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Last updated on April 17, 2014 at 9:10 EDT

Oasis Petroleum Inc. Announces Second Amended Credit Agreement and Redetermination of Borrowing Base, Provides an Update on Outstanding Hedges, and Announces Participation in Upcoming Conferences

April 9, 2013

HOUSTON, April 9, 2013 /PRNewswire/ — Oasis Petroleum Inc. (NYSE: OAS) (“Oasis” or the “Company”) today announced that it entered into a Second Amended and Restated Credit Agreement with its bank syndicate. The lenders under the Company’s revolving credit agreement completed their regular semi-annual redetermination of the borrowing base, resulting in an increase to the borrowing base from $750 million to $1,250 million. However, the Company elected to limit the lenders’ aggregate commitment to $900 million. The lenders’ aggregate commitment can be increased to the full $1,250 million borrowing base by increasing the commitment of one or more lenders. As part of the amendment, the overall credit facility increased from $1 billion to $2.5 billion. Additionally, Oasis added four new lenders to the bank group. As of March 31, 2013, Oasis had no outstanding indebtedness under its revolving credit facility, and it had $2.2 million of letters of credit, which reduce the borrowing capacity of the revolving credit facility. The next redetermination of the borrowing base is scheduled for October 1, 2013.

Hedging Activity
As of April 9, 2013, the Company had the following outstanding commodity derivative contracts, all of which settle monthly:


                                                                Weighted Average Prices
                                                                        ($/Bbl)
                                                               ------------------------

                  Type                       Remaining Term       Sub-Floor             Floor        Cap         Swaps        BOPD       Total Barrels
                  ----                       --------------       ---------             -----        ---         -----        ----       -------------

    2013

    Partial Year

      Put Spread (No
       Ceiling)                            3 Months (Apr-Jun)             $65.00              $95.00                                 500              45,500

      Swaps                                8 Months (May-Dec)                                                          $96.39      1,500             367,500

    Full Year

      Swaps                                9 Months (Apr-Dec)                                                          $94.55      4,000           1,100,000

      Two-Way Collar                       9 Months (Apr-Dec)                                 $86.82      $97.75                   5,500           1,512,500

      Three-Way
       Collar                              9 Months (Apr-Dec)             $65.92              $92.45     $111.45                   6,130           1,685,750

      Put Spread (No
       Ceiling)                            9 Months (Apr-Dec)             $71.03              $91.03                               4,870           1,339,250

    Total  2013 Hedges (Weighted Average)                                 $68.13              $90.20     $104.97                                   6,050,500
    ------------------------------------                                  ------              ------     -------                                   ---------

    Implied total volume hedged (BOPD) for 2013                                                                                                       22,002

    2014

    Full Year

      Swaps                                12 Months (Jan-Dec)                                                         $92.34      2,500             912,500

      Two-Way Collar                       12 Months (Jan-Dec)                                $90.00      $94.90                   1,000             365,000

      Three-Way
       Collar                              12 Months (Jan-Dec)            $70.67              $90.67     $105.81                   7,500           2,737,500

    Total  2014 Hedges (Weighted Average)                                 $70.67              $90.59     $104.53                                   4,015,000
    ------------------------------------                                  ------              ------     -------                                   ---------

    Implied total volume hedged (BOPD) for 2014                                                                                                       11,000

Upcoming Conferences
Oasis also announced today that management is scheduled to participate in the following energy conferences and investor events:

May 22: UBS’ Global Oil and Gas Conference in Austin, TX
June 4: RBC Capital Markets’ Global Energy and Power Conference in New York City, NY
June 24: Jefferies’ 5(th) Annual Boston Energy Day in Boston, MA

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 Company’s 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 management’s 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 Company’s 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 Company’s business and other important factors that could cause actual results to differ materially from those projected as described in the Company’s 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 Company’s website at www.oasispetroleum.com.

Contact:
Oasis Petroleum Inc.
Richard Robuck, (281) 404-9600
Director – Investor Relations

SOURCE Oasis Petroleum Inc.


Source: PR Newswire