December 11, 2017

Strategic Expansion into the

Core of the Delaware Basin

Two Premier Oil Basins

One Efficient, Returns-Focused U.S. Oil Company
Forward-Looking / Cautionary Statements
Forward-Looking Statements
This presentation, including the oral statements made in connection herewith, contains
forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this presentation that address activities, events or
developments that the Company expects, believes or anticipates will or may occur in the
future are forward-looking statements. Without limiting the generality of the foregoing,
forward-looking statements contained in this presentation specifically include the
expectations of plans, strategies, objectives and anticipated financial and operating results of
the Company, including the Company's drilling program, production, derivative instruments,
capital expenditure levels and other guidance included in this presentation. When used in
this presentation, the words "could," "should," "will, "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and other similar expressions are
intended to identify forward- looking statements, although not all forward-looking statements
contain such identifying words. These statements are based on certain assumptions made
by the Company based on management's experience and perception of historical trends,
current conditions, anticipated future developments and other factors believed to be
appropriate. Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of the Company, which may cause
actual results to differ materially from those implied or expressed by the forward-looking
statements. When considering forward-looking statements, you should keep in mind the risk
factors and other cautionary statements described under the headings Risk Factors and
Cautionary Statement Regarding Forward-Looking Statements included in the prospectus
supplement. These include, but are not limited to, the Companys ability to consummate the
acquisition discussed in this presentation, the Company's ability to integrate acquisitions into
its existing business, changes in oil and natural gas prices, weather and environmental
conditions, the timing of planned capital expenditures, availability of acquisitions,
uncertainties in estimating proved reserves and forecasting production results, operational
factors affecting the commencement or maintenance of producing wells, the condition of the
capital markets generally, as well as the Company's ability to access them, the proximity to
and capacity of transportation facilities, and uncertainties regarding environmental
regulations or litigation and other legal or regulatory developments affecting the Company's
business and other important factors. Should one or more of these risks or uncertainties
occur, or should underlying assumptions prove incorrect, the Companys actual results and
plans could differ materially from those expressed in any forward-looking statements.
Any forward-looking statement speaks only as of the date on which such statement is made
and the Company undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or otherwise, except as
required by applicable law.
Cautionary Statement Regarding Oil and Gas Quantities
The Securities Exchange Commission (the SEC) requires oil and gas companies, in their filings with
the SEC, to disclose proved reserves, which are those quantities of oil and gas, which, by analysis of
geoscience and engineering data, can be estimated with reasonable certainty to be economically
produciblefrom a given date forward, from known reservoirs, and under existing economic conditions
(using unweighted average 12-month first day of the month prices), operating methods, and
government regulationsprior to the time at which contracts providing the right to operate expire,
unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or
probabilistic methods are used for the estimation. The accuracy of any reserve estimate depends on
the quality of available data, the interpretation of such data and price and cost assumptions made by
reserve engineers. In addition, the results of drilling, testing and production activities of the exploration
and development companies may justify revisions of estimates that were made previously. If
significant, such revisions could impact the Companys strategy and future prospects. Accordingly,
reserve estimates may differ significantly from the quantities of oil and natural gas that are ultimately
recovered. The SEC also permits the disclosure of separate estimates of probable or possible
reserves that meet SEC definitions for such reserves; however, we currently do not disclose probable
or possible reserves in our SEC filings.
In this presentation, proved reserves at December 31, 2016 are estimated utilizing SEC reserve
recognition standards and pricing assumptions based on the trailing 12-month average first-day-of-the-
month prices of $42.60 per barrel of oil and $2.47 per MMBtu of natural gas. The reserve estimates for
the Company at year-end 2010 through 2016 presented in this presentation are based on reports
prepared by DeGolyer and MacNaughton ("D&M").
We may use the terms that the SEC rules prohibit from being included in filings with the SEC, including
"unproved reserves," "EUR per well" and "upside potential," to describe estimates of potentially
recoverable hydrocarbons. These are the Company's internal estimates of hydrocarbon quantities that
may be potentially discovered through exploratory drilling or recovered with additional drilling or
recovery techniques. These quantities have not been reviewed by independent engineers. Additionally,
these quantities may not constitute "reserves" within the meaning of the Society of Petroleum
Engineer's Petroleum Resource Management System or SEC rules and do not include any proved
reserves. Estimated ultimate recovery (EUR) estimates and drilling locations have not been risked by
Company management. Actual locations drilled and quantities that may be ultimately recovered from
the Company's interests will differ substantially. There is no commitment by the Company to drill all of
the drilling locations that have been attributed to these quantities. Factors affecting ultimate recovery
include the scope of our ongoing drilling program, which will be directly affected by the availability of
capital, drilling and production costs, availability of drilling and completion services and equipment,
drilling results, lease expirations, transportation constraints, regulatory approvals and other factors;
and actual drilling results, including geological and mechanical factors affecting recovery rates.
Estimates of unproved reserves, EUR per well and upside potential may change significantly as
development of the Company's oil and gas assets provide additional data. Type curves do not
represent EURs of individual wells.
Our production forecasts and expectations for future periods are dependent upon many assumptions,
including estimates of production decline rates from existing wells and the undertaking and outcome of
future drilling activity, which may be affected by significant commodity price declines or drilling cost
increases.
2
 Strategic and Complementary Expansion into the Core of the Delaware Basin

