Oasis Petroleum Inc. has signed four separate, unrelated purchase agreements to acquire certain assets in the Williston basin totaling 161,000 net acres and costing $1.5 billion.
Thomas Nusz, Oasis chairman and chief executive officer, said the acquisitions add acreage “in the heart of the Bakken and Three Forks play.”
The four acquisitions are expected to close in early October. Currently, Oasis of Houston operates 11 rigs and the sellers of the assets involved operate two rigs, he said.
“We expect to accelerate development across our overall combined position next year, increasing to 15 to 16 operated rigs by the end of 2014,” Nusz said. “As of June 30, we had approximately 331,000 net acres, and these acquisitions increase our overall acreage position by almost 50% to 492,000 net acres.”
Oasis agreed to acquire 136,000 net acres in and around its existing position in North Dakota in its West Williston project area for $1.45 billion. It also signed three other agreements to acquire certain assets in East Nesson totaling 25,000 net acres, for $65 million.