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Press release from PR Newswire

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

Tuesday, April 09, 2013

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

16:30 EDT Tuesday, April 09, 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 ActivityAs 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 ConferencesOasis 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, TXJune 4:    RBC Capital Markets' Global Energy and Power Conference in New York City, NYJune 24:  Jefferies' 5th Annual Boston Energy Day in Boston, MA

Forward-Looking StatementsThis 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) 404-9600Director ? Investor Relations

SOURCE Oasis Petroleum Inc.

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