We are acquiring ~20.3K consolidated net acres in the core of the Delaware Basin oil window
Acreage located in Loving, Ward and Winkler counties, the deepest part of the play and heart of oil-directed
activity
Adds 507 net core drilling locations, with material upside
Results from our wells and offset operators are among the best in the Delaware Basin
November 2017 production of ~3.5 mboe/d (78% is oil, ~$170MM of PDP value)(1)

$946 million purchase price will be financed with a mix of common stock and cash (expected Q1
2018 close)
Common Stock issued to sellers (EnCap / Pinebrook): 46 million shares
Public Common Stock offering: 32 million shares
Remainder to be initially financed with cash from RBL facility
Anticipate $500 million of cash proceeds from attractive non-core Williston Basin asset sales

Accretive to NAV / share, full-cycle returns and liquidity / leverage (post-asset sales)

New Delaware Basin asset is highly complementary to our top-tier Williston Basin position
Synergies with our existing operational scale, vertical integration and deep experience in unconventional full-
field development
Continuing to drive value in the Williston

1) As of 12/31/14, unless otherwise noted, and does not include acreage or reserves associated with Sanish that were divested in March 2014
2) Guidance issued 2/26/15 We Are Now Strategically Positioned in the Core of the Two Best U.S. Oil Basins

1) Assumes 11/30/2017 NYMEX strip pricing

3
 Returns-Focused, Oil-Weighted, Core-Concentrated and Leveraging
Operational Scale

Our Williston Asset Combined Stats Our Delaware Asset

Core Extended Core Fairway Net Acres (thousand) Core

Williston Delaware PF OAS

517.8 20.3 538.1

Core Net Inventory (1)

Williston Delaware PF OAS
483 507 990

Core IRR (2)

Williston Delaware PF OAS
>75% >75% >75%

Active Rigs (3)

Williston Delaware PF OAS
5
[x]f
1 6

Nov. 2017 Production (mboepd)

Williston Delaware PF OAS

>72 ~3.5 >75.5

1) As of 12/31/14, unless otherwise noted, and does not include acreage or reserves associated with Sanish that were divested in March 2014
2) Guidance Leveraging
issued 2/26/15 Operational Scale and Full-field Development Experience Across Our Premier Oil Basins
with the Objective of Optimizing Capital Efficiency and Full-Cycle Returns
1) Oasiss Williston Basin Inventory as of 12/31/2016
2) Assumes $55 WTI and $3.00 HH
3) Oasis active rigs as of December 1, 2017
4
 Summary Transaction Highlights

Adds 507 high-return, oil-weighted and low-risk net core drilling locations
Acreage has been materially delineated by the seller and offset operators; results are top tier
Expands Our Core Multi-stacked pay through known productive formations with inventory upside
Inventory Selling attractive non-core Williston Basin assets, buying high-return core assets (consolidating into high
full-cycle return projects)
Establishes a platform for further long-term resource development and returns-focused growth

Implied relative valuation below or in-line with most relevant comparable transactions in basin
Forge differentiated not only by performance and ultimate resource upside, but also highest oil content vs.
Compelling Value peer transactions
Opportunity
100% focused in the core of the Delaware with considerable surrounding well control
Purchase price and well economics supportive of very attractive and accretive full-cycle returns

