QEP Resources acquires North Dakota Williston basin properties for $1.38 billion
DENVER -- QEP Resources 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's existing core acreage in the Williston Basin. The current net production is approximately 10,500 boepd and aggregate net proved and probable reserves are approximately 125 MMBoe), comprised of approximately 81% crude oil, 9% NGL and 10% natural gas. QEP will acquire approximately 27,600 net acres of predominantly fee simple mineral leases with an average 80% net revenue interest. The acquisition will increase QEP's net acreage in the Williston Basin to approximately 118,000 acres
"The Acquisition will add a new contiguous block of QEP-operated acreage in a localized 'sweet spot' for both the Bakken and Three Forks formations, as evidenced by above average well performance and EURs from wells drilled to-date in both reservoirs," said Chuck Stanley, Chairman, President and CEO of QEP.
QEP Resources is an 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).