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Organization And Operations Of The Company | 12 Months Ended
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Dec. 31, 2011
Organization And Operations Of The Company [Abstract] |
Organization And Operations Of The Company | 1. Organization and Operations of the Company Organization Oasis Petroleum Inc. ("Oasis" or the "Company") was formed on February 25, 2010, pursuant to the laws of the State of Delaware, to become a publicly traded entity. The Company's predecessor, Oasis Petroleum LLC ("OP LLC"), was formed as a Delaware limited liability company on February 26, 2007 by certain members of the Company's senior management team and through investments made by Oasis Petroleum Management LLC ("OP Management") and certain private equity funds managed by EnCap Investments L.P. ("EnCap"). OP Management, a Delaware limited liability company, was formed in February 2007 to allow Company employees to become indirect investors in OP LLC. In May 2007, the Company formed Oasis Petroleum North America LLC ("OPNA"), a Delaware limited liability company, to conduct its domestic oil and natural gas exploration and production activities. In April 2008, the Company formed Oasis Petroleum International LLC ("OPI"), a Delaware limited liability company, to conduct business development activities outside of the United States of America. In June 2011, the Company formed Oasis Well Services LLC ("OWS"), a Delaware limited liability company, to provide well services to OPNA. In July 2011, the Company formed Oasis Petroleum Marketing LLC ("OPM"), a Delaware limited liability company, to provide marketing services to OPNA. As of December 31, 2011, OWS, OPM and OPI had no material business activities or material assets. A corporate reorganization occurred concurrently with the completion of the Company's initial public offering ("IPO") of its common stock on June 22, 2010. The Company sold 30,370,000 shares and OAS Holding Company LLC ("OAS Holdco"), the selling stockholder, sold 17,930,000 shares of the Company's common stock, in each case, at $14.00 per share. After deducting underwriting discounts and commissions of approximately $25.5 million, the Company received net proceeds of $399.7 million. The selling stockholder received aggregate net proceeds of approximately $236.0 million. The Company did not receive any proceeds from the sale of the shares by OAS Holdco. As a part of this corporate reorganization, the Company acquired all of the outstanding membership interests in OP LLC in exchange for shares of the Company's common stock. The Company's business continues to be conducted through OP LLC, as a wholly owned subsidiary. Nature of Business The Company is an independent exploration and production company focused on the acquisition and development of unconventional oil and natural gas resources primarily in the Williston Basin. The Company's assets, which consist of proved and unproved oil and natural gas properties, are located primarily in the Montana and North Dakota areas of the Williston Basin and are owned by OPNA.

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