Oasis Petroleum Declares Special Dividend Of $15.00/Share

Oasis Petroleum Inc. (NASDAQ:OAS) ("Oasis") announced today that its Board of Directors has, subject to certain conditions, declared a special dividend of $15.00 per share of Oasis common stock. The special dividend is being declared in connection with, and its payment is subject to, the closing of Oasis' previously announced merger (the "Merger") with Whiting Petroleum Corporation (NYSE:WLL) ("Whiting").

The special dividend would be payable following the closing of the Merger to Oasis' stockholders of record as of the close of business on the first business day following the date on which both Oasis' shareholders and Whiting's shareholders have approved the Merger and related matters. The special meetings of Oasis' shareholders and Whiting's shareholders to consider and vote upon the Merger and related matters are each scheduled for June 28, 2022. If requisite shareholder approvals are obtained on June 28, 2022 and all other closing conditions are timely satisfied, the Merger is expected to close on July 1, 2022 and the special dividend would be payable on July 8, 2022.

The payment of the special dividend is conditioned on the closing of the Merger, which remains subject to the approval of both Oasis' and Whiting's shareholders and other customary closing conditions. There can be no assurance that all such closing conditions will be satisfied by July 1, 2022, that the closing of the Merger will occur on July 1, 2022 or that the Merger or related transactions will occur at all. For the avoidance of doubt, the record date will be prior to closing of the Merger and therefore Whiting shareholders will not be entitled to payment of the special dividend in respect of the shares of Oasis common stock received as consideration for the Merger.