Oasis Petroleum Inc. (NYSE: OAS) commenced an underwritten public offering of 25 million shares of common stock, the company said in a March 4 statement. Oasis expects to grant the underwriters a 30-day option to purchase up to 3.75 million additional shares of common stock. Oasis plans to use net proceeds of the offering to repay outstanding borrowings under its credit facility and for general corporate purposes.

Credit Suisse Securities (USA) LLC and J.P. Morgan Securities LLC are acting as book-running managers.

Entities affiliated with SPO Advisory Corp. indicated an interest in purchasing about 25% of the common stock offered at the price offered to the public. Because these indications are not binding agreements or commitments to purchase, any or all of these entities may elect not to purchase any shares in the offering, or the underwriter may elect not to sell any shares in the offering to any or all of these entities. In the event that these entities confirm their interest, Oasis will request that the underwriter consider selling to them such percentage of the common stock offered in the offering.