<SEC-DOCUMENT>0001193125-17-360348.txt : 20180209
<SEC-HEADER>0001193125-17-360348.hdr.sgml : 20180209
<ACCEPTANCE-DATETIME>20171204170356
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-17-360348
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20171204

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Oasis Petroleum Inc.
		CENTRAL INDEX KEY:			0001486159
		STANDARD INDUSTRIAL CLASSIFICATION:	CRUDE PETROLEUM & NATURAL GAS [1311]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		STREET 2:		SUITE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
		BUSINESS PHONE:		281-404-9500

	MAIL ADDRESS:	
		STREET 1:		1001 FANNIN STREET
		STREET 2:		SUITE 1500
		CITY:			HOUSTON
		STATE:			TX
		ZIP:			77002
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>Response Letter</TITLE>
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<IMG SRC="g476934g1204100712457.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I><U>Via EDGAR </U></I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December&nbsp;4, 2017 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Brad Skinner </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Assistant Chief Accountant </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and
Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F
Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549-3561 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"><B>Oasis Petroleum Inc. </B></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal
Year Ended December&nbsp;31, 2016 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Filed on February&nbsp;23, 2017 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-34776</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ladies and Gentlemen: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Set forth below are the
responses of Oasis Petroleum Inc. (the &#147;<B><I>Company</I></B>,&#148; &#147;<B><I>we</I></B>,&#148; &#147;<B><I>us</I></B>&#148; or &#147;<B><I>our</I></B>&#148;), to comments received from the staff of the Division of Corporation Finance (the
&#147;<B><I>Staff</I></B>&#148;) of the Securities and Exchange Commission (the &#147;<B><I>Commission</I></B>&#148;) by letter dated November&nbsp;17, 2017, with respect to Form <FONT STYLE="white-space:nowrap">10-K</FONT> for Fiscal Year Ended
December&nbsp;31, 2016, File <FONT STYLE="white-space:nowrap">No.&nbsp;001-34776,</FONT> filed with the Commission on February&nbsp;23, 2017 (the
&#147;<B><I>Form</I></B><B><I></I></B><B><I><FONT STYLE="white-space:nowrap">&nbsp;10-K</FONT></I></B>&#148;). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, each
response is prefaced by the exact text of the Staff&#146;s corresponding comment in bold, italicized text. All references to page numbers and captions correspond to the Form <FONT STYLE="white-space:nowrap">10-K</FONT> unless otherwise specified.
</P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form <FONT STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year Ended December&nbsp;31, 2016 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Business, page 4 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proved Undeveloped
Reserves, page 8 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>1.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Your discussion of the changes in proved undeveloped reserves indicates that the line item entry representing revisions in the previous estimates of reserves is the result of an aggregation of separate and
unrelated factors with offsetting effects, e.g. positive revisions relating to larger completion designs and a higher gas oil ratio and negative revisions due to the removal of proved undeveloped locations that are no longer aligned with the
anticipated five-year drilling plan and negative revisions due to lower commodity prices. </I></B></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Please expand your
disclosure to reconcile the overall change in the line item by separately identifying and quantifying the net amount attributable to each factor so that the change in net reserves between periods is fully explained. In regards to your disclosure of
revisions in the previous estimates of reserves, please expand your discussion to identify any additional factors such as changes caused by well </I></B></P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 4, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>
performance, uneconomic proved undeveloped locations or changes resulting from the removal of proved undeveloped locations due to changes in a previously adopted development plan in addition to
the changes in the net quantities caused by commodity prices. Refer to Item 1203(b) of Regulation <FONT STYLE="white-space:nowrap">S-K.</FONT> This comment also applies to the comparable disclosure of the revisions in net quantities of total proved
reserves pursuant to FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932&not;235-50-5</FONT></FONT> for each of the periods presented on page 122. </I></B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s comment, and we respectfully submit to the Staff that the Company&#146;s disclosure as to the
changes attributed to revisions in proved undeveloped reserves for the year ended December&nbsp;31, 2016 were made in accordance with Item&nbsp;1203(b) of <FONT STYLE="white-space:nowrap">Regulation&nbsp;S-K</FONT> and, as such, the Company believes
the disclosure regarding changes in proved undeveloped reserves is materially accurate as presented. However, the Company agrees in future filings to quantify the individual factors driving its net revisions. For the year ended December&nbsp;31,
2016, its net positive revision in proved undeveloped reserves of 30,030 MBoe was attributable to positive revisions of 27,608 MBoe due to larger completion designs, 8,221 MBoe due to a higher gas to oil ratio and 5,744 MBoe due to ownership
adjustments, offset by 9,455 MBoe due to the removal of proved undeveloped reserves that were no longer aligned with the Company&#146;s anticipated five-year drilling plan and 1,617 MBoe due to the impact of price on producing life. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Similarly, we respectfully submit to the Staff that the Company&#146;s disclosure as to the changes attributed to revisions in total proved
reserves for the periods presented were made in accordance with FASB ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">932-235-50-5</FONT></FONT></FONT> and, as such, the Company believes the
disclosure regarding changes in total proved reserves is materially accurate as presented. For the year ended December&nbsp;31, 2016, the Company&#146;s net positive revision in proved reserves of 31,136 MBoe was attributable to positive revisions
of 30,374 MBoe due to well performance and larger completion designs, 8,221 MBoe due to a higher gas to oil ratio and 8,165 MBoe due to ownership adjustments, offset by 9,455 MBoe due to the removal of proved undeveloped reserves that were no longer
