US minnow QEP dives into Permian Basin with big buy

摘要

Houston—Small but aggressive operator QEP Resources put down stakes in the Permian Basin on Monday, saying it will buy $950 million worth of West Texas Permian Basin properties from producer EnerVest, which bulks up its oil weighting and gives it access to some of that area’s choicest acreage. The transaction, representing Denverbased QEP’s Permian debut, provides 26,519 net acres with an average working interest of 94%, QEP said in a statement. The properties supply net production of roughly 6,700 b/d of oil equivalent, about 68% crude oil; they boast proved reserves of about 47 million boe and total net recoverable resources of up to 300 million boe.