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Oasis Buys Diamondback’s Williston Basin Assets

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Oasis Petroleum is to buy Williston Basin assets from Diamondback Energy in a cash transaction valued at approximately $745m.

The assets purchased include approximately 27m barrels of oil equivalent per day of production in the first quarter of 2021, on a two-stream basis and 95,000 net acres.

The transaction was approved unanimously by the Board of the Directors of each company. The effective date of the acquisition will be April 1, 2021 and the closing expected to occur in July 2021, subject to customary closing conditions.

Danny Brown, Oasis CEO, said that “This acquisition materially enhances scale in our core Bakken asset at an attractive valuation, with the purchase price almost entirely based on PDP and very little value attributed to the development of the top-tier inventory or potential synergies.”

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