aligned with the Company&#146;s anticipated five-year drilling plan and 8,206 MBoe due to lower commodity prices. For the year ended December&nbsp;31, 2015, the Company&#146;s net negative revision in proved reserves of 84,635 MBoe was primarily
attributable to negative revisions of 71,945 MBoe due to the removal of proved undeveloped reserves that were not economic at the lower oil price or were no longer aligned with the Company&#146;s anticipated five-year drilling plan and 17,214 MBoe
due to the impact of price on producing life, partially offset by positive revisions of 3,004 MBoe due to ownership adjustments and 1,914 MBoe due to performance. For the year ended December&nbsp;31, 2014, the Company&#146;s net negative revision in
proved reserves of 25,117 MBoe was primarily attributable to negative revisions of 21,411 MBoe due to the removal of proved undeveloped reserves that were not aligned with the Company&#146;s anticipated five-year drilling plan and 3,796 MBoe due to
performance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In future filings, beginning with the Company&#146;s Annual Report on Form <FONT STYLE="white-space:nowrap">10-K</FONT> for
the year ended December&nbsp;31, 2017, the Company will quantify the individual material factors underlying changes in the Company&#146;s proved undeveloped reserves and total proved reserves. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 4, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 3
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>

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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>2.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>The disclosure provided on page 8 indicates that approximately 33% of your proved undeveloped reserves at December&nbsp;31, 2016 are attributable to wells that have been drilled but not yet completed. Please
provide us with the total number of gross wells and the net quantities of proved undeveloped reserves attributable to those wells as of December&nbsp;31, 2016 which are not scheduled to be completed and the related reserves converted to developed
reserves within five years of the initial disclosure as proved undeveloped reserves. To the extent that there are any such reserves, please tell us the specific circumstances that you believe justify a period longer than five years from the initial
disclosure date to complete the development these reserves. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We acknowledge the Staff&#146;s
comment, and we respectfully submit to the Staff that for the year ended December&nbsp;31, 2016, two gross wells that were drilled but not yet completed were scheduled to be completed, and the related proved undeveloped reserves converted to
developed reserves, five years and four months beyond the initial disclosure as proved undeveloped reserves. These two wells were initially disclosed as proved undeveloped reserves on December&nbsp;31, 2012 and 2013, respectively, and, at the time
of their initial disclosure, they were scheduled to be developed within five years, and the wells were, in fact, drilled within five years of their initial disclosure date. When the Company performed its annual evaluation of proved undeveloped
reserves as of December&nbsp;31, 2016, the Company had the financial capacity and resources to complete these two wells within five years of initial booking of the associated reserves as proved undeveloped reserves. The Company had flexibility in
its 2017-2018 capital program, and believed that these wells could be completed earlier than what the December&nbsp;31, 2016 schedule estimated. There are 1,089 MBoe of proved undeveloped reserves attributable to these two wells, representing
approximately 0.35% of the Company&#146;s total proved reserves. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Production, Revenues and Price History, page 10 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>3.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>Tell us how you considered the requirements with regard to disclosure of production, by final product sold, for each field and/or geological formation that contains 15% or more of your total proved reserves. Refer
to Item 1204(a) of Regulation <FONT STYLE="white-space:nowrap">S-K</FONT> and the definition of a field provided in Rule <FONT STYLE="white-space:nowrap">4-10(a)(15)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X.</FONT>
</I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>:&nbsp;&nbsp;&nbsp;&nbsp;We acknowledge the Staff&#146;s comment and respectfully advise the Staff
that, upon consideration of the requirements pursuant to Item&nbsp;1204(a) of Regulation <FONT STYLE="white-space:nowrap">S-K,</FONT> we determined that for the year ended December&nbsp;31, 2016, the Company&#146;s production, by final product sold,
was generated from only one named field and/or geological formation. In this regard, we note that Rule <FONT STYLE="white-space:nowrap">4-10(a)(15)</FONT> of Regulation <FONT STYLE="white-space:nowrap">S-X</FONT> defines a &#147;field&#148; as: </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">An area consisting of a single reservoir or <I>multiple reservoirs</I> all grouped on or related to the same individual geological structural
feature and/or stratigraphic condition. There may be two or more reservoirs in a field that are separated . . . laterally by local geological barriers . . . . Reservoirs that are associated by being in overlapping or adjacent fields may be treated
as a single <I>or common operational field</I>. The geological terms <I>structural feature</I> and <I>stratigraphic condition</I> are intended to identify localized geological features as opposed to the broader terms of basins, trends, provinces,
plays, <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">areas-of-interest,</FONT></FONT> etc. [<I>Emphasis Added</I>] </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 4, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 4
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In accordance with the definition set forth above, we group the Company&#146;s Williston
Basin assets into one named field and/or geological formation and operate such assets consistent with this classification. We refer to this one named field and/or geological formation as the Bakken and Three Forks formations. The Company&#146;s
target horizontal zones in the Bakken and Three Forks formations produce from a continuous hydrocarbon formation present across all of the Company&#146;s operated properties in the Williston Basin, as the Three Forks formation is generally found
immediately beneath the Bakken formation. All of the Company&#146;s wells in the Bakken and Three Forks formations are drilled, completed and equipped in a similar manner. Additionally, the Company&#146;s properties in the Bakken and Three Forks
