Highlights of Oasis Conference Call, 3Q10; Bakken, ND, USA

Comments from the November 9, 2010, earnings conference call via the Seeking Alpha transcript.

Oasis: became a publicly traded company on June 17, 2010; NYSE: OAS

On Friday, November 5, 2010, closed on a deal resulting in 16,700 net acres in Hebron prospect, just west of North Dakota in Montana; already producing; cost: approximately $50,000 ($3000/acre plus production of 300 bbls/day). To exploit this area, OAS has contracted a sixth rig which will be dedicated to this project area.

Standard OAS well: 10,000-foot lateral (long laterals) and 28 frac stages.

Average OAS well cost: $6.8 to 7.2 million.

Despite a record rig count in North Dakota, service costs are moderating and availability of crews is improving.

OAS has two, and on track to have a third, dedicated pumping service providers which should be adequate to match their drilling program with frac slots going into 2011.

Proppants: ceramics / sand: 65 / 35.

1,033 net potential locations in the Williston Basin.

With the recent Hebron acquisition, OAS now has over 300,000 net acres in the Williston Basin.

West Williston wells: resilient to WTI oil prices as low at $45 to $50.

Average price of Oasis oil sold for $66.42 last quarter, a differential of 13%; historically the Basin has about a 10% differential; again, partly due to takeaway constraints.

Lease operating costs were at $6.33/boe; down 38% from 3Q09.

Debt: goal to be completely out of debt by end of 2011.