Oasis Petroleum Inc was formed on February 25, 2010 pursuant to the laws of the State of Delaware to become a holding company for Oasis Petroleum LLC, which was formed as a Delaware limited liability company in February 26, 2007. The Company is an independent exploration and production company engaged in the acquisition and development of unconventional oil and natural gas resources in the Montana and North Dakota regions of the Williston Basin. As of December 31, 2013, it has accumulated 515,314 net leasehold acres in the Williston Basin. It is currently exploiting significant resource potential from the Bakken and Three Forks formations, which are present across a substantial portion of its acreage. In 2013, it completed and placed on production 136 gross operated wells in the Williston Basin and achieved 100% success in the finding of hydrocarbons through the application of the latest drilling and completion techniques. It has built its Williston Basin leasehold acreage position mainly through acquisitions in its three main project areas namely West Williston, East Nesson and Sanish. The Company operates through exploration and production segment. Its competitors include integrated oil and natural gas companies, numerous independent oil and natural gas companies, individuals and drilling and income programs. The Company's operations are substantially affected by federal, state and local laws and regulations.