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QEP Resources Enters Agreement to Sell Uinta Basin Assets

Source: www.gulfoilandgas.com 7/10/2018, Location: North America

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QEP Resources, Inc. announced 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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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