$OAS - Great exposure to the Bakkan
Oasis Petroleum offers pure-play exposure to the Bakken Shale and boasts about 320,000 net acres that are prospective for Bakken Shale and the Three Forks trend, the majority of which will be held by production by year-end.
Crude oil accounts for about 82 percent of the company's reserves-a favorable mix with natural gas prices likely to remain depressed and volatile for at least the next two to three years.
Meanwhile, the exploration and production company's ongoing development efforts enabled the firm to grow its second-quarter output to 20,353 barrels of oil equivalent per day, up 158 percent from a year ago and 15 percent sequentially.
Management attributed this upsurge in production, which surpassed the firm's prior guidance, to a higher average working interest in the wells completed during the quarter.
These impressive results prompted the company to revise its full-year production estimate to between 20.5 and 22.5 million barrels of oil equivalent per day from between 18 and 22 million barrels of oil equivalent per day.
