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Middle Fork Energy Acquires Uinta Basin Property From QEP Resources

Announced Date
July 10,2018
Deal Value $
154,000,000
Net Acres
230,000
Transaction Type
Property
Buyer
Seller
Source Documents:
   Source Link
Location
Region
Rockies - Piceance/Uinta

Country
United States

State
Utah

County
Duchesne ,Uintah

Play


Production & Reserves
Production
54 Mmcfe/d

Production Mix
90 % Gas

Reserves
605 Bcfe (1P)


Multiples
Production ($/Mcfe/d)
2,852

$Price/Net Acre
670

$Price/Adj. Net Acre
200

Adj. $/acre is based on production @2,000 Mcfe/d

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



Other Rockies - Piceance/Uinta Region's Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-22-2019 - - Click here Utah  E&P
Sep-03-2019 - - Click here Utah  E&P
Aug-08-2018 - - Click here Utah  E&P
Jan-16-2018 - - Click here Utah  E&P
Dec-15-2017 - - Click here   E&P

Price History



Date Deal Headline Price$/acre
Sep-03-2019 Crescent Point Exits the Uinta in Deal Worth $525 Million - -
Aug-08-2018 Ultra Petroleum Sells Off Utah Uinta Assets for $75MM in Cash - -
Jan-16-2018 LINN Sells Altamont Bluebell Assets for $132 Million - -

Other QEP Resources Deals



Announced DateBuyerSellerDeal Value($mm)LocationCategory
Nov-19-2018 - - Click here Louisiana  E&P
Nov-07-2018 - - Click here North Dakota  E&P
Jul-27-2017 - - Click here Texas  E&P
Jul-24-2017 - - Click here Wyoming  E&P
Jun-22-2016 - - Click here Texas  E&P