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    <link:label id="lab_us-gaap_DueFromAffiliateCurrent_38770185B918359BEBF500874704E4BC_label_en-US" xlink:label="lab_us-gaap_DueFromAffiliateCurrent_38770185B918359BEBF500874704E4BC" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Due from Affiliate, Current</link:label>
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    <link:label id="lab_us-gaap_InventoryNet_C6F391AD5D40FA8102F100874705279A_verboseLabel_en-US" xlink:label="lab_us-gaap_InventoryNet_C6F391AD5D40FA8102F100874705279A" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Inventory</link:label>
    <link:label id="lab_us-gaap_InventoryNet_C6F391AD5D40FA8102F100874705279A_label_en-US" xlink:label="lab_us-gaap_InventoryNet_C6F391AD5D40FA8102F100874705279A" 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_PrepaidExpenseCurrent_CC10027F5411910B380400874705040D_label_en-US" xlink:label="lab_us-gaap_PrepaidExpenseCurrent_CC10027F5411910B380400874705040D" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Prepaid Expense, Current</link:label>
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    <link:label id="lab_us-gaap_DerivativeAssetsCurrent_D0E6254CF0E926B3689F00874705B267_label_en-US" xlink:label="lab_us-gaap_DerivativeAssetsCurrent_D0E6254CF0E926B3689F00874705B267" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative Asset, Current</link:label>
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    <link:label id="lab_oas_NotesMember_730EE72F1255AF4F2E1A15238789D880_documentation_en-US" xlink:label="lab_oas_NotesMember_730EE72F1255AF4F2E1A15238789D880" 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_oas_TwoThousandNineteenNotesMember_E5BBBE73F393829C649215238789566A_documentation_en-US" xlink:label="lab_oas_TwoThousandNineteenNotesMember_E5BBBE73F393829C649215238789566A" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two Thousand Nineteen Notes [Member]</link:label>
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    <link:label id="lab_oas_TwoThousandTwentyOneNotesMember_31C4AC3E3A8D7C3CB7301523878A2529_documentation_en-US" xlink:label="lab_oas_TwoThousandTwentyOneNotesMember_31C4AC3E3A8D7C3CB7301523878A2529" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two Thousand Twenty One Notes [Member]</link:label>
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    <link:label id="lab_oas_TwoThousandTwentyTwoNotesMember_A63875DF4E78FE7159A01523878A6F28_documentation_en-US" xlink:label="lab_oas_TwoThousandTwentyTwoNotesMember_A63875DF4E78FE7159A01523878A6F28" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">Two Thousand Twenty Two Notes [Member]</link:label>
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    <link:label id="lab_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C_totalLabel_en-US" xlink:label="lab_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:type="resource" xml:lang="en-US">Total</link:label>
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    <link:label id="lab_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C_documentation_en-US" xlink:label="lab_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This element represents the aggregate of current and non-current inventory, including linefill.</link:label>
    <link:loc xlink:href="oas-20180630.xsd#oas_InventoryCurrentandNoncurrent" xlink:label="loc_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C" xlink:to="lab_oas_InventoryCurrentandNoncurrent_D39248C103442844A6A58F19296B388C" xlink:type="arc" />
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686_terseLabel_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Cash flows from operating activities:</link:label>
    <link:label id="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686_label_en-US" xlink:label="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities [Abstract]</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686" xlink:to="lab_us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_91B01B0F0A7EEE2B54E31524E5F9D686" xlink:type="arc" />
    <link:label id="lab_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780_verboseLabel_en-US" xlink:label="lab_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Net income (loss)</link:label>
    <link:label id="lab_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780_label_en-US" xlink:label="lab_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</link:label>
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    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780" xlink:to="lab_us-gaap_ProfitLoss_4E3882A7EA553E7199391524E5F93780" xlink:type="arc" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_48EC306267DB23FDE7871524E5FA35D8" xlink:type="locator" />
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    <link:label id="lab_oas_EquityInEarningsInSubsidiaries_A5E524B27109C5266F7A1524E5FA18AA_negatedTerseLabel_en-US" xlink:label="lab_oas_EquityInEarningsInSubsidiaries_A5E524B27109C5266F7A1524E5FA18AA" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Equity in earnings of subsidiaries</link:label>
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    <link:label id="lab_oas_EquityInEarningsInSubsidiaries_A5E524B27109C5266F7A1524E5FA18AA_documentation_en-US" xlink:label="lab_oas_EquityInEarningsInSubsidiaries_A5E524B27109C5266F7A1524E5FA18AA" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:type="resource" xml:lang="en-US">This item represents the entity's proportionate share for the period of the net income (loss) of its consolidated subsidiaries.</link:label>
    <link:loc xlink:href="oas-20180630.xsd#oas_EquityInEarningsInSubsidiaries" xlink:label="loc_oas_EquityInEarningsInSubsidiaries_A5E524B27109C5266F7A1524E5FA18AA" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_45263727D2935AD7F7711524E5FB9CAF_terseLabel_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization_45263727D2935AD7F7711524E5FB9CAF" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Depreciation, depletion and amortization</link:label>
