Benzinga | Sep 30, 2021 07:04AM EDT

Oasis Petroleum Inc. Announces Extension of the Outside Date for Acquisition of Williston Basin Assets

Oasis Petroleum Inc. (NASDAQ:OAS) ("Oasis" or the "Company") announced today that the Company and QEP Energy Company ("QEP"), a wholly-owned subsidiary of Diamondback Energy, Inc., have agreed to extend the outside date for the consummation of the Company's previously announced acquisition of QEP's Williston Basin assets to October 27, 2021. Both Oasis and Diamondback remain committed to the transaction and expect it to close in the next few weeks, timing depending on final government approval. The transaction was valued at $745MM with an effective date of April 1, 2021. Final consideration will be reduced by the $75MM deposit paid in 2Q21 and customary purchase price adjustments related to free cash flow generated from effective date to close.