QEP Resources announces agreement to sell Uinta Basin assets for $155 Million
by QEP Resources, Inc
July 11, 2018
DENVER, QEP Resources, Inc. (NYSE:QEP) ("QEP" or the "Company") announced today (July 10, 2018) that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to sell natural gas and oil producing properties, undeveloped acreage and related assets located in the Uinta Basin for proceeds of $155 million, subject to customary purchase price adjustments (the "Divestiture").
The agreement provides for the sale of QEP’s assets located in Duchesne and Uintah counties in eastern Utah to Middle Fork Energy Partners, LLC. The Divestiture includes an estimated 605 Bcfe of proved reserves as of December 31, 2017, and net production in the first quarter of 2018 was 54 MMcfed, of which approximately 23% was liquids.
Citigroup Global Markets Inc. served as financial advisor and Latham & Watkins LLP provided legal counsel to QEP. Porter Hedges LLP provided legal counsel to Middle Fork Energy Partners, LLC.
About QEP Resources, Inc.
QEP Resources, Inc. (NYSE:QEP) is an independent crude oil and natural gas exploration and production company with operations in two regions of the United States: the Northern Region (primarily in North Dakota) and the Southern Region (primarily in Texas and Louisiana). For more information, visit QEP's website at: www.qepres.com.
About Middle Fork Energy Partners, LLC.
Middle Fork Energy Partners, LLC is a Denver, CO, based company that is focused on the acquisition and development of crude oil and natural gas properties in the Rocky Mountain Region. For more information, visit Middle Fork’s website at: www.middleforkep.com.
Source: Globe NewsWire
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