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Title : Contributor At Seeking Alpha Suggests Oasis Was The Seller In The Whiting "Bolt-On" Acquisition -- August 18, 2018
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Contributor At Seeking Alpha Suggests Oasis Was The Seller In The Whiting "Bolt-On" Acquisition -- August 18, 2018

At the sidebar at the right, "Deals in the Bakken," about one-third of the way down, the most recent deal posted was the "Whiting bolt-on": 55,000 acres for $130 million.

Today, Don found an article completing the story. Apparently Oasis was the seller. Over at SeekingAlpha:

• Whiting Petroleum acquired nearly 55,000 net acres in the Williston Basin for $130 million
• this appears to be Oasis's Foreman Butte position, which it had categorized as lower-quality acreage
• Whiting believes that it can achieve stronger results with its Generation 4.0 completions
• the new acreage is on trend with Whiting's strong performing Mallow 34-8H well, although that well is located a fair bit to the east of the acquisition
• Whiting is able to take a relatively low priced risk due to its improved financial position and cessation of Redtail development spending

I would not have guessed. I did not think Oasis owned that much acreage in this area.

Oasis, August, 2018, corporate presentation --

• slide 4: net acres in the Williston Basin -- 503,000 net acres
• see note below: at end of 2017: 520,000 net acres
• so, something doesn't add up
• selling 55,000 net acres should have put their total acreage well bellow 500,000
• perhaps the deal has not closed yet and Oasis is not yet reporting it?

From "Bakken operators":

• enters the Permian; announces that it will buy 20,000 acres there; December 12, 2017
• • expects to raise $500 million by selling non-core Bakken assets 
  • had 517.8 thousand net acres in the Bakken prior to the announcement
• announces interest in spinning off an MLP, May 19, 2017
• Daily activity report: 156 SM Energy wells transferred to Oasis
• Record two-month production for Oasis? February 2, 2017.
• January, 2017: Motley Fool update; very, very bullish; SM Energy deal a big, big deal
• November, 2016: with SM Energy deal closing December 1, 2016, Oasis should have 540,000 net acres

From Whiting's presentation, the "bolt-on":

Bolt-on appears to be mostly Tier 2 (by 2018 norms) but some Tier 1.

Now compare Oasis acreage in the Williston Basin:

The SeekingAlpha contributor references this Oasis deal earlier in the year:  $283 million / 65,000 acres = $4,500 / acre.

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