Oasis Petroleum Inc. Announces Redetermination of Borrowing Base

Oasis Petroleum Inc. OAS today announced that the lenders under its revolving credit agreement completed their regular semi-annual redetermination of the borrowing base, resulting in an increase to the borrowing base from $350 million to $500 million. Additionally, Oasis added two new lenders to the bank group. As of March 31, 2012, Oasis had no outstanding indebtedness under its revolving credit facility. The next redetermination of the borrowing base is scheduled for October 1, 2012.