US shale player QEP Resources has entered into a co-operation agreement with Elliott Management, the US hedge fund that attempted a takeover of the operator earlier this year.

Under the new deal, QEP and Elliott, which holds around 4.9% of QEP’s common stock, will work together to appoint two new independent directors to the board.

In addition, these two new directors will be part of a new five-person operations committee, to also include QEP's chief executive and two current independent directors.