QEP Resources (NYSE: QEP) reported that the company’s production during the first quarter totaled 65.9 Bcf, a 28% increase from 2010’s figures.

"QEP remains focused on profitable growth and maximizing returns on invested capital," said Chuck Stanley, president and chief executive officer. "Our drilling and completion teams continue their relentless focus on reducing drilling and completion cycle-times which translate directly into industry leading completed well costs in our core producing areas."

Haynesville Shale

Since the last operations update, QEP has completed and turned to sales 10 additional company-operated Haynesville wells, each with strong production rates and pressures. QEP's 50,750 net acres (an increase of 1,150 net acres) are in a concentrated area located in the core of the Haynesville development.

In the first quarter of 2011, QEP drill times averaged 32 days from spud to total depth on company-operated Haynesville wells, down from 37 days in 2010. Improved drilling performance and completion efficiencies have allowed QEP to remain the lowest cost operator in its portion of the Haynesville play. QEP-operated gross completed well costs averaged $9.1 million in the first quarter of 2011 compared to $9.3 million in 2010. QEP currently has 14 operated wells waiting on completion and 6 operated rigs working in the Haynesville play. The company also participated in 9 outside-operated Haynesville wells that were completed and turned to sales since the last operations update. Working interest in these wells ranged from less than 1% to 42%. QEP has interests in 10 outside-operated Haynesville wells that are waiting on completion and one outside-operated well currently being drilled.

During the 1st quarter 2011, the company's Haynesville net production averaged approximately 257 MMcf/d and Cotton Valley/Hosston net production averaged approximately 56 MMcf/d.

Pinedale Anticline

The company has completed and turned to sales 16 new wells at Pinedale since resuming completion operations in mid-March 2011. The company discontinues completion operations at Pinedale during the coldest months of the winter which causes a production decline in the first and second quarters of each year compared to the fourth quarter of the prior year. QEP currently has 50 operated wells waiting on completion. Improved drilling performance has translated directly into lower Pinedale well costs, with first quarter 2011 drill times averaging 14 days from spud to total depth with resultant average gross completed well costs below $3.8 million. The average drill time from spud to total depth in 2010 was 17 days.

During the 1st quarter 2011, QEP's Pinedale net production averaged approximately 180 MMcfe/d. The company has 4 rigs currently working at Pinedale as one rig has recently been moved to the North Dakota Bakken play.

Woodford Shale

QEP has completed and turned to sales 2 new QEP-operated Woodford "Cana" Shale wells in western Oklahoma. QEP has 3 operated wells currently being drilled and 3 operated wells waiting on completion. The company currently operates 13 producing wells and has a non-operated working interest in 128 producing wells across the play. The company also has interests in 7 wells currently being drilled and 21 wells waiting on completion that are operated by others. The areal extent of the play continues to expand to the northwest as additional economic wells have been completed outside QEP's interpretation of the original "core" or "Tier 1" area.

During the 1st quarter 2011, QEP net production from the play averaged approximately 34 MMcfed and the company anticipates operating 3 rigs in the play in 2011. QEP has increased its net acreage in the play by 7,300 net acres to 75,300 net acres.

Bakken/Three Forks

QEP has completed and turned to sales 2 additional operated wells in the Williston Basin of North Dakota. QEP has 2 company-operated rigs drilling with a third rig recently moved to the area and rigging up on QEP operated acreage located west of the Nesson Anticline. QEP has 4 operated wells waiting on completion in the play. The company also has interests in 7 outside-operated wells currently being drilled and 9 outside-operated wells waiting on completion. The company operates 13 producing wells in the play and has a working interest in 61 producing wells that are operated by others.

During the 1st quarter 2011, QEP's Bakken net production averaged approximately 1,900 BOE/d. The company anticipates adding 2 additional QEP-operated rigs in the Bakken play by early 2012 to accelerate development of QEP's acreage position via pad drilling.

Granite Wash

Since the last operations update, the company has completed and turned to sales 2 additional QEP operated Atoka formation horizontal wells in Wheeler County, TX. QEP has approximately 41,000 net acres in the plays in the western Anadarko Basin including 27,000 acres in the Texas Panhandle. During the 1st quarter 2011, net production from this play (vertical and horizontal wells) averaged approximately 36 MMcfe/d. The company is currently drilling 3 wells and has 3 wells waiting on completion.

QEP is also participating in two outside-operated wells currently being drilled and has an interest in one outside-operated well waiting on completion. QEP has a working interest in a total of 38 producing horizontal Granite Wash/Atoka Wash wells and anticipates operating between 1 and 3 rigs in this play during 2011.