Oasis Closes Williston Basin Acquisition from Diamondback Energy

Oasis Petroleum Inc. closed on its acquisition of Diamondback Energy’s Bakken asset on Oct. 21, completing a strategic shift to the Williston Basin for the Houston-based independent E&P company.

“The closing of this asset acquisition allows us to integrate and drive significant value from our Williston Basin position, where we see long-term running room given our pro forma inventory depth,” Oasis CEO Danny Brown commented in a company release.

Oasis had initially announced the Williston acquisition in May, a month after Brown had taken the helm. The cash transaction with Diamondback, valued at approximately $745 million, was originally expected to close in July.