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Oasis And Whiting $6B Merger

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Houston-based Oasis Petroleum Inc has said that on June 28 shareholders voted to approve a merger with Whiting Petroleum Corp in early spring, creating a $6 billion oil and gas producer focused on developing wells in the Williston Basin.

The transaction, described by the companies as a merger of equals, was scheduled to close July 1.

For investors owning shares of Whiting Petroleum, the deal will convert each company stock into 0.5774 shares of Oasis Petroleum. The transaction also pays Whiting stockholders $6.25 for each share they own, a one-time payout totaling $245.3 million.

For Oasis shareholders, the deal’s closure triggers a special merger dividend of $15 per share, which translates into $294.4 million given back to Oasis investors as the businesses combine.

The transaction will leave shareholders in Whiting owners of 53 percent of the new company and Oasis shareholders owning the remaining 47 percent stake.

Danny Brown, CEO of Oasis, said: “The combination will bring together two excellent operators with complementary and high-quality assets to create a leader in the Williston Basin, poised for significant and resilient cash flow generation.

“Over the last year, both companies have executed a series of deliberate strategic transactions, reducing costs and establishing a leading framework for ESG and return of capital. The combination of the two companies, together with the ongoing momentum from these strategic actions, will accelerate our efforts and ideally position the combined company to generate strong free cash flow, execute a focused strategy and enhance the return of capital.”

Lynn Peterson, Whiting’s president and CEO, said: “We are bringing together two like-minded companies and cultures through a merger-of-equals transaction. Both organizations have outstanding talent and operational practices that we are excited to integrate to create an even stronger combined company.

“This is also an exciting and very positive development for the communities in which we operate and the great states of North Dakota and Montana. We look forward to unlocking the enormous potential of our assets and organizations for the benefit of our stakeholders.”

Peterson will serve as executive chair of the board of directors of the combined company and Brown will serve as president and CEO and as a member of the Board. The combined company will be headquartered in Houston upon closing but will retain the Denver office for the foreseeable future. The company will operate under a new name and is expected to trade on the NASDAQ under a new ticker to be announced in the coming weeks, according to the original merger announcement.

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