Percussion Petroleum buys Permian assets from Oasis Petroleum Inc

Percussion Petroleum II, LLC is an oil and gas company based in Houston, Texas. In partnership with a leading investment firm, Carnelian Energy Capital, Percussion focuses on acquisition and development opportunities in select onshore basins in North America buys Permian assets from Oasis Petroleum

Oasis Petroleum Inc. (NASDAQ: OAS) (“Oasis” or the “Company”) announced today it has entered into a series of definitive agreements to sell its entire Permian Basin position for total gross potential consideration of $481MM.

The decision to exit the Permian Basin while building scale in the Williston Basin is fundamentally based on aligning Company resources with our core competitive strengths and strategic focus of building a sustainable enterprise which generates significant free cash flow for the benefit of the Company and shareholders,” said Danny Brown, Oasis’ Chief Executive Officer.

Lateral Completions Dissolvable Frac Plug

“The successful conclusion of our Permian divestiture process allows us to bring substantial value forward from an asset that was difficult to scale, strengthens our balance sheet from already peer-leading levels, and allows us to focus our attention on driving significant value from our world-class Williston acreage position, where we see great upside opportunity and long-term running room. The combined Williston and Permian transactions are highly accretive, position Oasis to take advantage of expanded scale, result in very low leverage, and demonstrate our commitment to shareholders. We believe Oasis represents a compelling investment opportunity, and we will continue to be aggressive in pursuing strategies to unlock value.”

Oasis Texas Facility Assets Sold to Percussion Petroleum

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