SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2011

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE 17 – SUBSEQUENT EVENTS

In preparing the accompanying financial statements, we have reviewed events that have occurred after December 31, 2011, up until the issuance of the financial statements.

On October 4, 2011, the board of directors of QRE GP declared a quarterly distribution of $0.475 per unit, or $1.90 on an annualized basis, for the fourth quarter of 2011 for all outstanding units. The Partnership also accrued distributions of $0.21 per unit for the Preferred Units' quarterly distribution in the fourth quarter of 2011. These distributions were paid on February 10, 2012 to unitholders of record at the close of business on January 30, 2012. The aggregate amount of the distribution was $20.5 million.

During January and March 2012, we entered into additional crude oil hedges for the years 2012 through 2016.  These contracts were entered into with the same counterparties as our existing derivatives. The table below details the newly executed contracts.

Commodity	Index	Feb 1 - Dec 31, 2012		2013		2014		2015		2016
Oil positions:
Swaps
Hedged Volume (Bbls/d)	WTI		1,000		1,300		800		-		-
Average price ($/Bbls)		$	99.36		99.12	$	95.41		-		-
Collars
Hedged Volume (Bbls/d)			-		-		-		-		1,500
Average floor price ($/Bbls)			-		-		-		-	$	80.00
Average ceiling price ($/Bbls)			-		-		-		-	$	102.00