Oasis Petroleum expanding in ND for $1.5B

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Associated Press

Posted on September 6, 2013 at 1:32 PM

WILLISTON, N.D. (AP) — Oasis Petroleum Inc. is expanding in North Dakota's Bakken region.

The Houston-based company is buying about 161,000 net acres in the Williston Basin for more than $1.5 billion. That will boost production by one-third.

The Williston Herald reports (http://bit.ly/1emucfP ) that with the purchase, Oasis grows to approximately 492,000 acres, producing more than 43,000 barrels of oil a day.

Oasis chairman and CEO Thomas Nusz says the purchase is on high-quality land and provides the company with an opportunity to incrementally boost its position in the basin.

No sellers were named in the Oasis report, which was made in four unrelated agreements and works out to a price of about $7,000 per acre.

Oasis shares were up 5 percent to $41.58 during morning trading on the New York Stock Exchange.

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