Attached files
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EX-10.1 - EX-10.1 - Oasis Petroleum Inc. | h85046exv10w1.htm |
8-K - FORM 8-K - Oasis Petroleum Inc. | h85046e8vk.htm |
Exhibit 99.1
Oasis Petroleum Inc. Announces Redetermination of Borrowing Base
and Other Changes to Credit Agreement
and Other Changes to Credit Agreement
Houston, Texas October 6, 2011 Oasis Petroleum Inc. (NYSE: OAS) (Oasis or the Company)
today announced that the lenders under its revolving credit agreement completed their regular
semi-annual redetermination of the borrowing base, resulting in an increase to the borrowing base
from $137.5 million to $350 million. In addition, the interest rate under the Oasis credit
agreement was reduced and now ranges from LIBOR plus 150 bps to LIBOR plus 250 bps depending on
borrowing base utilization. The maturity date was extended from February 26, 2015 to October 6,
2016. The size of its revolving credit facility increased from $600 million to $1 billion. As of
September 30, 2011, Oasis had no outstanding indebtedness under its revolving credit facility. The
next redetermination of the borrowing base is scheduled for April 1, 2012.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements,
other than statements of historical facts, included in this press release that address activities,
events or developments that the Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this press release specifically include the expectations of
plans, strategies, objectives and anticipated financial and operating results of the Company,
including the Companys drilling program, production, derivatives activities, capital expenditure
levels and other guidance included in this press release. These statements are based on certain
assumptions made by the Company based on managements experience and perception of historical
trends, current conditions, anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many
of which are beyond the control of the Company, which may cause actual results to differ materially
from those implied or expressed by the forward-looking statements. These include changes in oil and
natural gas prices, the timing of planned capital expenditures, availability of acquisitions,
uncertainties in estimating proved reserves and forecasting production results, operational factors
affecting the commencement or maintenance of producing wells, the condition of the capital markets
generally, as well as the Companys ability to access them, the proximity to and capacity of
transportation facilities, and uncertainties regarding environmental regulations or litigation and
other legal or regulatory developments affecting the Companys business and other important factors
that could cause actual results to differ materially from those projected as described in the
Companys reports filed with the SEC.
Any forward-looking statement speaks only as of the date on which such statement is made and the
Company undertakes no obligation to correct or update any forward-looking statement, whether as a
result of new information, future events or otherwise, except as required by applicable law.
About Oasis Petroleum Inc.
Oasis is an independent exploration and production company focused on the acquisition and
development of unconventional oil and natural gas resources, primarily operating in the Williston
Basin. For more information, please visit the Companys website at www.oasispetroleum.com.
Contact:
Oasis Petroleum Inc.
Richard Robuck, (281) 404-9600
Director Investor Relations
Oasis Petroleum Inc.
Richard Robuck, (281) 404-9600
Director Investor Relations
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