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Salt Lake City – A Questar Corporation subsidiary, Wexpro Company, has entered into a definitive agreement to acquire an additional interest in natural gas-producing properties for $106.4 million. Wexpro is increasing its working interest in existing Wexpro-operated wells in the Trail Unit of southwestern Wyoming’s Vermillion Basin. Essentially, this a “bolt-on” acquisition to the company’s current Trail assets, which are governed by the 1981 Wexpro Agreement for the benefit of Questar’s Utah and Wyoming utility customers.
Under the terms of the original Wexpro Agreement, Wexpro produces gas from certain properties at cost of service. The recently approved Wexpro II Agreement perpetuates that model. Wexpro II stipulates that all Wexpro acquisitions within the footprint of the 1981 agreement must be offered to the public service commissions of Utah and Wyoming for inclusion as cost-of-service properties benefiting Questar’s utility customers. Properties submitted but not approved by regulators would be developed and operated by Wexpro, either at cost of service for other parties or as traditional market-based oil and gas properties.
“We are excited to add this acquisition to our portfolio,” said Ron Jibson, Questar chairman, president and CEO. “It’s in the heart of our operations and adds value to one of our premier assets.”