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Oasis Petroleum Inc. (OAS) is an independent oil and gas exploration and production company.
The firm engages in the acquisition and development of oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin. Its primary projects are located in West Williston, East Nesson, and Sanish.
As of December 31, 2012, the company had 335,383 net leasehold acres in the Williston Basin; and had approximately 143.3 million barrels of oil equivalent of estimated net proved reserves.
Shares have formed a bullish "flag" after the firm increased its production area. On September 5, 2013, the company announced it increased its acreage footprint in the Williston Basin by nearly 50% with the acquisition of a combined 161,000 net acres (91,000 of those acres have rights to all depths) in three separate transactions. On September 10, 2013, Oasis announced it completed a private placement of $1.0 billion in Senior Notes, up from the originally contemplated size of $600.0MM. The Senior Notes were sold at par value, priced at 6.875% and are due 2022. The proceeds were used in part to pay for the purchase of the acreage. Higher share prices are expected for this stock.
52-Week Trading Range: $27.86 - $44.93
Entry Point: $44.75
Stop Loss: $42.50
Target Price: $49.23
OAS reached our target. Position was closed at $49.35. If you elect to stay in the stock, raise your stop loss to $42.75 to protect your gains.
