Oasis Petroleum Inc. said Thursday it is exiting the Permian Basin to become a Williston Basin pure play.

Oasis acreage

The Houston-based independent is selling its Permian acreage to an undisclosed buyer for total gross consideration of up to $481 million. 

Oasis will receive $406 million at closing and up to three $25 million annual contingent payments in 2023, 2024 and 2025 if West Texas Intermediate oil prices average over $60/bbl in each respective calendar year. CFO Michael Lou said the deal is expected to close in July.

The divested assets comprise about 24,000 net acres that produced 7,200 boe/d during the first quarter. 

Oasis earlier this month expanded its Williston position, acquiring assets from Diamondback Energy Inc. in a cash deal valued at about $745 million. The...