Oasis Petroleum Successfully Completes Financial Restructuring Emerges from Chapter 11 with a Significantly Stronger Balance Sheet.

Oasis Petroleum Inc. (“Oasis Petroleum” or the “Company”) today announced that it has successfully completed its financial restructuring and emerged from Chapter 11. Oasis Petroleum has successfully restructured its balance sheet and reduced its prepetition debt by $1.8 billion and resolved the Mirada litigation, pursuant to its restructuring support agreement and "pre-packaged" restructuring plan (the “Plan”) confirmed by the Bankruptcy Court on November 10, 2020. Oasis Petroleum’s new common stock is expected to commence trading on NASDAQ under the ticker symbol OAS at market open on November 20, 2020.

Chairman of the Board, Douglas E. Brooks said, "On behalf of the new board of directors, I would like to acknowledge our appreciation to our employees for their diligent work during this process.  Oasis is now uniquely positioned with a best-in-class balance sheet, a quality and sustainable long-lived asset base, and a rigorous new capital discipline that should translate into long-term value creation for our shareholders.  This new direction for Oasis will be executed within a strong ESG culture to provide value for all stakeholders. The offices of the CEO and Non-Executive Chairman have been separated to reflect the broader strategic issues including, but not limited to, balancing cash returns and growth initiatives while maintaining operational excellence and sound environmental stewardship. "