Operational scale and experience drives value creation and enhances returns
Leverages our full-field development expertise (technical and operational)
Leverages Our
Oasis management team has extensive Permian Basin experience
Existing Operational
Scale Material synergies through our select vertical integration (OMS/OMP and OWS) and organizational
structure
Largely undedicated acreage provides midstream upside

Efficiently increases capital allocation opportunities across premier oil basins

Enhances Size,
Diversity, and Enhances overall capital efficiency and shareholder returns
1) Flexibility
As of 12/31/14, unless otherwise noted, and does not include acreage or reserves associated with Sanish that were divested in March 2014
2) Guidance issued 2/26/15
Maintains strong balance sheet, liquidity and free cash flow profile

5
 Core Delaware Basin Assets with Highly Attractive Attributes

Key Asset Highlights Premier Position in the Core of the Delaware

Advantaged geologic position

Deepest part of the Delaware Basin
Thick reservoirs with high OOIP
Oil-rich and overpressured

Ideal for full-scale development

Highly contiguous blocks of acreage
Ample take-away infrastructure
Fits with Oasiss existing strengths

Acreage position built for long laterals

Largely configured for 2-mile laterals
Operated with manageable drilling required for HBP

Top-tier well results

Recently drilled wells are outperforming offset operators
1.2MMBOE type curve
Accomplished strong results with ~1,600 lb/ft completions
vs. ~2,000 lb/ft of offset operators
Acquisition Overview
Gross Acres (thousands) 40.5

Material midstream development opportunities Net Acres (thousands) 20.3

Organic midstream growth opportunities inherent in assets % Operated 90%

Acreage largely undedicated for hydrocarbon gathering and % Average Core Operated Working Interest 76%
1) completely
As of 12/31/14, undedicated
unless otherwise for does
noted, and waternotgathering
include acreage or reserves associated with November
Sanish that2017
were Production
divested in March
(boe/d)2014 ~3,500
2) Guidance issued 2/26/15
Attractive avenue for growth for OMP November 2017 Production % Oil 78%

6
 Thick, Multi-Stacked Pay Potential with Large Inventory Upside

Formation Type Log Development Pattern Wells Column

(Not to Scale) per DSU Thickness
Delaware Basin Net Inventory

Bone Spring
6+ 1,000
Lime / Avalon

1st Bone Spring 6+ 650

507

2nd Bone Spring 4+ 700

BS 2 Lower Shale 6+ 250 Core Total Potential Locations

Delaware Basin Gross Operated Inventory

3rd Bone Spring 4 250

Upper 6 190
Wolfcamp A
Lower 6 180

Upper 6 180
Wolfcamp B
Lower 6 150
601
Wolfcamp C 6 250

Core Inventory 1,200 /

Total 34 / 56+
Additional Upside
3,800 Core Total Potential Locations

7
Contiguous Acreage Blocks Combined with High Oil Cuts Deliver Efficient
and Compelling Development Opportunities

Summary Highlights Assets in the Deepest and Oiliest Part of the Play

Acreage located in the black oil window with high

reservoir pressure delivering outstanding well
performance results

Acreage is located in the deepest and oiliest area of the

Delaware basin

Continuous formation targets allow long lateral

development

Approximately 2/3 of identified locations are two-mile

laterals

Blocky Acreage in Black Oil Window (Wolfcamp A&B)

90
Oily Acreage /
85
Short Laterals
80
75
Oily Acreage /
Oil Cut (%)

70 Long Laterals
65
60
55 Gassy Acreage / Gassy Acreage /
Short Laterals Long Laterals
50
45
40
4000 4500 5000 5500 6000 6500 7000 7500 8000
Lateral Length (ft)
Source: IHS
Offset operators: APC, CPE, CRZO, CDEV, CVX, XEC, CXO, COP, DVN, FANG, EGN, EOG, XOM, FELIX, HK, JAG, MTDR, NBL, PE, PDCE, Primexx, REN, ROSE, RSPP, ADR, WPX
8
Operators Unlocking Formation Targets with Strong Well Performance

