XML 40 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6
Organization And Operations Of The Company
 3 Months Ended
Mar. 31, 2012
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 holding company for Oasis Petroleum LLC ("OP LLC"), the Company's predecessor. 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 certain private equity funds managed by EnCap Investments L.P. In connection with its initial public offering in June 2010 and related corporate reorganization, the Company acquired all of the outstanding membership interests in OP LLC in exchange for shares of the Company's common stock. 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. As of March 31, 2012, OPI had no business activities or material assets. 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.

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 in the Williston Basin. The Company's proved and unproved oil and natural gas properties are located in the Montana and North Dakota areas of the Williston Basin and are owned by OPNA. The Company also operates businesses that are complementary to its primary development and production activities, including a marketing business (OPM) and a well services business (OWS).