November 19, 2018 / 11:39 AM / a month ago

QEP to sell Haynesville-Cotton Valley assets to Aethon for $735 million

(Reuters) - QEP Resources Inc (QEP.N) said on Monday it will sell its oil and gas assets in the Haynesville-Cotton Valley in northwest Louisiana to Aethon Energy Management LLC for $735 million, as it plans to become a pure-play Permian operator.

The Permian basin of West Texas and New Mexico is at the heart of the shale boom in North America, which has prompted several oil producers to strengthen their presence in the oil rich region.

Earlier this month, oil producer QEP Resources had said it would sell its Williston Basin assets to Vantage Energy Acquisition Corp (VEACU.O) for $1.73 billion.

The deal with private investment firm Aethon is expected to close in January, the company said.

Reporting by Debroop Roy in Bengaluru; Editing by James Emmanuel

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