Oasis Petroleum, an independent oil and natural gas explorer, has filed plans with the Securities and Exchange Commission (SEC) for an initial public offering that may raise up to $350 million. Texas-based Oasis said it would use proceeds from the IPO to reduce its debt load and to fund exploration projects.
Oasis does most of its businesses in the Williston Basin region of northeastern Montana and northwestern North Dakota. Oasis grew its oil and gas revenue to $37.8 million from $34.7 million in the year ended December 31 and reduced its net loss to $15.2 million from $34.4 million, according to Reuters.
Oasis did not disclose the size of the share offering or the expected price range. The shares will trade on the New York Stock Exchange under the ticker ''OAS.'' Oasis was founded in 2007 and booked $42 million in total sales for the year ended December 2009. The company owns 292,000 acres in the Williston Basin.
The IPO will be managed by Morgan Stanley, UBS and Simmons & Co. Morgan Stanley (MS) and UBS (MS) are joint lead underwriters on the transaction.
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