QEP Resources (QEP) was just spun out of Questar Corporation (STR) and now controls the former exploration and production segment of Questar Corporation.
QEP Resources has acreage in the Bakken Shale and recently updated its operations in that area. The company has 89,000 net acres prospective for the Bakken Shale in North Dakota.
QEP Resources estimates that its wells will cost from $5.5 to $6.5 million, and have an estimated ultimate recovery (EUR) of 350,000 to 750,000 barrels oil equivalent (BOE) per well. The company is operating one rig in the play and plans to add another by year end.
QEP Resources is drilling Bakken Shale wells using 5,000 to 10,000 foot laterals and has seen a range of initial production rates between 500 and 3,000 BOE per day.