QEP Resources, Inc. ("QEP" or the "Company") reported third quarter 2013 financial and operating results.
Operations Summary
Williston Basin: Continued growth in crude oil production on 116,000 net acre Bakken/Three Forks leasehold
QEP Energy's Bakken/Three Forks net production averaged 21,300 Boepd during the third quarter 2013. The Company completed and turned to sales 21 operated wells during the third quarter, including ten wells at South Antelope with an average 24-hour IP of 3,412 Boepd and eleven wells within the Fort Berthold Reservation with an average 24-hour IP of 2,588 Boepd. The Fort Berthold Reservation completions included the Buffalo Pad (one Three Forks and four Bakken, average working interest 88%) and two additional pads (three Three Forks and three Bakken, average working interest 93%). The South Antelope completions included two four-well pads and one two-well pad (two Three Forks and eight Bakken, average working interest 80%). The cost and performance of these wells are consistent with or better than our expectations.
The Company also participated in 27 outside-operated Bakken or Three Forks wells that were completed and turned to sales during the third quarter (average working interest 4%). At the end of the third quarter, QEP Energy was conducting drilling operations on eight separate well pads (five in South Antelope and three within the Fort Berthold Reservation). In addition, QEP had twelve operated wells waiting on completion (average working interest 91%). The Company also had interests in 24 outside-operated wells being drilled (average working interest 7%) and 10 outside-operated wells waiting on completion (average working interest 6%) at the end of the third quarter.
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