Transaction Details: 

QEP Resources has entered into a definitive agreement to sell natural gas and oil producing properties, undeveloped acreage and related assets located in the Uinta Basin for proceeds of $155 million to Quantum Energy backed-Middle Fork Energy Partners.

Asset Details.

Acreage / Land : 230,000 Net Acres

Production : 54 MMcfe/d (23% liquids)

Production Split : 90% Gas/5% Oil/ 5% NGL

Proved Reserves (12/31/2017) : 605 Bcfe

Gross Operating producing wells : 766

Average Working Interest : 94%

Citigroup Global Markets Inc. served as financial advisor and Latham & Watkins LLP provided legal counsel to QEP. Porter Hedges LLP provided legal counsel to Middle Fork Energy Partners, LLC.

Middle Fork Energy Partners, and Quantum Energy Partners annouced the formation of the company on May 24, 2017 with an inital capital commitment of $200 million.   The company was founded by  Christopher L. Valdez and Jeffrey E. Wojahn.

Middle Fork is headquartered in Denver, Colorado.

Prior to founding Middle Fork, Valdez most recently served as VP – Marketing & Planning for Vantage Energy, LLC (“Vantage”), a Quantum portfolio company. Prior to Vantage, Valdez served in a variety of roles at Encana Oil & Gas (USA) Inc. (“Encana USA”), including VP – Planning and Asset Manager – Piceance Basin. Wojahn has over 30 years of oil & gas industry leadership experience, including leading Encana USA as its President from 2006 to 2013. In addition to the Founders, all other Middle Fork leadership roles have been filled with individuals who worked closely alongside the Founders at prior companies including Ty Harrison, CFO, Frank Merendino, SVP – Operations, Worth Carlin, VP – Land, and Rob Zaback, VP – Development.

Rockies - Piceance/Uinta Deal Activity In Last 12 Months