Porter Hedges represented Middle Fork Energy Partners, LLC (“Middle Fork”) in the negotiation of a definitive agreement to acquire from QEP Energy Company, a subsidiary of QEP Resources, Inc., certain natural gas and oil producing properties, undeveloped acreage, and related assets located in the Uinta Basin for $155 million. The assets are located in Duchesne and Uintah counties in eastern Utah. The transaction 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.
Middle Fork is a privately held E&P company based in Denver, CO and backed by Quantum Energy Partners. Middle Fork is focused on the acquisition and development of crude oil and natural gas properties in the Rocky Mountain Region.
QEP Resources, Inc. (NYSE:QEP) is an independent crude oil and natural gas exploration and production company with operations in two regions of the United States: the Northern Region (primarily in North Dakota) and the Southern Region (primarily in Texas and Louisiana).
The Porter Hedges team included energy partner Jeremy Mouton and energy associate David Mann. Randy King, Mac Marshall, Matt Lea and Denny Ng also assisted in the transaction.
For additional information, please see the QEP press release here.