QEP Resources, Inc. (QEP) announced a $600 million offering of senior notes due 2023. The notes are being offered to fund a portion of the consideration to acquire producing and undeveloped oil and gas properties in North Dakota's Williams and McKenzie counties. The oil and gas properties will be acquired pursuant to two related purchase and sale agreements.

Prior to the consummation of the transactions contemplated by the purchase and sale agreements, the net proceeds from this offering will be held by QEP Resources and a portion of those proceeds will be used to temporarily pay down any outstanding amounts under QEP Resources' revolving credit facility.

If neither of the transactions contemplated by the purchase and sale agreements close on or prior to December 31, 2012, or if both purchase and sale agreements are terminated at any time prior thereto, QEP Resources will be required to redeem all of the notes at a redemption price equal to 100% of their issue price, plus accrued and unpaid interest to the date of redemption.