Oasis Petroleum Inc. (OAS) is offering producing properties in the Williston Basin in North Dakota and Montana.

The package includes consolidated acreage and a large drilling inventory but excludes Bakken and Three Forks rights. The acreage is located in Roosevelt and Richland counties, Mont., and Williams and McKenzie counties, N.D.

The properties have existing production with a shallow decline and consistent cash flow, according to Meagher Energy Advisors, which has been retained by Houston-based Oasis to handle the transaction.

Highlights:

  • Bakken/Three Forks rights excluded
  • 625 barrels of oil equivalent per day (boe/d) net production primarily from Madison Formation;
  • 95 producing wells, majority operated;
  • Operated interests are about 87% working interest and 71% net revenue interest;
  • 3 MMboe in net proved reserves;
  • 61,869 gross (51,305 net) acres, with 98% HBP and 90% operated; and
  • 55 extended reach and infill Madison horizontal locations identified.

Upside opportunities include improving operational efficiencies and reducing fixed and variable costs, Meagher said. The opportunity to recomplete and workover existing wells is also available.

Bids are due Oct. 29. The sale is expected to close Dec. 10, with an effective date of Oct. 1. For information contact Nick Asher, vice president of business development with Meagher, at 303-721-6354 extension 260.