Oasis Reports 3Q11 Results -- The Bakken, North Dakota, USA

Link here.

• Grew average daily production to 11,583 barrels of oil equivalent per day ("Boepd"), a 110% increase over the third quarter of 2010.  Daily production increased by 47% compared to the second quarter of 2011.
• Increased Adjusted EBITDA to $62.9 million, an increase of $40.9 million over the third quarter of 2010 and a sequential increase of $18.4 million over the second quarter of 2011.

This is particularly interesting for folks who have been commenting on the WTI - Brent spread:

Average price per barrel of oil, without realized derivatives, was $83.52 in the third quarter of 2011, compared to $66.42 in the third quarter of 2010 and $95.48 in the second quarter of 2011.  The average price differential compared to West Texas Intermediate ("WTI") crude oil index prices was 6% in the third quarter of 2011, compared to 13% in the third quarter of 2010 and 7% in the second quarter of 2011.  The Company's differentials have improved due to higher quoted prices for Bakken crude in markets such as Clearbrook, Minnesota, and Guernsey, Wyoming.

And the "business of the business" is making a huge difference:

The Company reported net income of $66.3 million, or $0.72 per weighted average diluted share, for the third quarter of 2011 as compared to a net loss of $1.7 million, or $0.02 per weighted average diluted share, for the third quarter of 2010.  The third quarter of 2011 included an unrealized gain on derivative instruments of $71.4 million, an increase of $39.7 million, or 125%, over the second quarter of 2011 of $31.7 million.

And, of course, all this is linked at "Earnings Central."