News Releases

HOUSTON, April 4, 2012 /PRNewswire/ -- Oasis Petroleum Inc. (NYSE: OAS) ("Oasis" or the "Company") 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 ofMarch 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.

Hedging Activity
As of March 31, 2012, the Company had the following outstanding commodity derivative contracts, all of which settle monthly:

Upcoming Conferences
Oasis also announced today that management is scheduled to participate in the following energy conferences and investor events:

• Management will be presenting at the IPAA OGIS New York on Monday, April 16, 2012 at 9:30 a.m. Eastern Time in New York, NY. 
• Management will be presenting at Baird's 2012 Growth Stock Conference on Wednesday, May 9, 2012 at 2:30 p.m. Central Time inChicago, IL.
• Management will be presenting at the UBS Global Oil and Gas Conference on Thursday, May 24, 2012 at 10:00 a.m. Central Timein Austin, TX.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this press release specifically include the expectations of plans, strategies, objectives and anticipated financial and operating results of the Company, including the Company's drilling program, production, derivatives activities, capital expenditure levels and other guidance included in this press release. These statements are based on certain assumptions made by the Company based on management's experience and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. These include changes in oil and natural gas prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as the Company's ability to access them, the proximity to and capacity of transportation facilities, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting the Company's business and other important factors that could cause actual results to differ materially from those projected as described in the Company's reports filed with the SEC.

Any forward-looking statement speaks only as of the date on which such statement is made and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

About Oasis Petroleum Inc.
Oasis is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources, primarily operating in the Williston Basin.   For more information, please visit the Company's website atwww.oasispetroleum.com.