Oasis Petroleum obtains interim approval to access DIP financing

By Sarah Lizee

Olympia, Wash., Oct. 1 – Oasis Petroleum Inc. received interim approval to access up to $120 million of revolving debtor-in-possession loans with an $80 million letter-of-credit sublimit and $240 million of roll-up loans, according to an order filed Wednesday with the U.S. Bankruptcy Court for the Southern District of Texas.

On a final basis, the debtors are seeking approval for Oasis Petroleum North America LLC to obtain up to $450 million of post-petition DIP credit financing with Wells Fargo Bank, NA as agent.

The financing consists of $150 million revolving DIP loans with a $100 million letter-of-credit sublimit and $300 million of roll-up loans.

Oasis, a Houston-based oil and natural gas company, filed bankruptcy on Sept. 30. The Chapter 11 case number is 20-34771.

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