Oasis Petroleum Inc., Houston, signed two separate purchase and sale agreements to sell an estimated 4,400 boe/d of net production and 65,000 net acres of noncore assets in the Williston basin for $283 million. The buyer was not disclosed.
The agreements include the company’s Foreman Butte position in southwest McKenzie county in North Dakota, which included inventory it characterized as fairway, and certain non-operated acreage.
Following the company’s acquisition of Forge Energy for $946 million in December, Oasis highlighted 200,000 net acres and 8,000-10,000 boe/d of production to sell for estimated proceeds of $500 million to reduce debt and help fund the acquisition (OGJ Online, Dec. 13, 2017).
The company will continue to evaluate additional noncore properties for potential divestment as it optimizes its portfolio and high-grades its assets, said Thomas B. Nusz, Oasis’ chairman and chief executive officer.