Seeking Alpha
Editor's notes: Bakken expert Richard Zeits thinks recent results signal success for QEP. He estimates 30-50% potential upside with numerous short-term catalysts, and notes the massive portfolio provides significant downside protection.

Yesterday after the market close, QEP Resources (QEP) provided an update on its Bakken operations. The remarkably strong South Antelope results were well worth waiting for and confirm the stand-out quality of this recently acquired property. In retrospect, the company's last year's South Antelope transaction may prove to be one of the most notable "bargain" acquisitions in the Bakken's history, despite the deal's head-turning $1.4 billion price tag (as a reminder, QEP acquired 27,600 net acres for $1.4 billion in what remains one of the highest-valued acreage purchases in North America - the transaction was priced at an implied ~$40,000 per undeveloped acre).

The asset may continue to surprise to the upside.

Bakken Results: South Antelope Block...

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