Oasis Petroleum Inc. (NYSE: OAS) priced the Oasis Midstream Partners LP (NYSE: OMP) IPO of 7.5 million common units at a price to the public of $17.00 per common unit, on Sept. 20.

Oasis Midstream intends to use the proceeds of approximately $119.9 million to make a $113.9 million distribution to Oasis Petroleum, in whole or in part as reimbursement of pre-formation capital expenditures incurred by Oasis Petroleum, to also pay approximately $4.1 million of offering expenses and structuring fees and lastly to pay $1.9 million of origination fees and expenses related to its new revolving credit facility.

If and to the extent the underwriters exercise their option to purchase additional common units in full, Oasis Midstream intends to use the additional net proceeds of approximately $17.9 million upon such exercise to pay a distribution to Oasis Petroleum.

Upon conclusion of the offering, the public will own an approximate 27.3% limited partner interest in Oasis Midstream or approximately 31.4% if the underwriters exercise in full their option to purchase additional common units.

Oasis Petroleum and its affiliates will own the remaining approximately 72.7% limited partner interest in Oasis Midstream or approximately 68.6% if the underwriters exercise in full their option to purchase additional common units. Oasis Petroleum will indirectly own the general partner of Oasis Midstream and its incentive distribution rights and will retain a majority of Oasis Midstream’s common and subordinated units representing limited partner interests.

The partnership granted underwriters a 30-day option to purchase up to an additional 1.125 million common units. The common units began trading on the New York Stock Exchange (NSYE) on Sept. 21 under the symbol “OMP”. The offering is expected to close on Sept. 25, subject to the satisfaction of customary closing conditions.

Morgan Stanley (NYSE: MS), Citigroup (NYSE: C) and Wells Fargo Securities are acting as joint book-running managers for the offering.