Seeking Alpha

Oasis Petroleum +5% on Williston deal, but company no longer takeover bait

  • Investors cheer Oasis Petroleum's (OAS +5.1%) move to snatch up 161K acres' worth of North Dakota oil fields, including 136K acres from Zenergy, one of the last remaining closely held energy producers in the state’s Williston Basin.
  • “As some have been concerned about the company stepping outside the basin to bolster inventory, this announcement could cause... a sigh of relief,” SunTrust analysts write.
  • But the deal could disappoint those who saw OAS as takeover bait; the acquisitions, which boost the size of the company’s North Dakota drilling acreage by nearly 50%, make it a much larger bite to swallow.
  • Emerald Oil (EOX +4.2%) and Triangle Petroleum (TPLM +3.2%) also are up sharply, attributed to the OAS Williston Basin news.
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