formations share sales arrangements, infrastructure and substantially similar cost structures. Purchasers of the Company&#146;s products do not make any differentiation based on the wells or reservoirs from which such production originated, and such
production is generally commingled at central pipeline or rail delivery points. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">We believe this approach is consistent both with the
manner in which other registrants that operate in the Williston Basin report their results, including production by final product sold, and the understanding of investors. The final products sold from our reserves are oil and natural gas, which are
presented. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations, page 52 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures, page 72 </U></B></P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B><I>4.</I></B></TD>
<TD ALIGN="left" VALIGN="top"><B><I>The adjustments you make in connection with your presentation of Adjusted Net Income (Loss) for the year ended December&nbsp;31, 2015 result in changing a GAAP loss for the period to
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> income. However, the number of shares used to determine adjusted diluted earnings per share does not appear to have been adjusted to include the impact of dilutive securities which had been excluded
from the calculation of GAAP loss per share. Revise your presentation to include dilutive securities in your calculation of adjusted diluted earnings per share. Note that similar considerations apply in circumstances where <FONT
STYLE="white-space:nowrap">non-GAAP</FONT> adjustments result in changing GAAP income to <FONT STYLE="white-space:nowrap">non-GAAP</FONT> loss such as appears to have occurred for the three and six month periods ended June&nbsp;30, 2017;
anti-dilutive securities should be excluded from your calculation of adjusted loss per share. </I></B></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><U>RESPONSE</U>: We
acknowledge the Staff&#146;s comment and respectfully advise the Staff that the Company did not have dilutive securities under the treasury stock method for the year ended December&nbsp;31, 2015. The treasury stock method assumes that any proceeds
from the exercise of options and warrants (and their equivalents) would be used to purchase common stock at the average market price during the period. To have dilutive securities under the treasury stock method for restricted stock, the average
unamortized compensation cost (assumed proceeds) from all unvested shares outstanding must be less than the cost to repurchase such unvested shares at the average stock price during the period. For the year ended December&nbsp;31, 2015, our average
unamortized compensation cost of $43.6&nbsp;million exceeded the cost to repurchase all 2,842,144 unvested shares at the average 2015 stock price of $13.14 per share. </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 4, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In future filings, we will include a revised calculation of
<FONT STYLE="white-space:nowrap">non-GAAP</FONT> diluted loss per share for the three and six month periods ended June&nbsp;30, 2017. The revised <FONT STYLE="white-space:nowrap">non-GAAP</FONT> diluted loss per share will divide Adjusted Net Loss
by weighted average shares outstanding excluding anti-dilutive securities. For the three and six month periods ended June&nbsp;30, 2017, the impact is immaterial and does not change the reported <FONT STYLE="white-space:nowrap">non-GAAP</FONT>
diluted loss per share amount. The following table reflects <FONT STYLE="white-space:nowrap">non-GAAP</FONT> diluted loss per share for the three and six month periods ended June&nbsp;30, 2017 as previously reported and as revised: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Three Months Ended</B><br><B>June&nbsp;30, 2017</B></TD>
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<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Six Months Ended</B><br><B>June&nbsp;30, 2017</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Previously</B><br><B>Reported</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As</B><br><B>Revised</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Previously</B><br><B>Reported</B></TD>
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<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>As</B><br><B>Revised</B></TD>
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<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"><B>(in thousands, except per share data)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Adjusted Net Loss</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(11,152</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(11,152</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(22,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(22,619</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted weighted average shares outstanding</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">234,917</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,283</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">236,281</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">233,176</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Diluted Loss Per Share</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.05</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.05</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp; *&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">December 4, 2017 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 6
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Please direct any questions that you have with respect to the foregoing or if any additional
supplemental information is required by the Staff, please contact David P. Oelman of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT STYLE="white-space:nowrap">758-3708</FONT> or Thomas G. Zentner of Vinson&nbsp;&amp; Elkins L.L.P. at (713) <FONT
STYLE="white-space:nowrap">758-3671.</FONT> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Very truly yours,</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">OASIS PETROLEUM INC.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Michael H. Lou</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Michael H. Lou</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Title:</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top">Chief Financial Officer</TD></TR>
</TABLE></DIV> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Enclosures </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top">David P. Oelman, Vinson&nbsp;&amp; Elkins L.L.P. </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Thomas G. Zentner, Vinson&nbsp;&amp; Elkins
L.L.P. </P>
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