Lateral 180 IP Rate / Compl

Well Name Operator Length
Lateral(ft) 1,000'
IP (Bbls) Date
Selected Wells
2nd Bone Spring
180 Rate / Compl
Well Name Operator Length (ft) 1,000' (Bbls) Date
Ludeman I 3 RSP2ndPermian 7,109
Lateral
Bone Spring 180 IP68Rate / 4/16/2017
Compl
Ludeman I Well3 Name RSP 3rd
OperatorBone Spring
Permian Length
7,109(ft) 1,000'68(Bbls) Date
4/16/2017
Rudd Draw 26-21 1H RSP2ndPermian
3rd Spring6,707
Bone Spring
Bone 135 12/29/2016
1
1 University
Ludeman
Rudd Draw IBlk 20 1305H
326-21 1H Exxon
RSP Permian 7,894
7,109
6,707 72
68
135 8/2/2016
4/16/2017
12/29/2016
Miami Beach
University Blk 34-123
20 1305H Cimarex
Exxon 3rd Bone Spring4,348
7,894 180
72 1/3/2017
8/2/2016
2 University
Rudd
MiamiDraw
Beach Blk 21 1804H
26-21
34-1231H Exxon
RSP Permian
Cimarex 3,256
6,707
4,348 205
135
180 1/14/2015
12/29/2016
1/3/2017
8 6 3
University Blk 21 20 1804H
1305H Exxon Wolfcamp A 3,2567,894 72
205 8/2/2016
1/14/2015
4 Hughes & Talbot
Miami Beach 75-24 2H
34-123 Anadarko
Cimarex Wolfcamp A 4,821
4,348 89
180 1/8/2016
1/3/2017
2
5 UL Rock&Of
University
Hughes Ages
Blk 3922-17
21 1804H
Talbot 75-24 2H 1H Felix
ExxonII
Anadarko 10,196
3,256
4,821 71
205
89 9/21/2016
1/14/2015
1/8/2016
Hughes
UL Rock&OfTalbot
Ages75-23 2H 1H
3922-17 Anadarko 4,672
Felix II Wolfcamp A 10,196 136
71 12/11/2016
9/21/2016
15 6 UTL 4344-21
Hughes & Talbot1H 75-23
75-24 2H Jagged
Anadarko Peak 9,996
4,821
4,672 91
89
136 7/29/2016
1/8/2016
12/11/2016
7 University
UL Rock
UTL Of
4344-21 BlkAges
20 1311H
1H 3922-17 1H Exxon
Felix II Peak
Jagged 9,666
10,196
9,996 63
71
91 8/10/2016
9/21/2016
7/29/2016
8 UTL L. J.&Beldin
Hughes
University Blk 201211-17
Talbot 75-23 2H3H
1311H Jagged
Anadarko
Exxon Peak 9,561
4,672
9,666 76
136
63 9/24/2016
12/11/2016
8/10/2016
9 Caprito
UTL L. 99Beldin
4344-21
J. 302H1H1211-17 3H Abraxas
Jagged Peak 4,460
9,996
9,561 103
91
76 11/11/2016
7/29/2016
9/24/2016
21 17 29 26
28 20 30 10 RK-Utl
Caprito 3031B-17
University
99Blk
302H 1H
20 1311H Jagged
Exxon Peak
Abraxas 10,432
9,666
4,460 65
63
103 11/18/2016
8/10/2016
11/11/2016
27
10 University 20-4 Lov
14 3
5 11 UTL L. 3031B-17
RK-Utl J. Beldin 1H3H 3H
1211-17 Shell
Jagged Peak 4,578
9,561
10,432 115
76
65 1/18/2016
9/24/2016
11/18/2016
12 Deuces Wild
Caprito 99
University 302H
20-428-17
Lov 2H
3H Anadarko
Abraxas
Shell 4,723
4,460
4,578 71
103
115 2/10/2016
11/11/2016
1/18/2016
22
13 UL 21 Bighorn
RK-Utl
Deuces 3031B-17
Wild 28-171H1H2H Forge
JaggedEnergy
Anadarko Peak 9,400
10,432
4,723 93
65
71 5/29/2016
11/18/2016
2/10/2016
16 Mesquite Heat 28-41
