Oasis Petroleum Files for $350 Million IPO

NEW YORK (Reuters) – Oil and gas exploration company Oasis Petroleum Inc filed for an initial public offering of up to $350 million on Thursday.

Houston, Texas-based Oasis is an independent oil and natural gas exploration and development company. Most of the company’s business is focused in the Williston Basin in northeastern Montana and northwestern North Dakota.

Oasis grew its oil and gas revenue to $37.8 million from $34.7 million in the year ended Dec. 31. It narrowed its net loss to $15.2 million from $34.4 million.

Oasis said it would use its share of the proceeds to repay debt, fund additional exploration and development and for general corporate purposes.

The company did not say how many shares it planned to sell or the expected price range. 

The joint book-running managers are being led by Morgan Stanley and UBS Investment Bank. (Reporting by Clare Baldwin; Editing by Richard Chang)

peHUB Note: Oasis Petroleum is a portfolio company on EnCap Investments