Oasis Midstream Partners LP (OMP) Prices 7.5M Share IPO at $17/Sh

Oasis Petroleum Inc. (NYSE: OAS) today announced the pricing of the Oasis Midstream Partners LP (NYSE: OMP) initial public offering of 7,500,000 common units representing limited partner interests in the Partnership at a price to the public of $17.00 per common unit, pursuant to a registration statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission ("SEC"). The Partnership has granted the underwriters a 30-day option to purchase up to an additional 1,125,000 common units. The common units are expected to begin trading on the New York Stock Exchange on September 21, 2017 under the symbol "OMP." The offering is expected to close on September 25, 2017, subject to the satisfaction of customary closing conditions.

Upon conclusion of the offering, the public will own an approximate 27.3% limited partner interest in Oasis Midstream (or approximately 31.4% if the underwriters exercise in full their option to purchase additional common units). Oasis Petroleum and its affiliates will own the remaining approximately 72.7% limited partner interest in Oasis Midstream (or approximately 68.6% if the underwriters exercise in full their option to purchase additional common units). Oasis Petroleum will indirectly own the general partner of Oasis Midstream and its incentive distribution rights and will retain a majority of Oasis Midstream's common and subordinated units representing limited partner interests.

Oasis Midstream intends to use the proceeds of approximately $119.9 million (i) to make a $113.9 million distribution to Oasis Petroleum, in whole or in part as reimbursement of pre-formation capital expenditures incurred by Oasis Petroleum, (ii) to pay approximately $4.1 million of offering expenses and structuring fees and (iii) to pay $1.9 million of origination fees and expenses related to its new revolving credit facility. If and to the extent the underwriters exercise their option to purchase additional common units in full, Oasis Midstream intends to use the additional net proceeds of approximately $17.9 million upon such exercise to pay a distribution to Oasis Petroleum.

Morgan Stanley, Citigroup and Wells Fargo Securities are acting as joint book-running managers for the offering.

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