14 University
UL 21 Bighorn20-41HLov 3HUnit 1H Anadarko
Shell Energy
Forge 6,552
4,578
9,400 89
115
93 10/31/2016
1/18/2016
5/29/2016
15 Corbets
Mesquite 34-149
Deuces WildHeat28-172WA
28-412HUnit 1H Callon
Anadarko 9,723
4,723
6,552 71
89 11/27/2016
2/10/2016
10/31/2016
9
13
16 UL Lead
Corbets King 4035-16
21 Bighorn
34-149 2WA 1H
1H Felix
CallonIIEnergy
Forge 4,850
9,400
9,723 93
71 12/31/2016
5/29/2016
11/27/2016
11
24
17 UL 21
LeadPahaska
Mesquite King 1H Unit
Heat4035-16
28-41 1H 1H Forge IIEnergy
Anadarko
Felix 4,301
6,552
4,850 101
89
93 11/7/2016
10/31/2016
12/31/2016
18 Quinn
UL 21 37
Corbets 2H 1H
34-149
Pahaska 2WA WPX
ForgeEnergy
Callon Energy 4,780
9,723
4,301 81
71
101 3/17/2017
11/27/2016
11/7/2016
19 UL 21
Lead
Quinn Yellowtail
37 King
2H 4035-161H 1H Forge Energy
Felix IIEnergy
WPX 9,512
4,850
4,780 87
93
81 3/1/2017
12/31/2016
3/17/2017
20 Stella
UL 21 State
Pahaska 34-208
Yellowtail 1H WRD 1H
1H Shell
Forge Energy 4,770
4,301
9,512 68
101
87 1/31/2017
11/7/2016
3/1/2017
21 Stella
Quinn State
37 2H34-208 WRD 2H 1H Shell
WPX Energy 4,770
4,780 84
81
68 1/24/2017
3/17/2017
1/31/2017
25
12
22 UL 18
Stella Dyk
21 State 1H
Yellowtail
34-2081H WRD 2H Forge
Shell Energy 6,893
9,512
4,770 87
84 3/30/2017
3/1/2017
1/24/2017
23 23 Stella
UL 18 State
Dyk 1H 34-208 WRD 1H Forge Wolfcamp B 6,893
Shell Energy 4,770 87*
68 1/31/2017
3/30/2017
7 HALEY 28-43
Stella State 4H WRD 2H
34-208 Cimarex
Shell Wolfcamp B 4,9284,770 25
84 9/10/2017
1/24/2017
19 24
UTL
UL 182932-17
HALEY 28-43
Dyk 1H1H4H Jagged
Cimarex Peak
Forge Energy 10,321
4,928
6,893 69
25
87 6/28/2016
9/10/2017
3/30/2017
18 4 25 UTL 38-17
2932-17 2H1H JaggedWolfcamp
Peak 4,529
B 10,321 81
69 3/31/2017
6/28/2016
26
Mitchell
HALEY
UTL 39 2H
28-43
38-17 W101PA
4H Mewbourne
CimarexPeak
Jagged 4,801
4,928
4,529 118
25
81 2/6/2017
9/10/2017
3/31/2017
UTL 2932-17
Mitchell 1H
39 W101PA JaggedWolfcamp
Mewbourne Peak C 10,321
4,801 69
118 6/28/2016
2/6/2017
27 University
UTL 38-17B20 2H 1W Mewbourne
JaggedWolfcamp
Peak C 4,847
4,529 58
81 1/14/2017
3/31/2017
28 University
Mitchell 39B20 12
1W
W101PA Mewbourne 4,585
4,847
4,801 67
58
118 3/24/2017
1/14/2017
2/6/2017
29 University B20 1_W201PA
12 MewbourneWolfcamp C 4,551
4,585 63
67 2/25/2016
3/24/2017
30 University B21
B20 8 1W
1_W201PA Mewbourne 4,847
4,444
4,551 58
38
63 1/14/2017
10/28/2016
2/25/2016
University B20
B21 128 Mewbourne 4,585
4,444 67
38 3/24/2017
10/28/2016
University B20 1_W201PA Mewbourne 4,551 63 2/25/2016
University B21 8 Mewbourne 4,444 38 10/28/2016
Source: IHS, Drilling Info and Public Data.

