[Context: On February 20, NGP-backed Vantage Energy Acquisition announced the termination of its proposed $1.65bn acquisition of QEP Resources’ Bakken assets. It provides another example of a broken deal in a tough A&D market, such as Earthstone Energy (NYSE: ESTE) December announcement that it would terminate its merger with EnCap-backed Sabalo. Further details and related links are below.]
NGP | Vantage Energy Acquisition
Vantage Energy Acquisition Corp. Announces the Termination of the Acquisition of Williston Basin Assets from QEP Resources
DENVER, Feb. 20, 2019 (GLOBE NEWSWIRE) — Vantage Energy Acquisition Corp. (“VEAC”) (NASDAQ: VEAC, VEACU, VEACW), an energy-focused special purpose acquisition company, today announced that, given the deterioration in commodity prices and that it was unlikely that the conditions to closing would be satisfied, VEAC and QEP Energy Company, a wholly owned subsidiary of QEP Resources, Inc. (collectively, “QEP”), have entered into an agreement to terminate the pending acquisition by VEAC of QEP’s Williston Basin assets under the Purchase and Sale Agreement dated November 6, 2018, effective immediately.
About Vantage Energy Acquisition Corp.
Vantage Energy Acquisition Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
About QEP Resources, Inc.
QEP Resources, Inc. (NYSE: QEP) is an independent crude oil and natural gas exploration and production company with operations in two regions of the United States: the Southern Region (Texas) and the Northern Region (primarily North Dakota).