Oasis Petroleum Inc. is bidding farewell to the Permian Basin in a sale, divided into three transactions, which it expects to result in total proceeds of $481 million that include contingency payments tied to future oil prices.

Danny Brown, CEO of Oasis, explained the company’s decision to exit its Permian position was due to limited opportunities to grow in the prolific oil and gas region unlike the Williston Basin, where the Houston-based independent E&P company recently expanded its footprint by acquiring Diamondback Energy Inc.’s Bakken asset for $745 million in cash.

“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,” Brown said in a statement in a May 20 company release.

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