A pressure-up blow-down method for recovering oil from an underground hydrocarbon formation, comprising the steps of: injecting an injection fluid into alternatingly-spaced multiple-induced fractures which extend radially outwardly and along a horizontal portion of a wellbore in the formation; ceasing injection of said injection fluid; recovering to surface oil which flows from remaining of the multiple induced fractures into the wellbore; and successively repeating the foregoing steps one or more times. Gas preferentially is initially used as the injection fluid and after one successive iteration water is then used. A sliding sleeve or sleeves which may be selectively slid open and closed within the wellbore in accordance with the method to allow and prevent, at various time periods in the method, fluid communication with fluid injection fractures and oil production fractures.