Houston exploration and production company Oasis Petroleum is doubling down on drilling more than 20,000 acres of Permian Basin oil leases that it bought for nearly $1 billion.

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The company is seeking permission from the Railroad Commission of Texas to drill eight new horizontal wells on its UL Bighorn lease in Winkler County. Located on state-owned land, all eight wells target the Phanton field of the Wolfcamp geological layer down to a total depth of 12,500 feet. [read more]