QEP Resources Inc (NYSE:QEP), through its wholly-owned subsidiary, QEP Energy Company, entered into a definitive purchase and sale agreement (the “Purchase Agreement”) with certain individuals and entities (the “Initial Sellers”) to acquire oil and gas properties in the Permian Basin in Martin County, Texas from the Initial Sellers and associated individuals and entities (the “Acquisition”). On October 19, 2016, the Company completed the Acquisition for a purchase price of approximately $595 million (the “Purchase Price”).

The Purchase Price was funded by the Company with cash on hand and remains subject to certain post-closing adjustments under the terms of the Purchase Agreement.