{"id":33021,"date":"2012-08-24T13:08:00","date_gmt":"2012-08-24T13:08:00","guid":{"rendered":"https:\/\/www2.thestockmarketwatch.com\/stock-market-news\/qep-resources-qep-to-acquire-additional-north-dakota-oil-properties\/33021\/"},"modified":"2012-08-24T13:08:00","modified_gmt":"2012-08-24T13:08:00","slug":"qep-resources-qep-to-acquire-additional-north-dakota-oil-properties","status":"publish","type":"post","link":"https:\/\/www2.stockmarketwatch.com\/stock-market-news\/qep-resources-qep-to-acquire-additional-north-dakota-oil-properties\/33021\/","title":{"rendered":"QEP Resources &#8211; QEP &#8211; To Acquire Additional North Dakota Oil Properties"},"content":{"rendered":"<p><script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"ca-pub-1408583772585547\";\n\/* SMW - News Links *\/\ngoogle_ad_slot = \"3490797620\";\ngoogle_ad_width = 468;\ngoogle_ad_height = 15;\n\/\/-->\n<\/script><br \/>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script><\/p>\n<p><strong><a href=\"https:\/\/thestockmarketwatch.com\/stock.aspx?stock=QEP\">NYSE: QEP<\/a>)<\/strong>, announced that its wholly owned subsidiary QEP Energy has entered into two definitive agreements with multiple sellers to acquire significant crude oil development properties in the Williston Basin for an aggregate purchase price of approximately $1.38 billion. The properties are located in Williams and McKenzie counties of North Dakota, approximately 12 miles west of QEP&#8217;s existing core acreage in the Williston Basin.<\/p>\n<p><strong>QEP &#8211; Acquisition Highlights: <\/strong><\/p>\n<ul>\n<li>Total consideration of approximately $1.38 billion in cash, subject to customary pre-closing and post-closing adjustments<\/li>\n<li>Effective date of July 1, 2012, with estimated closing date on or before September 27, 2012<\/li>\n<li>Aggregate current net production approximately 10,500 barrels of oil equivalent per day (Boepd)<\/li>\n<li>Aggregate net proved and probable reserves of approximately 125 million barrels of oil equivalent (MMBoe), comprised of approximately 81% crude oil, 9% NGL and 10% natural gas<\/li>\n<li>Approximately 27,600 net acres of predominantly fee simple mineral leases with an average 80% net revenue interest (NRI)<\/li>\n<li>Approximately 90% of aggregate net acreage to be acquired will be operated by QEP after closing (presently operated by Helis Oil &amp; Gas Company LLC of New Orleans, Louisiana)\n<ul>\n<li>24 operated spacing units with an average gross working interest of 82% with an average NRI of 66%<\/li>\n<li>27 non-operated spacing units with an average gross working interest of 10% with an average NRI of 8%<\/li>\n<\/ul>\n<\/li>\n<li>Above Williston Basin-average well estimated ultimate recoveries or EURs for both Bakken and Three Forks formations in the contiguous, operated acreage block.\u00a0 For long-lateral wells drilled after January 1, 2010:\n<ul>\n<li>Average Bakken EUR of 1,160 thousand barrels of oil equivalent (MBoe)<\/li>\n<li>Average Three Forks EUR of 990 MBoe<\/li>\n<\/ul>\n<\/li>\n<li>The Bakken and Three Forks formations are both prospective across all of the acreage and will be developed by separate horizontal wells targeting each formation<\/li>\n<li>Aggregate of 72 gross (29 net) developed locations and 301 gross (146 net) undeveloped locations<\/li>\n<li>QEP estimates future net development capital for all acquired assets to be approximately $1.59 billion<\/li>\n<li>Acquisition will increase QEP&#8217;s net acreage in the Williston Basin to approximately 118,000 acres<\/li>\n<li>The company expects to fund the Acquisition with proceeds from its revolving credit facility and cash on hand<\/li>\n<\/ul>\n<p><strong>About QEP Resources Inc. &#8211; QEP<\/strong><\/p>\n<p>QEP Resources Inc. (QEP) is a leading independent natural gas and crude oil exploration and production company focused in two major regions: the Northern Region (primarily in the Rockies) and the Southern Region (primarily Oklahoma, Louisiana, and the Texas Panhandle) of the United States.\u00a0 QEP Resources also gathers, compresses, treats, processes and stores natural gas.<\/p>\n<div class=\"nr_clear\"><\/div>\n<div id=\"nrelate_popular_2\" class=\"nrelate nrelate_popular nrelate_default nr_1col nr_text\"><\/div>\n<p>\t<!