Oasis Prices Private Placement of Senior Notes

Oasis Petroleum announced the pricing of its private placement of $400 million of 7.25% senior unsecured notes due 2019. The notes were sold at par. The size of the offering was increased from the previously announced $300 million to $400 million. The offering is expected to close on February 2, 2011, subject to customary closing conditions. Oasis intends to use the net proceeds from the offering to fund its exploration, development and acquisition program and for general corporate purposes.

The securities offered have not been registered under the Securities Act of 1933, as amended, (the "Securities Act"), or any state securities laws; and unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. The senior unsecured notes are expected to be eligible for trading by qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.