HOUSTON, Sept. 18, 2020 /PRNewswire/ -- Oasis Petroleum
Inc. (NASDAQ: OAS) ("Oasis Petroleum" or the "Company") today
announced that the Company elected to enter into a 30-day grace
period and defer making the interest payments due September 15, 2020 on its 6.875% Senior Unsecured
Notes due 2022 and 2.625% Senior Unsecured Convertible Notes due
2023 while it continues ongoing constructive discussions with
its lenders and a group of ad hoc noteholders on a comprehensive
financial restructuring to strengthen Oasis Petroleum's balance
sheet and financial position.
Oasis Petroleum has sufficient liquidity and continues to
operate its business in the normal course. Oasis Midstream Partners
(NASDAQ: OMP), an independent legal entity operated as a Master
Limited Partnership, is not included as part of the discussions
related to a financial restructuring and remains independently
well-capitalized.
About Oasis Petroleum Inc.
Oasis Petroleum is an independent exploration and production
company focused on the acquisition and development of onshore,
unconventional crude oil and natural gas resources in the United States. For more information,
please visit the Company's website at www.oasispetroleum.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that the Company expects, believes or anticipates will or may occur
in the future are forward-looking statements. Without limiting the
generality of the foregoing, forward-looking statements contained
in this press release specifically include Oasis Petroleum's
ability to successfully execute its business and financial
strategies, including a comprehensive restructuring plan, Oasis
Petroleum's ability to reduce its debt or strengthen its financial
position; and Oasis Petroleum's future financial and operating
performance. These statements are based on certain assumptions made
by the Company based on management's experience and perception of
historical trends, current conditions, anticipated future
developments and other factors believed to be appropriate. Such
statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company,
which may cause actual results to differ materially from those
implied or expressed by the forward-looking statements. These
include, but are not limited to, the outcome of discussions with
Oasis Petroleum's stakeholders, changes in crude oil and natural
gas prices, developments in the global economy, particularly the
public health crisis related to the novel coronavirus 2019
("COVID-19") pandemic and the adverse impact thereof on demand for
crude oil and natural gas, the outcome of government policies and
actions, including actions taken to address the COVID-19 pandemic
and to maintain the functioning of national and global economies
and markets, the impact of Company actions to protect the health
and safety of employees, vendors, customers, and communities,
weather and environmental conditions, the timing of planned capital
expenditures, availability of acquisitions, the ability to realize
the anticipated benefits from the previously announced assignment
by Oasis of Delaware Basin midstream assets to OMP,
uncertainties in estimating proved reserves and forecasting
production results, operational factors affecting the commencement
or maintenance of producing wells, the condition of the capital
markets generally, as well as the Company's ability to access them,
the proximity to and capacity of transportation facilities, and
uncertainties regarding environmental regulations or litigation and
other legal or regulatory developments affecting the Company's
business and other important factors that could cause actual
results to differ materially from those projected as described in
the Company's reports filed with the U.S. Securities and Exchange
Commission (the "SEC"). Further information on such assumptions,
risks and uncertainties is available in Oasis Petroleum's filings
with the SEC. Oasis Petroleum's filings with the SEC are available
on the Company's website at www.oasispetroleum.com and on the SEC's
website at www.sec.gov.In light of these risks, uncertainties and
assumptions, the events anticipated by Oasis Petroleum's
forward-looking statements may not occur, and, if any of such
events do occur, Oasis Petroleum may not have correctly anticipated
the timing of their occurrence or the extent of their impact on its
actual results. Accordingly, you should not place any undue
reliance on any of Oasis Petroleum's forward-looking statements.
Any forward-looking statement speaks only as of the date on which
such statement is made, and Oasis Petroleum undertakes no
obligation to correct or update any forward-looking statement,
whether as a result of new information, future events or otherwise,
except as required by applicable law.
View original
content:http://www.prnewswire.com/news-releases/oasis-petroleum-enters-interest-payment-grace-period-to-continue-discussions-with-lenders-and-noteholders-301133850.html
SOURCE Oasis Petroleum Inc.
