Thomas Zentner with associates Andrew Schulte, Luke Thomas and David Lassetter. Also advising were partner Ryan Carney and associate Curt Wimberly; and counsel Larry Pechacek.

Involved fees earner: David Palmer Oelman – Vinson & Elkins LLP; Thomas Zentner – Vinson & Elkins LLP; Luke Thomas – Vinson & Elkins LLP; David Lassetter – Vinson & Elkins LLP; Andrew Schulte – Vinson & Elkins LLP; Ryan Carney – Vinson & Elkins LLP; Curt Wimberly – Vinson & Elkins LLP; Larry Pechacek – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Oasis Midstream Partners LP;

Author: Ambrogio Visconti