Oasis Comments on Recent Weather-Related Challenges -- Bakken, North Dakota, USA

Data points:

• Flooding and road restrictions make it difficult to meet 2Q production targets
• Should be able to work through completion inventory in 2H11
• Have continued to move forward with its capital program
• Although OAS had some delays in moving equipment, OAS does not expect a meaningful impact to drilling and completion
• OAS is making progress on securing eighth and ninth rigs for 2H11
• OAS has lined up a third frac crew; they should begin completions in July, 2011

Update at Oasis website. 

Two observations, okay, make it three:

• no matter how bad the weather is, the roughnecks would prefer this to the winter, I assume
• no matter how bad the challenges in the Bakken are, they do not compare to Iraq, Iran, Libya, etc
• I am impressed with how optimistic, how focused, how outcome-oriented these companies are

I have great respect for all these folks and always wish them the best.