--[if IE 6]>\n\t\t<script type=\"text\/javascript\">jQuery('.nrelate_default').removeClass('nrelate_default');<\/script>\n\t<![endif]--><\/p>\n<p>\t<script type=\"text\/javascript\">\n\t\/* <![CDATA[ *\/\n\t\tnRelate.domain = \"www2.thestockmarketwatch.com%2Fstock-market-news\";\n\t\tvar entity_decoded_nr_mp_url = jQuery('<span\/>').html(\"https:\/\/web.archive.org\/web\/20120826013606\/http:\/\/api.nrelate.com\/mpw_wp\/0.51.2\/?tag=nrelate_popular&domain=www2.thestockmarketwatch.com%2Fstock-market-news&url=http%3A%2F%2Fwww2.thestockmarketwatch.com%2Fstock-market-news%2Fqep-resources-qep-to-acquire-additional-north-dakota-oil-properties%2F33021&nr_div_number=2&maxageposts=7200&increment=1\").text();\n\t\tnRelate.getNrelatePosts(entity_decoded_nr_mp_url);\n\t\/* ]]&gt; *\/\n\t<\/script>\n\n\n<div class=\"nr_clear\"><\/div>\n\n\n\n\n<!-- AddThis Button BEGIN -->\n\n\n<div class=\"addthis_toolbox addthis_default_style addthis_32x32_style\">\n<a class=\"addthis_button_preferred_1\"><\/a>\n<a class=\"addthis_button_preferred_2\"><\/a>\n<a class=\"addthis_button_preferred_3\"><\/a>\n<a class=\"addthis_button_preferred_4\"><\/a>\n<a class=\"addthis_button_compact\"><\/a>\n<a class=\"addthis_counter addthis_bubble_style\"><\/a>\n<\/div>\n\n\n<script type=\"text\/javascript\">var addthis_config = {\"data_track_addressbar\":true};<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/s7.addthis.com\/js\/250\/addthis_widget.js#pubid=pennystocksfinder\"><\/script>\n<!-- AddThis Button END -->\n\n\n\n\n<p>More Posts by this author<\/p>\n\n\n\n<ul>\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/autodesk-shares-plunge-after-q2-results-adsk\/33066\">\nAutodesk Shares Plunge after Q2 Results (ADSK)<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-end-flat-but-post-biggest-weekly-gains-since-january\/33065\">\nGold Prices End Flat But Post Biggest Weekly Gains since January<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-end-higher-as-bernanke-letter-raises-hopes-of-further-easing\/33049\">\nStocks End Higher as Bernanke Letter Raises Hopes of Further Easing<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/gold-prices-flat-silver-prices-edge-higher-2\/33039\">\nGold Prices Flat; Silver Prices Edge Higher<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/stocks-headed-for-a-higher-finish-as-bernanke-letter-raises-further-easing-hopes\/33037\">\nStocks Headed for a Higher Finish as Bernanke Letter Raises Further Easing Hopes<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/rue21-rue-raising-its-prior-guidance\/33016\">\nrue21- RUE &#8211; Raising its prior guidance<\/a><\/li>\n\n\n\n\n\n\n<li><a href=\"http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/teche-holding-company-tsh-stock-repurchase-program-and-quarterly-dividend\/33017\">\nTeche Holding Company &#8211; TSH &#8211; Stock repurchase program and Quarterly Dividend<\/a><\/li>\n\n\n\n<\/ul>\n\n\n\n\n\n\n<hr>\n\n\n\n\n\n<table style=\"border:none;margin:0;\">\n\n\n<tr>\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n<img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/web.archive.org\/web\/20120826013606im_\/http:\/\/www2.thestockmarketwatch.com\/stock-market-news\/wp-content\/uploads\/userphoto\/5.jpg\" alt=\"edliston\" width=\"125\" height=\"125\" class=\"photo\"><\/td>\n\n\n\n\n<td style=\"padding:5px;vertical-align:top;\" valign=\"top\">\n\n\n<div style=\"font-size:11pt;\"><b>Post Written By: Ed Liston <\/b><\/div>\n\n\n\n\n<div style=\"font-size:10pt;\">\n\nEd Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.\n<\/div>\n\n\n<\/td>\n\n<\/tr>\n\n<\/table>\n\n\n\n\n\n\n<script type=\"text\/javascript\"><!--\ngoogle_ad_client = \"pub-1408583772585547\";\n\/* 336x280, created 7\/9\/11 *\/\ngoogle_ad_slot = \"3552319058\";\ngoogle_ad_width = 336;\ngoogle_ad_height = 280;\n\/\/-->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/pagead2.googlesyndication.com\/pagead\/show_ads.js\">\n<\/script>\n\n\t\t\t\t\t\t\n\n\t\n\n<div style=\"margin:5px;margin-bottom:20px;font-size:11pt;\">&laquo; <a href=\"https:\/\/thestockmarketwatch.com\/stock-market-news\/\">Return to Stock Market News<\/a> &laquo; <\/div>\n\n\n<\/p>\n","protected":false},"excerpt":{"rendered":"<p>NYSE: QEP), announced that its wholly owned subsidiary QEP Energy has entered into two definitive agreements with multiple sellers to [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":50312,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center 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