Oasis Petroleum issued an update on the company's recent oil and gas activity, including details on production and other operational data. The company is active mostly in the Williston Basin in North Dakota where it is working on the Bakken and Three Forks formations.
Oasis Petroleum reported average production of 17,633 barrels of oil equivalent (NYSE:BOE) per day in the first quarter of 2012. This represented sequential growth of 16% and year-over-year growth of 118%.
Oasis Petroleum put 26 gross wells onto production during the most recent quarter, compared to only eight in the same quarter of 2011. The large difference was due to harsh winter conditions experienced in the Williston Basin in the first quarter of 2011. The company currently has an additional 33 gross wells either waiting on completion or being drilled.
Oasis Petroleum is also rapidly increasing natural gas production in the Williston Basin through connection to third party infrastructure that can handle associated gas production. The company reported that 83% of its operated wells were connected to infrastructure as of the end of March 2012. These wells produced 10 million cubic feet of natural gas per day in March 2012, compared to only 6.3 million cubic feet per day in December 2011.
For more information on the company, go to www.oasispetroleum.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html