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Oasis Petroleum Enters Restructuring Support Agreement With Lenders; Files For Chapter 11

Oasis Petroleum Inc. (OAS) said the company and certain of affiliates filed voluntary petitions for reorganization under Chapter 11. The company plans to reduce total indebtedness by $1.8 billion. Upon emergence, the company expects to have approximately $340 million of borrowings under the credit facility.

Oasis Petroleum has entered into a restructuring support agreement with substantially all of its lenders in revolving credit facility and holders of 52% of the aggregate principal amount of bonds on a comprehensive "pre-prepackaged" restructuring plan.

Oasis Petroleum anticipates that the restructuring process will be completed on an accelerated timeframe allowing for an emergence in November 2020. The company has received a commitment for $450 million in debtor-in-possession financing from existing lenders. Also, Oasis has entered into a commitment letter for an exit revolving credit facility with borrowing capacity up to $575 million.

Oasis Midstream Partners (OMP) and subsidiaries are not included in Oasis Petroleum's Chapter 11 proceedings.

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