    <link:label id="lab_us-gaap_DepreciationDepletionAndAmortization_45263727D2935AD7F7711524E5FB9CAF_label_en-US" xlink:label="lab_us-gaap_DepreciationDepletionAndAmortization_45263727D2935AD7F7711524E5FB9CAF" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Depreciation, Depletion and Amortization</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_us-gaap_DepreciationDepletionAndAmortization_45263727D2935AD7F7711524E5FB9CAF" xlink:type="locator" />
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    <link:label id="lab_us-gaap_GainsLossesOnExtinguishmentOfDebt_6881927C662F907ADCEA1524E5FBB476_negatedLabel_en-US" xlink:label="lab_us-gaap_GainsLossesOnExtinguishmentOfDebt_6881927C662F907ADCEA1524E5FBB476" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Loss on extinguishment of debt</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_6881927C662F907ADCEA1524E5FBB476" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainsLossesOnExtinguishmentOfDebt_6881927C662F907ADCEA1524E5FBB476" xlink:to="lab_us-gaap_GainsLossesOnExtinguishmentOfDebt_6881927C662F907ADCEA1524E5FBB476" xlink:type="arc" />
    <link:label id="lab_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C_negatedLabel_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:type="resource" xml:lang="en-US">Gain on sale of properties</link:label>
    <link:label id="lab_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C_label_en-US" xlink:label="lab_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Gain (Loss) on Disposition of Oil and Gas and Timber Property</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_GainLossOnSaleOfProperty" xlink:label="loc_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C" xlink:to="lab_us-gaap_GainLossOnSaleOfProperty_FC3BCD83E0FB817D83E61524E5FBFA7C" xlink:type="arc" />
    <link:label id="lab_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0_terseLabel_en-US" xlink:label="lab_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Impairment</link:label>
    <link:label id="lab_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0_label_en-US" xlink:label="lab_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Impairment of Oil and Gas Properties</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_ImpairmentOfOilAndGasProperties" xlink:label="loc_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0" xlink:type="locator" />
    <link:labelArc order="1" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0" xlink:to="lab_us-gaap_ImpairmentOfOilAndGasProperties_B516F7F179D045062FF41524E5FC7DC0" xlink:type="arc" />
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_14E3145255258DC32BC61524E5FC7DB2_verboseLabel_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_14E3145255258DC32BC61524E5FC7DB2" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:type="resource" xml:lang="en-US">Deferred income taxes</link:label>
    <link:label id="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_14E3145255258DC32BC61524E5FC7DB2_label_en-US" xlink:label="lab_us-gaap_DeferredIncomeTaxExpenseBenefit_14E3145255258DC32BC61524E5FC7DB2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_DeferredIncomeTaxExpenseBenefit_14E3145255258DC32BC61524E5FC7DB2" xlink:type="locator" />
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    <link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_1D4761696420550889811524E5FCC4C1_negatedTerseLabel_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet_1D4761696420550889811524E5FCC4C1" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:type="resource" xml:lang="en-US">Derivative instruments</link:label>
    <link:label id="lab_us-gaap_DerivativeGainLossOnDerivativeNet_1D4761696420550889811524E5FCC4C1_label_en-US" xlink:label="lab_us-gaap_DerivativeGainLossOnDerivativeNet_1D4761696420550889811524E5FCC4C1" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Derivative, Gain (Loss) on Derivative, Net</link:label>
    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DerivativeGainLossOnDerivativeNet" xlink:label="loc_us-gaap_DerivativeGainLossOnDerivativeNet_1D4761696420550889811524E5FCC4C1" xlink:type="locator" />
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    <link:label id="lab_us-gaap_ShareBasedCompensation_EF653BEE025A0A3B93F21524E5FC62C2_terseLabel_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_EF653BEE025A0A3B93F21524E5FC62C2" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Equity-based compensation expenses</link:label>
    <link:label id="lab_us-gaap_ShareBasedCompensation_EF653BEE025A0A3B93F21524E5FC62C2_label_en-US" xlink:label="lab_us-gaap_ShareBasedCompensation_EF653BEE025A0A3B93F21524E5FC62C2" xlink:role="http://www.xbrl.org/2003/role/label" xlink:type="resource" xml:lang="en-US">Share-based Compensation</link:label>
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    <link:label id="lab_oas_DebtDiscountAmortizationAndOther_21E99D06EA8442DE44711524E5FD6CB9_terseLabel_en-US" xlink:label="lab_oas_DebtDiscountAmortizationAndOther_21E99D06EA8442DE44711524E5FD6CB9" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:type="resource" xml:lang="en-US">Deferred financing costs amortization and other</link:label>
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DerivativeFairValueOfDerivativeLiability" xlink:label="loc_us-gaap_DerivativeFairValueOfDerivativeLiability_448E1524F4EB1D19A6738F1929D11197" xlink:type="locator" />
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    <link:loc xlink:href="http://xbrl.fasb.org/us-gaap/2018/elts/us-gaap-2018-01-31.xsd#us-gaap_DerivativeAssetFairValueGrossLiability" xlink:label="loc_us-gaap_DerivativeAssetFairValueGrossLiability_C92FF3A84BE7FAE3B5308F1929D1530A" xlink:type="locator" />
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