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Stacked Deck: QEP Antes Up $950 Million For Permian, Will Cash In Granite Wash, Woodford

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By Darren Barbee, Hart Energy
December 9, 2013

QEP Resources Inc. (NYSE: QEP) continues to amass crude oil supplies, picking up proved resources of 47 million barrels of oil equivalent (MMBOE) in the Permian Basin for $950 million, the company said Dec. 9.

The acquisition of Enervest Ltd.’s acreage in Martin and Andrews counties in Texas’ Midland sub-basin adds at least 10 years of drilling opportunities, QEP said. It also puts the company in two of the nation’s best plays, the other being the Williston Basin.

As part of financing the deal, QEP plans to exit “selected non-core ...

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