US independent QEP Resources is to pay an aggregate $732 million for about 13,800 net acreas of producing oil and gas acreage located in Martin County in the Permian basin in West Texas.
The acquisition followed a deal just days earlier in which QEP's sold assets in the Pinedale Anticline for $777.5 million.
QEP aims to use proceeds from the sale, as well as cash on hand, to buy the Permian acreage in a "like-kind exchange", which the company hopes will ease some of its tax burden.
