[Editor’s note: This is a developing story. It as last updated at 10 a.m.]
After a long lean streak of Permian Basin A&D, Oasis Petroleum Inc. (NYSE: OAS) agreed to buy 20,300 net Delaware Basin acres from Forge Energy LLC, a Dec. 11 news release said.
Oasis said it will pay Forge with $483 million cash and 46 million shares for a total value of $946 million—making it the largest publicly announced deal in the Permian since at least late March.
The acquisition will add 507 net locations in multiple horizons in the Wolfcamp and Bone Spring formations. Production gained by the deal includes an average 3,500 barrels of oil equivalent per day (boe/d). Based on November strip pricing, the assets proved developed producing value is about $170 million. Read more…