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 Haynesville Shale and recently updated its operations in that area. The company has 48,500 net acres in Louisiana, and proved reserves of 592 Bcf in the Haynesville Shale and Cotton Valley formations.
QEP Resources reported that its estimated ultimate recovery (EUR) per Haynesville Shale well ranges from 5 to 8 Bcf, and will cost from $8 million to $9 million each to drill.
QEP Resources is operating 7 rigs in the play in 2010, and has 276 proven undeveloped (PUD) locations to choose from. The company also has an additional 1,300 unbooked locations based on a 80 acre spacing.
QEP Resources, like other operators in the Haynesville Shale, has become more efficient at drilling wells into the play. The company averaged 38 days from spud to total depth on recent wells, and finished one in 24 days.