9
 Exceptional Well Performance With Potential Completion Design Upside

Summary Highlights Normalized Average Oil Rate (Wolfcamp A & B)(1)

Peer-leading well performance 300

Overpressure helps deliver larger volumes
Wells flow for extended periods, driving lower LOE costs over longer periods
200
Bighorn well has been flowing for 18 months

Upside potential with further completion optimization

Offset operators have demonstrated improved well

Average Oil Production (bbl/d per 1000')

performance by pumping bigger completion volumes (2,000 + 100
lb/ft)

Oasis wells have been completed with 1,600 lb/ft, on average

Proppant Volumes Benchmark

50
3000
Optimized
Proppant Volumes (lbs/ft)

2500 Completions

2000
Potential
1500 upside in
completion
1000 design

500

0
4000 5000 6000 7000 8000 9000 10000
10 1 2 3 4 5 6 7 8 9 10 11 12
Lateral Length (ft)
Normalized Months
Source: IHS 1) Average Oil Rate for Wolfcamp A&B Wells that came online on January 1,2016 and forward
Offset operators: APC (243), CPE (6), CRZO 16), CDEV (85), CVX (18), XEC (205), CXO (223), COP (34), DVN (14), FANG (44), EGN (28), EOG (176), XOM (12), FELIX (11), HK (20),
JAG (37), MTDR (49), NBL 84), PE (84), PDCE (25), Primexx (9), REN (24), ROSE (9), RSPP (28), ADR 130), WPX 100)
10
Oasis Well Results are Outperforming Those of Offset Peers

Oasis Well Results Outperform Offset Operators(1) Oasis Wells are Outperforming Peer Type Curves

Oasis WC A Average
All wells still flowing without artificial lift
4 Wells
60 60

UL 21 Bighorn 1H (WC A)
9,400ft Lateral - (11,906ft TVD)
50 50

UL 21 Pahaska 1H (WC A)

Cumulative Oil Production (Mbo) /1,000'

4,301ft Lateral - (12,142ft TVD)
Cumulative Oil Production (Mbo)/1,000'

40 40

30 UL 21 Yellowtail 1H (WC A)
30 9,512ft Lateral - (12,002ft TVD)

Offset Operator Type Curve

EUR: 1MMbo (1.2 MMboe)
20 20

10 10
UL 18 DYK 1H (WC A)
6,893ft Lateral - (11,401ft TVD)

0 0
0 3 6 9 12 15 18 21 24 0 3 6 9 12 15 18
Normalized Months Normalized Months

Source: IHS, Peer disclosure

1) Data is defined as Wolfcamp A and B wells in Loving, Reeves, Ward and Winkler counties, with a first production of January 2016 or later. Offset operators and well counts used include:
ATLANTIC(5), CDEV(14), CXO(25), EOG(56), FELIX II(3), OAS(4), JAG(20), PE(12), RDS(57), RSPP(18)
11
Operational Excellence: Demonstrated Capital Efficiency and Low Operating
Cost Structure in the Williston Basin

Track Record of Efficient Full-Field Development Substantially Improving Capital Efficiency in Core
Experienced in full field horizontal development targeting $15 $14 $20
stacked pays $13
$12
$15
Over 750 wells drilled since 2010, averaging ~10,000 feet of $9 $8

$ in Millions
$ per Boe
lateral length through multiple development zones $10
$5
$6 $10.6
$8.5
Vast improvement in drilling times with spud to rig release $3
$6.8 $5
timing decreasing from 21.6 days in 2014 to 13.6 days
currently $- $0
2014 Base 2014 High Current Core
Continuously improving frac efficiency through large pad Intensity
development around zipper fracs and optimizing logistics
Well Level F&D ($ per Boe) Well Cost ($MM)

Efficiency and cost-savings through our model of select vertical

integration utilizing of OMS, OMP and OWS
Improving Operating Cost Structure
$12
$10.18
$10 $9.34
$7.84 $7.50
$8 $7.35
$5.72
$6 7.00
$4.76
$4
$2.80
$2 $2.65 $1.00
$0.50
$0
2014 2015 2016 4Q17E 2014 2015 2016 2017E 4Q17E
LOE ($/Boe) Differential to WTI ($/Bbl)

