QEP Resources reported third quarter 2010 production and provided an update on recent well results and midstream operations.

QEP Energy raises 2010 production forecast to 225-227 Bcfe

The company now estimates 2010 net production could range from 225 to 227 Bcfe, up 19 to 20% from 2009 production of 189.5 Bcfe. Prior guidance was 218 to 222 Bcfe.

Consistent well results from the Haynesville Shale in NW Louisiana

QEP's 49,000 net acres are in a concentrated area located in the core of the Haynesville development. Improved drilling performance has translated directly into lower well costs with year-to-date 2010 drill times for operated wells averaging 39 days from spud to total depth resulting in average gross completed well costs of under $8.8 million for 2010. QEP Energy currently has 13 operated wells waiting on completion and 7 operated wells being drilled in the Haynesville play. The company also participated in 8 outside-operated Haynesville wells that were completed and turned to sales during the third quarter. Working interest in these wells ranged from 1% to 48%. QEP Energy has interests in 22 outside-operated Haynesville wells that are waiting on completion and 4 outside-operated wells currently being drilled. At September 30, 2010, the company's total net Haynesville production was approximately 172 MMcfd and net Cotton Valley/Hosston production totaled approximately 62 MMcfd. The company currently has 7 Haynesville only rigs operating in the play.

Given the consistency of QEP-operated Haynesville well results, this release will be the last in which individual Haynesville well results will be discussed.

Low-cost Pinedale production growth continues

The company has completed and turned to sales 34 new wells (20-acre, 10-acre, and 5-acre) at Pinedale, for a total of 91 wells to date in 2010. Improved drilling performance has translated directly into lower well costs with year-to-date 2010 drill times averaging 16.8 days from spud to total depth resulting in average gross completed well costs of $3.7 million for 2010. The company expects to complete over 100 wells this year on its Pinedale acreage. QEP Energy's net Pinedale production was approximately 204 MMcfed on September 30, 2010 with 5 company-operated rigs working in the play.

Liquids-rich Granite Wash and Atoka Wash horizontal development in the Texas Panhandle

The company

QEP Energy has approximately 35,000 net acres in the "Wash" plays in the western Anadarko Basin, 27,000 of which are in the Texas Panhandle. At September 30, 2010, net production from this play (combined vertical and horizontal wells) was approximately 35 MMcfed. The company is currently drilling 2 wells and has one well completing. QEP Energy is also participating in 5 outside-operated wells currently being drilled and 5 outside-operated wells that are waiting on completion. The company has a working interest in a total of 16 producing horizontal wells in the play and anticipates operating 2 drilling rigs through year-end.

Woodford "Cana" Shale play in the early stages of long-term growth

QEP Energy has completed and turned to sales one new operated Woodford

QEP Energy has 2 operated wells currently being drilled and 2 operated wells waiting on completion in the Woodford "Cana" Shale play in western Oklahoma. The company currently operates 10 producing wells and has non-operated working interests in over 70 producing wells. The company also has interests in 13 wells currently being drilled and 13 wells waiting on completion that are operated by others. The areal extent of the play has expanded to the northwest as additional economic wells have been completed outside QEP's interpretation of the original "core" area. The company's leasehold includes approximately 45,000 net acres in "Tier I" and 21,000 net acres in "Tier II". On September 30, 2010, QEP Energy net production from the play was approximately 31 MMcfed. The company participated in an 80-acre density pilot development program that will assist in determining the appropriate well density for optimal reserve recovery. For the remainder of 2010, QEP Energy anticipates operating 2 rigs in the play and will participate with a working interest in numerous additional wells operated by others.

Bakken production growth on company's 89,000 net-acre North Dakota leasehold

QEP Energy has completed and turned to sales 3 additional operated wells in North Dakota - two Bakken wells and the first operated Three Forks well:

QEP Energy has one company-operated well currently being drilled and one well waiting on completion. The company also has interests in 9 outside-operated wells currently being drilled and 4 outside-operated wells waiting on completion. The company operates 9 producing wells in the play and has a working interest in 51 producing wells that are operated by others. On September 30, 2010, QEP Energy's net production from the Bakken play was approximately 3,100 Boepd. The company is currently operating one rig in the Bakken play and will add a second operated rig before the end of 2010.

Third quarter QEP Field Services gathering volumes up 33%; fee-based processing volumes up 3%; major projects underway in the Rockies

QEP Field Services gathering volumes totaled 126.6 million MMBtu in the third quarter of 2010 compared to 95.6 million MMBtu in the 2009 quarter, a 33% increase. Fee-based processing volumes totaled 57.6 million MMBtu in the third quarter of 2010 compared to 55.9 million MMBtu in the 2009 quarter, a 3% increase.

Construction continues on two new QEP Field Services cryogenic gas processing plants in the Rocky Mountain region. In eastern Utah, the 150 MMcfd Iron Horse plant should commence operations in early 2011, providing fee-based processing services for third party customers. When completed in the fourth quarter of 2011, the 420 MMcfd Blacks Forks II cryogenic gas processing plant in southwest Wyoming will extract an incremental 15,000 bbl per day of NGL net to QEP.

In NW Louisiana, the Hall Summit 1,000 GPM amine treatment facility was completed and placed in service during the third quarter. The facility is treating approximately 350 MMcfd of raw gas to remove carbon dioxide. QEP Field Services raw gas treatment capacity in NW Louisiana is now over 600 MMcfd.