Restructuring Support Agreement ("RSA") and Consensual Prepackaged Plan to be Implemented through Voluntary Chapter 11 Process; Restructuring to Reduce Debt by $1.8 Billion
Under the RSA, Oasis Petroleum is Expected to Pay Royalty Interest, Working Interest and Surface Owners in Full, Including Pre-Petition Balances in the Ordinary Course; Vendors and Suppliers also Expected to be Paid in Full
Oasis Midstream Partners, a Master Limited Partnership with Independent Midstream Operations, and All Subsidiaries in which It Owns an Equity Interest, Are NOT Included in Chapter 11 Filing
Oasis Petroleum has Secured a Commitment for $450 Million in Debtor-in-Possession Financing; Oasis Petroleum has Sufficient Liquidity to Maintain Operations
Oasis' Upstream Operations and Production Expected to Continue as Normal Throughout Restructuring Process
PR Newswire
HOUSTON, Sept. 30, 2020
