Oasis Midstream Partners to Acquire Additional Interests in Development Companies from Oasis Petroleum
Vinson & Elkins advised Oasis Midstream Partners (OMP or the Partnership) in a definitive agreement to acquire additional interests in Bobcat DevCo LLC and Beartooth DevCo LLC from Oasis Petroleum Inc. (Oasis) for $250 million. The acquisition will increase OMP's interest in the Bobcat DevCo to 25% from 10% and will increase OMP's interest in the Beartooth DevCo to 70% from 40%.
V&E also advised OMP on an underwritten public offering of 2,000,000 common units representing limited partnership interests (“common units”) for total gross proceeds of $40,000,000. The Partnership intends to use the net proceeds from the offering to fund a portion of the purchase price for the acquisition from Oasis. The offering priced on November 8, 2018 and is expected to close November 14, 2018.
The V&E corporate team was led by partners Dave Oelman and Thomas Zentner with associates Andrew Schulte, Luke Thomas and David Lassetter. Also advising were partner Ryan Carney and associate Curt Wimberly; and counsel Larry Pechacek.