QEP Midstream Partners, LP Announces Filing of Registration Statement for Initial Public Offering

QEP Midstream Partners LP (“QEPM”), a wholly owned subsidiary of QEP Resources, Inc.

, today announced that it has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (“SEC”). This filing is made in anticipation of a proposed initial public offering of common units representing limited partner interests in QEPM. An application will be made to the New York Stock Exchange to list the common units of QEPM under the symbol “QEPM.” Wells Fargo Securities is acting as sole book-running manager and structuring agent for the proposed offering. The offering will be made only by means of a prospectus. When available, a preliminary prospectus relating to this offering may be obtained from: Wells Fargo Securities Attn: Equity Syndicate Department 375 Park Avenue New York, New York 10152 Email: cmclientsupport@wellsfargo.com Toll-free number: (800) 326-5897 A registration statement relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. The registration statement is available on the SEC's website at http://www.sec.gov under the registrant's name, “QEP Midstream Partners, LP”. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or jurisdiction. Cautionary Statements This press release contains certain forward-looking statements. Statements that do not relate strictly to historical or current facts are forward-looking. These statements involve risks and uncertainties that could cause actual results to differ materially from projected results, anticipated results or other expectations expressed in this press release, including, without limitation, potential facts such as QEP's business plans and strategy may change as circumstances warrant; assets may never be contributed to QEPM; limited partner interests in QEPM may not ultimately be offered; QEPM's common units may not ultimately be listed on the New York Stock Exchange; QEP may not raise the planned amount of capital upon completion of the offering; and/or the planned assets of QEPM may change and QEP may not be able to complete the proposed actions on the timetable anticipated. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. QEP bases these forward-looking statements on current expectations and assumptions about future events. While QEP considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks and uncertainties, most of which are difficult to predict and many of which are beyond QEP's control. The risks and uncertainties that may affect the operations, performance and results of QEP's business and forward-looking statements include, but are not limited to: risks relating to the securities markets generally; the impact of adverse market conditions affecting QEPM's business or QEP's business; adverse changes in laws, including with respect to tax and regulatory matters; fluctuations in crude oil, natural gas liquids (NGL), and natural gas prices and processing margins; unexpected changes in costs for constructing, modifying or operating QEPM's facilities; lack of, or disruptions in, adequate and reliable transportation for QEP's products; potential liability under environmental regulations; potential liability resulting from litigation; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; and other risks affecting QEPM's or QEP's businesses generally as set forth in the registration statement relating to the common units and QEP's most recent Annual Report on Form 10-K, under Item 1A, "Risk Factors," and as updated by any subsequent Form 10-Qs, each filed with the SEC. Neither QEP nor QEPM undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which QEP or QEPM becomes aware of, after the date hereof.