QEP Resources Inc. (NYSE: QEP) plans to sell some of its non-core producing properties for about $145 million, company officials said.

Chief financial officer Richard Doleshek said the company expected the sales to close before the end of the second quarter.

Few details were given during a first quarter earnings call with investors other than the fact that there were “several agreements” for non-core acreage in its northern region.

Earlier this year, QEP Energy Co. retained BMO Capital Markets to sell its Powder River Basin assets, which are primarily located in Converse County, Wyo. The assets include about 47,000 net acres, 45% of which is held by production. The remaining land has an average five-year term. In addition, the assets include a large inventory of about 1,000 gross undeveloped locations.

The region reports active development in the Sussex, Shannon, Frontier and Niobrara formations. Recent horizontal Sussex wells had initial productions as high as 700 barrels of oil equivalent (BOE) per day and an offset horizontal Frontier well had an initial production of 1,400 BOE per day.

The estimated net production from the assets in December 2012 was about 530 BOE per day, 81% of which was liquids.

Meanwhile, SM Energy Co. (NYSE: SM) announced it plans to buy about 40,000 net acres in the Powder River Basin, which would increase its position in the basin to approximately 105,000 net acres. In a first quarter earnings conference call, company officials said the $65 million transaction is scheduled to close in the second quarter of 2013.

“The acreage we are adding is a great bolt-on to our existing acreage,” said SM Energy chief financial officer Wade Pursell.

SM Energy said it is currently focusing on the Frontier, Sussex, and Shannon formations on its acreage position. Results from the company's recent testing in the basin will be discussed in more detail on the Company's first quarter of 2013 earnings call. No details were given about the seller of the property.

SM has tested several wells in the Powder River Basin. The original target was the Niobrara, which produced mixed results. The company got more promising results from the Frontier section, where the Dandy State well ha an initial production peak of 927 barrels of oil equivalent per day.

SM Energy and QEP Resources are both based in Denver.