market folly

John Scully's investment firm SPO Advisory has filed a Form 4 with the SEC regarding its position in Oasis Petroleum (OAS).  Per the filing, SPO now owns 16.97 million shares of OAS.

They sold over 2.97 million shares in total on October 4th and 5th, with the bulk of the transaction coming at $11.65 per share.

We've highlighted previous SPO Advisory portfolio activity here.

Per Google Finance, Oasis Petroleum is "an independent exploration and production company. The Company is focused on the acquisition and development of unconventional oil and natural gas resources in the North Dakota and Montana regions of the Williston Basin. Its segments include Exploration and Production, which is engaged in the acquisition and development of oil and natural gas properties; Well Services, which performs completion services for the Company's oil and natural gas wells operated by Oasis Petroleum North America LLC (OPNA), and Midstream Services, which performs salt water gathering and disposal and other midstream services for the Company's oil and natural gas wells operated by OPNA. The Company's projects include Williston Basin, West Williston and East Nesson. It also operates a well services business through Oasis Well Services LLC (OWS) and a midstream services business through Oasis Midstream Services LLC (OMS)."