QEP Announces Sale Of Its Haynesville/Cotton Valley Business - Quick Facts

(RTTNews) - QEP Resources, Inc. (QEP) announced its subsidiaries, QEP Energy Company, QEP Marketing Company, and QEP Oil & Gas Company, have entered into a definitive agreement to sell natural gas and oil producing properties, undeveloped acreage and associated gas gathering and treating systems in the Haynesville/Cotton Valley for $735.0 million. The buyer has agreed to assume all firm gas transportation agreements related to the assets.

"The sale of our Haynesville/Cotton Valley business is an important next step in our process of becoming a Permian pure-play company. We intend to use the proceeds from this sale to fund the ongoing development of our core Permian assets, reduce debt, and return cash to shareholders through a share repurchase program," said Chuck Stanley, CEO of QEP.