Business Wire | Mar 12, 2021 12:29PM EST

THRC Holdings Supports Pending Acquisition of QEP Resources by Diamondback Energy

Mar. 12, 2021

CISCO, Texas--(BUSINESS WIRE)--Mar. 12, 2021--THRC Holdings L.P. ("THRC"), a QEP Resources (NYSE: QEP) shareholder owning 5.84% of total shares outstanding, today issued the following statement announcing its public support of the pending acquisition of QEP by Diamondback Energy, Inc. (NYSE: FANG):

"We have felt for some time that consolidation in this market has been necessary to shore up companies' balance sheets. We also believe that, while QEP has great management and assets, leverage is a real issue that would have to be addressed. To that end, this transaction provides a number of synergies that are hard for us to ignore and we believe the combined production along with the decreased leverage created in this transaction will allow a successful path forward for the combined company.

"THRC has always sought out opportunities in which we could invest for the long haul. Put simply, this is not a trade for us, rather we firmly believe there is long-term value here for the shareholders. For that reason, we are excited to support the proposed acquisition of QEP by Diamondback and are voting FOR this transaction," said Matt Wilks, VP Investments for Wilks Brothers, LLC.

On December 21, 2020, QEP announced that it had entered into a definitive agreement to be acquired by Diamondback in an all-stock transaction. THRC Holdings will vote in support of the transaction ahead of QEP's Special Meeting on March 16, 2021, at 8:00 a.m. MT.

About THRC Holdings L.P.

THRC Holdings L.P. is an investment portfolio managed by the Wilks Brothers, LLC family office.

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CONTACT: Matt Wilks Wilks Brothers, LLC 817-850-5350