On October 2, 2012, Oasis Petroleum North America LLC, a wholly owned subsidiary of Oasis Petroleum Inc. (the "Company"), and its lenders under its revolving credit agreement (the "Credit Agreement") entered into an amendment to the Credit Agreement (the "Seventh Amendment") and completed their regular semi-annual redetermination of the borrowing base. Following the redetermination, the Company's borrowing base increased from $500 million to $750 million. However, the Company elected to have the lenders' aggregate commitment remain at $500 million. The Seventh Amendment provides that the Company may increase its aggregate commitment from $500 million to $750 million by increasing the commitment of one or more lender(s). As of October 4, 2012, the Company had no outstanding indebtedness under its revolving credit facility. The next redetermination of the borrowing base is scheduled for April 1, 2013.

The foregoing description of the Seventh Amendment is a summary only and is qualified in its entirety by reference to the complete text of the Seventh Amendment, a copy of which is attached as Exhibit 10.1 to this Current Report on Form 8-K and incorporated herein by reference.

The information set forth under Item 1.01 concerning the Seventh Amendment is incorporated herein by reference.

On October 1, 2012, Robert J. Candito, the Company's Senior Vice President Exploration, notified the Company of his intent to retire from his current position, effective November 1, 2012. Mr. Candito will remain with the Company in an advisory capacity. Effective November 1, 2012, Mr. Candito's responsibilities will be assumed by James G. Jolly, Vice President of Geoscience.

(d) Exhibits.

Exhibit No.                            Description of Exhibit

10.1              Seventh Amendment to Amended and Restated Credit Agreement, dated
                  as of October 2, 2012, among Oasis Petroleum North America LLC,
                  as borrower, Oasis Petroleum LLC, Oasis Petroleum Marketing LLC,
                  Oasis Well Services LLC and Oasis Petroleum Inc., as guarantors,
                  Wells Fargo Bank, N.A., as administrative agent, and the lenders
                  party thereto.