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    <link:label id="lab_us-gaap_InventoryNet_C3ED06405CFFFA2D67C397923633485B_label_en-US" xlink:label="lab_us-gaap_InventoryNet_C3ED06405CFFFA2D67C397923633485B" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Inventory, Net</link:label>
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    <link:label id="lab_us-gaap_OtherAssetsCurrent_8036AD07DD8F5D9BC2309792363401C2_label_en-US" xlink:label="lab_us-gaap_OtherAssetsCurrent_8036AD07DD8F5D9BC2309792363401C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Assets, Current</link:label>
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    <link:label id="lab_us-gaap_DerivativeLiabilitiesCurrent_89B9329C8E23DADFF759979236352E76_label_en-US" xlink:label="lab_us-gaap_DerivativeLiabilitiesCurrent_89B9329C8E23DADFF759979236352E76" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Liability, Current</link:label>
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    <link:label id="lab_oas_AdvancesFromJointInterestPartnersCurrent_49D27850EF4FECD02CC1979236356663_label_en-US" xlink:label="lab_oas_AdvancesFromJointInterestPartnersCurrent_49D27850EF4FECD02CC1979236356663" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Advances From Joint Interest Partners Current</link:label>
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    <link:label id="lab_us-gaap_OtherLiabilitiesCurrent_77DB2D411CB26942135097923635B4D0_label_en-US" xlink:label="lab_us-gaap_OtherLiabilitiesCurrent_77DB2D411CB26942135097923635B4D0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Liabilities, Current</link:label>
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    <link:label id="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent_DF203D88E2BEEC58FAF8979236359C09_label_en-US" xlink:label="lab_us-gaap_DeferredTaxLiabilitiesNoncurrent_DF203D88E2BEEC58FAF8979236359C09" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Tax Liabilities, Net, Noncurrent</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_us-gaap_DeferredTaxLiabilitiesNoncurrent_DF203D88E2BEEC58FAF8979236359C09" xlink:type="locator" />
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    <link:label id="lab_us-gaap_AssetsCurrentAbstract_478C70479C3153EE6EEB979234293458_label_en-US" xlink:label="lab_us-gaap_AssetsCurrentAbstract_478C70479C3153EE6EEB979234293458" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Assets, Current [Abstract]</link:label>
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    <link:label id="lab_oas_NotesMember_F96867E2E016D6D8CCA982E5DB21B1DE_documentation_en-US" xlink:label="lab_oas_NotesMember_F96867E2E016D6D8CCA982E5DB21B1DE" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Notes [Member]</link:label>
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    <link:label id="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_92CCBE509E53401DA5C482E5DB274278_label_en-US" xlink:label="lab_us-gaap_LondonInterbankOfferedRateLIBORMember_92CCBE509E53401DA5C482E5DB274278" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">London Interbank Offered Rate (LIBOR) [Member]</link:label>
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    <link:label id="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0_terseLabel_en-US" xlink:label="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Alternate Based Rate (ABR) [Member]</link:label>
    <link:label id="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0_label_en-US" xlink:label="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Alternate Based Rate (ABR) [Member]</link:label>
    <link:label id="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0_documentation_en-US" xlink:label="lab_oas_AlternateBasedRateABRMember_327A243C3F55938B901782E5DB2806B0" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Alternate Based Rate (ABR)</link:label>
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    <link:label id="lab_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
    <link:label id="lab_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balance Sheet Location [Axis]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="loc_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9" xlink:to="lab_us-gaap_BalanceSheetLocationAxis_A3F8BE8A5EEF42A0701A82E5DB2807A9" xlink:type="arc" />
    <link:label id="lab_us-gaap_BalanceSheetLocationDomain_EEAEC3A11C3B3BE0EEA382E5DB287CB0_terseLabel_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain_EEAEC3A11C3B3BE0EEA382E5DB287CB0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Balance Sheet Location [Domain]</link:label>
    <link:label id="lab_us-gaap_BalanceSheetLocationDomain_EEAEC3A11C3B3BE0EEA382E5DB287CB0_label_en-US" xlink:label="lab_us-gaap_BalanceSheetLocationDomain_EEAEC3A11C3B3BE0EEA382E5DB287CB0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Balance Sheet Location [Domain]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_us-gaap_BalanceSheetLocationDomain_EEAEC3A11C3B3BE0EEA382E5DB287CB0" xlink:type="locator" />
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    <link:label id="lab_us-gaap_LongTermDebtMember_63E4E1189FF1921BB83782E5DB284733_terseLabel_en-US" xlink:label="lab_us-gaap_LongTermDebtMember_63E4E1189FF1921BB83782E5DB284733" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Long-term Debt [Member]</link:label>
    <link:label id="lab_us-gaap_LongTermDebtMember_63E4E1189FF1921BB83782E5DB284733_label_en-US" xlink:label="lab_us-gaap_LongTermDebtMember_63E4E1189FF1921BB83782E5DB284733" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Long-term Debt [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_LongTermDebtMember" xlink:label="loc_us-gaap_LongTermDebtMember_63E4E1189FF1921BB83782E5DB284733" xlink:type="locator" />
