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Oasis Petroleum emerges from Chapter 11 bankruptcy

Oasis Petroleum Inc. on Nov. 19 said that it successfully completed its financial restructuring and emerged from Chapter 11 bankruptcy.

The Houston-based independent oil and gas producer said it restructured its balance sheet, reduced its prepetition debt by $1.8 billion and resolved litigation involving Mirada Energy LLC, in accordance with its restructuring support agreement and prepackaged restructuring plan, which was confirmed by the U.S. Bankruptcy Court for the Southern District of Texas on Nov. 10.

The company's new capital structure includes a $575 million reserve-based revolving credit facility maturing in May 2024. Of the $575 million, $340 million was drawn at emergence with the first borrowing base redetermination scheduled for April 1, 2021.

Oasis Petroleum's new common stock is expected to start trading on Nasdaq under the ticker symbol OAS when markets open on Nov. 20. At emergence, 60 million shares were authorized with approximately 20 million shares outstanding allocated to unsecured noteholders and 2.4 million shares were reserved for the company's long-term incentive plan.

The company also appointed a new board of directors, effective Nov. 19. The new board consists of Douglas Brooks, who was named chairman of the board, CEO Thomas Nusz, Samantha Holroyd, John Jacobi, N. John Lancaster Jr., Robert McNally and Cynthia Walker.

Tudor Pickering Holt & Co. and Perella Weinberg Partners are acting as Oasis Petroleum's financial advisers, while Kirkland & Ellis LLP is acting as legal adviser and AlixPartners LLP is acting as restructuring adviser.

Evercore is acting as financial adviser and Paul Weiss Rifkind Wharton & Garrison LLP and Porter Hedges LLP are acting as legal advisers to the ad hoc committee of senior noteholders.