12
Unique Value and Strategic Opportunities Derived from our Vertically
Integrated Platform

Oasis Midstream Oasis Well Services

The acquired acreage is largely undedicated for midstream OWS provides material cost-advantages and flexibility,
assets and services particularly when operating in active basins
Our midstream operations are substantial and growing
Strategic Adding new platform materially enhances overall portfolio of Opportunity to expand operations into new basin
Advantages midstream growth assets
Oasis funded midstream capital returned through future drop Enhances overall operational scale and intelligence
down potential of retained interest in DevCos
Option to develop future projects at OAS and drop to OMP

Oil and Natural Gas Gathering & Processing Top tier efficiency

Crude Oil Transportation and Storage Two frac spreads running

Assets and
Capabilities Supply chain management advantage
Freshwater Distribution and Produced Water
Gathering and Disposal

13
 Update to 2017 and Issuance of 2018 Capital Plan

Production Highlights 2018 Williston Basin Development Plan

Increasing 4Q17 production guidance from 69- Williston Basin

72Mboepd to 71-73Mboepd Expect to drill and complete 100 to 120 operated wells
Combined exit rate for 2018 production of ~70% WI
>88 Mboe/d1
5 rigs throughout the year
Williston: 83+ Mboepd
+Non-op activity
Delaware: 5 Mboepd
Current well costs are $6.8mm (4mmlb) and $7.7mm
(10mmlb)
Targeting ~$500mm of non-core asset sales in 2018
Expect to be Free Cash Flow positive on our E&P
business at $55 WTI (including Delaware asset)

Production Growth Profile

Delaware Basin

100 > 88
(1) Expect to drill 16 to 20 wells, complete 6 to 8 wells
72 1 rig initially with potential to add a second in 2H18
80
66
Mboepd

62 83
60
~$100mm of total capital
50

40
Minimal outspend at $55 WTI on Delaware asset

20

0
2016 2017E 2016 Exit 2017E Exit 2018E Exit
Williston Delaware
1) Exit rate does not account for potential production loss from anticipated Williston Basin divestitures

14
Key Investment Highlights for Oasis Petroleum

Operational scale in the two best U.S. oil basins focused on the Core of the
North American Core

Large, contiguous acreage positions configured for efficient full-field

development
Premier
Assets Extensive inventory of high-return and low-risk drilling locations, supporting
attractive development economics across commodity price cycles
Concentrated acreage position in the heart of the Williston basin
Upside catalysts are near-term and highly visible

Vertical integration provides operational flexibility

Public midstream MLP a vehicle for growth, liquidity and value illumination

Capital efficient and returns focused

Disciplined Prudently managing balance sheet while being one of the first E&P companies to
Management become free cash flow positive

Significant liquidity supported by $1.6 billion borrowing base

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Appendix

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 Sources, Uses and Pro Forma Capitalization

Sources & Uses Pro Forma Capitalization (as of 9/30/17)

Combined
Sources
($ in millions) Standalone Pro Forma
($ in millions) Cash and Equivalents $8 $8
Equity issued to Seller $463 (1)
Revolving Credit Facility due April 2020 395 556
Equity issued to Public 322 7.250% Senior Notes due Feb 2019 54 54

Revolving Credit Facility 161

6.500% Senior Notes due Nov 2021 396 396

Total Sources $946 6.875% Senior Notes due March 2022 937 937
6.875% Senior Notes due Jan 2023 366 366
2.625% Convertible Notes due Sep 2023 300 300
Expect ~$500mm of proceeds from Total debt $2,448 $2,609
non-core divestitures Market Value of Equity
(2)
2,387 3,172
Enterprise Value $4,827 $5,773

Uses
Net Debt $2,439 $2,601
($ in millions)
Transaction Consideration $946 Liquidity:
Cash $8 $8
() Letters of credit (10) (10)
Borrowing base 1,600 1,600
Total Uses $946
() Drawn Portion of Revolver (395) (556)
Liquidity $1,203 $1,042

Ample liquidity under $1,600mm

borrowing base
Note: Debt amounts exclude unamortized deferred financing costs and unamortized debt discount.
1) As 11/30/17, we had $333 million of borrowings outstanding under our revolving credit facility, excluding borrowings to pay the $47 million deposit amount for the Acquisition, and had
$10.5 million of outstanding letters of credit issued under our revolving credit facility.
2) Based on OAS share price of $10.06 as of 12/8/17.

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