QEP Resources, Inc. (“QEP” or the “Company”) (NYSE: QEP) today announced that its wholly owned subsidiary, QEP Energy Company, has entered into three definitive agreements to sell non-core oil and gas properties in the Midcontinent and Williston Basin for a combined purchase price of approximately $807 million, subject to customary purchase price adjustments (the “Divestitures”).

Two of the agreements provide for the sale of oil and gas properties in the Cana-Woodford and Granite Wash plays in the Western Anadarko Basin in Texas and Oklahoma for a combined price of approximately $772 million (combined, the “Midcontinent Divestitures”). The Midcontinent Divestitures are expected to close on or before June 30, 2014, in each case subject to customary closing conditions and purchase price adjustments. The Midcontinent Divestitures contain an estimated 463 billion cubic feet equivalent of proved reserves as of December 31, 2013 and current production of approximately 109 million cubic feet equivalent per day (MMcfe/d) of which approximately 37% is liquids.

The third agreement provides for the sale of a non-core position in the western Williston Basin, known as “Fat Cat,” for a price of approximately $35 million and is expected to close in early June.

These three sale transactions are structured as a reverse like-kind exchange in which the tax basis of the divested assets is exchanged into the Company’s recently acquired Permian Basin properties.

The Company is in the process of marketing its remaining Midcontinent assets, primarily the South Central Oklahoma Oil Province (SCOOP) acreage and other Arkoma and Anadarko Basin assets with current aggregate net production of approximately 21 MMcfe/d.

BMO Capital Markets served as financial advisor to QEP in the Midcontinent Divestitures, and Vinson & Elkins LLP provided legal counsel. Holland & Hart LLP provided legal counsel for the Williston Basin divestiture.

ir.qepres.com