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Oasis Petroleum Enters Into RSA and Consensual Prepackaged Plan to be Implemented Through Voluntary Chapter 11 Process

Vinson & Elkins is counsel to Wells Fargo Bank, N.A. in connection with Oasis Petroleum Inc.’s restructuring and prepackaged voluntary chapter 11 bankruptcy cases filed in the U.S. Bankruptcy Court for the Southern District of Texas.

Wells Fargo is the administrative agent under Oasis Petroleum’s first lien revolving credit facility, and will act as administrative agent under Oasis Petroleum’s proposed $450 million debtor-in-possession financing facility during the chapter 11 cases and under Oasis Petroleum’s proposed $575 million exit financing facility upon emergence from chapter 11 and subject to the terms and conditions of the exit financing facility commitment.

Oasis Petroleum intends to use the chapter 11 proceedings to reduce its total indebtedness by $1.8 billion, representing 100% of its senior notes and senior unsecured convertible notes.  It is anticipated that the restructuring process will be completed on an accelerated timeframe, with an emergence from chapter 11 occurring in November 2020, subject to Bankruptcy Court approval.

The V&E team was led by partners Erec Winandy, Bill Wallander and James Longhofer and counsel Brad Foxman, in collaboration with counsel Farah Paliwala, senior associate Garrick Smith and associates Brittany Simington and Matt Struble.

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