Oasis Petroleum’s $946 million Acquisition of 20,300 net acres in the Delaware Basin

Vinson & Elkins advised Oasis Petroleum Inc. in its purchase and sale agreement with Forge Energy, LLC to acquire 20,300 net acres in the Delaware Basin for approximately $946 million.

The acquisition has an effective date of December 1, 2017 and is expected to close in February 2018.

V&E also advised Oasis on an underwritten public offering of 32,000,000 shares of common stock for total gross proceeds (before the underwriters’ discounts and commissions and estimated offering expenses) of approximately $321.9 million. The company intends to use the net proceeds from this offering to fund a portion of the acquisition from Forge Energy. The offering priced on December 11, 2017.

Oasis Petroleum Inc., an independent exploration and production company, focuses on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. The company, led by Thomas B. Nusz, Taylor L. Reid, Michael H. Lou and Nickolas J. Lorentzatos is based in Houston.

The acquisition team was led by V&E partner John B. Connally with associates Katherine Becherer and Mike LeFevre. Also advising were partner Todd Way and associate Julia Pashin; partner Sean Becker; and counsel Larry Pechacek.

The equity offering team was led by V&E partners David Oelman and Thomas Zentner with senior associates Matt Falcone and Doug Lionberger and associates Andrew Schulte and Luke Thomas.

Involved fees earner: John Connally – Vinson & Elkins LLP; Michael LeFevre – Vinson & Elkins LLP; Larry Pechacek – Vinson & Elkins LLP; Todd Way – Vinson & Elkins LLP; Julia Pashin – Vinson & Elkins LLP; Sean Becker – Vinson & Elkins LLP; David Palmer Oelman – Vinson & Elkins LLP; Thomas Zentner – Vinson & Elkins LLP; Matthew Falcone – Vinson & Elkins LLP; Douglas Lionberger – Vinson & Elkins LLP; Andrew Schulte – Vinson & Elkins LLP; Luke Thomas – Vinson & Elkins LLP;

Law Firms: Vinson & Elkins LLP;

Clients: Oasis Petroleum Inc.;

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Author: Ambrogio Visconti