Oasis Petroleum, an independent exploration and production company with 292,000 acres in the Williston Basin, announced terms for its IPO on Thursday. The Houston, TX-based company plans to raise $588 million by offering 42 million shares at a price range of $13-$15. At the mid-point of the proposed range, Oasis Petroleum will command a market value of $1.3 billion. Oasis Petroleum, which was founded in 2007 and booked $42 million in sales last year, plans to list on the NYSE under the symbol OAS. Morgan Stanley and UBS Investment Bank are the lead underwriters on the deal, which is expected to price during the week of June 14th.
