Oasis to Purchase Williston Basin Assets
Oasis Petroleum Inc. (NYSE: OAS) has agreed to purchase oil and gas assets in North Dakota’s Williston Basin. Included in the purchase are 161 thousand net acres that will produce an estimated 9.3 thousand additional barrels of oil equivelent (boe). The deal will bring Oasis Petroleum’s total net acreage in the area to 492 thousand, and its boe to approximately 43 thousand. Total purchase price for the assets was $1.52 billion. Oasis shares are currently up 2.65 percent in pre-market trading.
Winter is Coming
Natural gas futures have historically risen between the months of August and December 80 percent of the time in the last 25 years. As winter approaches the odds are strong that traders will bid high on natural gas. With increased demand, lowered production estimates, and an unusually cold winter on its way, there many reasons to be long on natural gas.