Oasis Petroleum Inc. has signed two separate agreements to sell 65,000 net acres in the Williston Basin for $283 million as part of a broader push to monetize noncore assets there this year.
The company did not disclose the buyers. The two packages consisted of the company’s Foreman Butte position and core nonoperated acreage in its Indian Hills, Alger and South Nesson areas, all in North Dakota. The sale includes about 4,400 boe/d of production. Oasis said it would update its guidance when it releases second quarter results.
The company said last year that it would aim to sell up to 200,000 net acres in the basin and 8,000-10,000 boe/d of production for $500 million. That announcement came after the company announced a cash and stock deal valued at $946 million to enter the Permian Basin’s Delaware sub-basin with the acquisition of more than 20,000 net acres there.
The company has 503,000 net acres in the Williston Basin. It did not say when it expects the sales to be completed.
CEO Thomas Nusz said the packages mark “significant progress towards” the company’s $500 million divestiture goal, adding that Oasis was able to sell a “fraction of the noncore acreage for over half the estimated proceeds.” He said the company continues to “evaluate additional noncore properties for potential divestment as we optimize our portfolio and high-grade our assets.”