One-Page Deal Sheet
QEP Sells Pinedale Assets to Kayne Anderson-backed Oak Ridge for $740 Million
Oak Ridge Natural Resources, LLC QEP Resources, Inc.
Announced Date
July 24,2017
Close Date
September 20,2017
Transaction Type
Property
Enterprise Value (EV)($MM)
740
Asset/Basin:
{"Pinedale Anticline","Green River Basin"}
TargetZones:
{Lance,Mesaverde}
Net Acres
Proved Reserves
Location
Calculated Metrics( EV/Category)
Region
Rockies
Country
United States
State
Wyoming
County
Sublette
Play
Production & Reserves Production
Production Mix
Reserves
Calculated Metrics( EV/Category)
$/ Flowing
$/ Acre
Production ($/Mcfe/d)
Transaction Details: Require Private Equity Subscription
QEP Resources has agreed to sell its Pinedale assets to Kayne Anderson-backed Oak Ridge Natural Resources for $740 million. The low decline asset is located in Sublette County, Wyoming and currently produces 234 MMcfe/d (12% liquids) as of 1Q17. Proved Reserves as of 12/31/2016 was 964 Bcfe.
While the company did not disclose the acreage, according to the most recent presentation (June 2017) it had 17,400 net acres under lease.
The deal includes a contingency whereby QEP will remember Oak Ridge for volume committments unable to be met up to December 2019 not to exceed $45 million.
The expect…
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