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    <link:label id="lab_us-gaap_OtherCurrentAssetsMember_BE2571F762157234FD4682E5DB283159_terseLabel_en-US" xlink:label="lab_us-gaap_OtherCurrentAssetsMember_BE2571F762157234FD4682E5DB283159" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Other Assets [Member]</link:label>
    <link:label id="lab_us-gaap_OtherCurrentAssetsMember_BE2571F762157234FD4682E5DB283159_label_en-US" xlink:label="lab_us-gaap_OtherCurrentAssetsMember_BE2571F762157234FD4682E5DB283159" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Other Current Assets [Member]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_OtherCurrentAssetsMember" xlink:label="loc_us-gaap_OtherCurrentAssetsMember_BE2571F762157234FD4682E5DB283159" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentLineItems_322A2982A7CFE8FD761882E5DB28084D_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_322A2982A7CFE8FD761882E5DB28084D" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentLineItems_322A2982A7CFE8FD761882E5DB28084D_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentLineItems_322A2982A7CFE8FD761882E5DB28084D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument [Line Items]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_322A2982A7CFE8FD761882E5DB28084D" xlink:type="locator" />
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    <link:label id="lab_us-gaap_UnsecuredDebt_A08FF91B161455D3F43682E5DB2886D3_terseLabel_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_A08FF91B161455D3F43682E5DB2886D3" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Unsecured debt</link:label>
    <link:label id="lab_us-gaap_UnsecuredDebt_A08FF91B161455D3F43682E5DB2886D3_label_en-US" xlink:label="lab_us-gaap_UnsecuredDebt_A08FF91B161455D3F43682E5DB2886D3" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Unsecured Debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_UnsecuredDebt" xlink:label="loc_us-gaap_UnsecuredDebt_A08FF91B161455D3F43682E5DB2886D3" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_8026423D4EE50BFA59EC82E5DB283BC8_terseLabel_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_8026423D4EE50BFA59EC82E5DB283BC8" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Stated interest rate (as percent)</link:label>
    <link:label id="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_8026423D4EE50BFA59EC82E5DB283BC8_label_en-US" xlink:label="lab_us-gaap_DebtInstrumentInterestRateStatedPercentage_8026423D4EE50BFA59EC82E5DB283BC8" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_8026423D4EE50BFA59EC82E5DB283BC8" xlink:type="locator" />
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    <link:label id="lab_oas_RedemptionPercentageMaximum_5874373756C8925CCED282E5DB28CD95_terseLabel_en-US" xlink:label="lab_oas_RedemptionPercentageMaximum_5874373756C8925CCED282E5DB28CD95" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Redemption percentage (up to) (as percent)</link:label>
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    <link:loc xlink:href="oas-20160331.xsd#oas_DebtInstrumentRedemptionTerm" xlink:label="loc_oas_DebtInstrumentRedemptionTerm_7CAD8D28DDB7449F644082E5DB2812FD" xlink:type="locator" />
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    <link:label id="lab_oas_PercentageOfMinimumOutstandingPrincipalAmount_4DFD50369ACB97CBD3BE82E5DB288573_terseLabel_en-US" xlink:label="lab_oas_PercentageOfMinimumOutstandingPrincipalAmount_4DFD50369ACB97CBD3BE82E5DB288573" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Percentage of minimum outstanding principal amount (at least)</link:label>
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    <link:label id="lab_oas_PercentageOfMinimumOutstandingPrincipalAmount_4DFD50369ACB97CBD3BE82E5DB288573_documentation_en-US" xlink:label="lab_oas_PercentageOfMinimumOutstandingPrincipalAmount_4DFD50369ACB97CBD3BE82E5DB288573" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Percentage of minimum outstanding principal amount.</link:label>
    <link:loc xlink:href="oas-20160331.xsd#oas_PercentageOfMinimumOutstandingPrincipalAmount" xlink:label="loc_oas_PercentageOfMinimumOutstandingPrincipalAmount_4DFD50369ACB97CBD3BE82E5DB288573" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ExtinguishmentOfDebtAmount_EE788904F7C3626985CF82E5DB28C210_terseLabel_en-US" xlink:label="lab_us-gaap_ExtinguishmentOfDebtAmount_EE788904F7C3626985CF82E5DB28C210" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Amount of debt extinguished</link:label>
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    <link:label id="lab_us-gaap_RepaymentsOfUnsecuredDebt_CA72AF686316687782EF82E5DB28EEE6_terseLabel_en-US" xlink:label="lab_us-gaap_RepaymentsOfUnsecuredDebt_CA72AF686316687782EF82E5DB28EEE6" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Repurchase of senior unsecured debt</link:label>
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    <link:label id="lab_us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases_59F2B3C02CB2299F223082E5DB29543A_terseLabel_en-US" xlink:label="lab_us-gaap_LineOfCreditFacilityCapacityAvailableForSpecificPurposeOtherThanForTradePurchases_59F2B3C02CB2299F223082E5DB29543A" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Line of credit facility amount</link:label>
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    <link:label id="lab_us-gaap_DerivativeAverageCapPrice_B25DA23300841E67A9D388007ACF816C_label_en-US" xlink:label="lab_us-gaap_DerivativeAverageCapPrice_B25DA23300841E67A9D388007ACF816C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Average Cap Price</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2016/elts/us-gaap-2016-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_4203E0FB1470688B83929792360A6117" xlink:type="locator" />
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