Oasis Provides Update Regarding Merger With Whiting; Expects To Close 3Q22 -- May 4, 2022

Closing prices:

• OAS: $142
• WLL: $78
• WLL / OAS = 0.549

Back of envelope:

• 1000 shrs of WLL: $78,000
• at merger / closing: 577 shares of Oasis
• 577 * $142 = $81,934
• $6.25 x 1,000 = $6,250
• $88,184

• 1000 shrs of OAS: $142,000
• at merger / closing: $15 x 1,000 = $15,000
• = $157,000

I often make simple arithmetic mistakes, often misunderstand things.

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All my posts are done quickly: there will be content and typographical errors. If anything on any of my posts is important to you, go to the source. If/when I find typographical / content errors, I will correct them.  

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Oasis: 1Q22 Earning

OAS: link here.

• Oasis and Whiting Petroleum Corporation ("Whiting") continue to make progress and expect the merger (the "merger") to close in 3Q22. Oasis and Whiting each filed a premerger notification and report form under the HSR Act, and the waiting periods with respect thereto have expired. Oasis filed a registration statement on Form S-4 (the "Registration Statement") on April 28, 2022.

• DENVER & HOUSTON--(BUSINESS WIRE)--Mar. 7, 2022-- Whiting Petroleum Corporation (NYSE: WLL) (“Whiting”) and Oasis Petroleum Inc. (NASDAQ: OAS) ("Oasis") today announced they have entered into an agreement to combine in a merger of equals transaction. The combined company will have a premier Williston Basin position with top tier assets across approximately 972K net acres, combined production of 167.8 thousand boepd, significant scale and enhanced free cash flow generation to return capital to shareholders.

  This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220307005443/en/

  Under the terms of the agreement, Whiting shareholders will receive 0.5774 shares of Oasis common stock and $6.25 in cash for each share of Whiting common stock owned. 

  In connection with the closing of the transaction, Oasis shareholders will receive a special dividend of $15.00 per share. 

  The combined company will have an enterprise value of ~$6.0B based on the exchange ratio and the closing share prices for Whiting and Oasis as of March 4, 2022. Upon completion of the transaction, Whiting shareholders will own approximately 53% and Oasis shareholders will own approximately 47% of the combined company on a fully diluted basis.

  Upon closing, Whiting’s President and CEO, Lynn Peterson, will serve as Executive Chair of the Board of Directors of the combined company. Oasis’ CEO, Danny Brown, will serve as President and Chief Executive Officer and as a member of the Board. The combined company will be headquartered in Houston upon closing but will retain the Denver office for the foreseeable future. The combined company will operate under a new name and is expected to trade on the NASDAQ under a new ticker to be announced prior to closing.