Oasis Petroleum Announces 34 Million Share Offering, Stock Tumbles

Shares of Oasis Petroleum Inc. OAS, an independent exploration and production company that focuses on the acquisition and development of unconventional oil and natural gas resources, tumbled lower by more than 6 percent on Thursday. Oasis Petroleum announced earlier in the day that it has priced an underwritten public offering of 34 million shares of its common stock for a total gross proceed of approximately $160 million. Oasis Petroleum noted it plans on using the proceeds to fund a portion of its 2016 capital expenditures in addition to general corporate purposes. The offering is expected to close on February 2, 2016.