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Oasis Petroleum Inc. Announces Sale of Remaining DevCo Interests to Oasis Midstream Partners, IDR Elimination

Vinson & Elkins advised Oasis Petroleum Inc. (“Oasis” or the “Company”) in connection with a contribution and simplification agreement pursuant to which it would contribute all of its remaining interests in Bobcat DevCo LLC and Beartooth DevCo LLC to Oasis Midstream Partners LP (“OMP” or the “Partnership”) as well as eliminate its incentive distribution rights in exchange for $229 million in cash and 14.8 million OMP common units for total consideration of approximately $510 million based on OMP’s 20 day volume weighted average price ending on March 19, 2021.

The corporate team was led by partners David Oelman and Brittany Sakowitz, with assistance from associates David Lassetter, John Daywalt and Heather Jones. Partners Ryan Carney and Jim Meyer and associates Curt Wimberly and Ben Livni advised on tax matters. Also assisting were senior associate Andrew Schulte and associates Billy Vranish, Philip Turpin and Patrick Nichols.

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