QEP Resources, Inc. announces that its wholly owned subsidiary, QEP Energy Company, 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, subject to customary purchase price adjustments.

The agreement provides for the sale of QEP’s assets located in Duchesne and Uintah counties in eastern Utah to Middle Fork Energy Partners, LLC. The Divestiture includes an estimated 605 Bcfe of proved reserves as of December 31, 2017, and net production in the first quarter of 2018 was 54 MMcfed, of which approximately 23% was liquids.

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.