Subsequent Events

6 Months Ended

Jun. 30, 2013

Subsequent Events [Abstract]

Subsequent Events

NOTE 16 – SUBSEQUENT EVENTS

In preparing the accompanying financial statements, we have reviewed events that have occurred after June 30, 2013, through the issuance of the financial statements.

2013 East Texas Acquisition

On August 6, 2013, we closed the acquisition of primarily oil properties located in East Texas from a private seller for $109.2 million cash, subject to customary purchase price adjustments (the “2013 East Texas Acquisition”), using funds drawn on our revolving credit facility on August 5, 2013. In accordance with the purchase and sale agreement, we placed a deposit into escrow which was recorded in other assets in the consolidated balance sheet as of June 30, 2013. In addition, the 2013 East Texas Acquisition includes an interest in a saltwater disposal company that will result in us owning a controlling interest. The saltwater disposal company services the acquired properties.

Second Quarter 2013 Distribution

On July 24, 2013, the board of directors of QRE GP declared a $0.4875 per unit distribution related to the second quarter 2013 which will be paid on August 14, 2013 to unitholders of record at the close of business on August 7, 2013. As a result of this declaration, a management incentive fee related to the second quarter 2013 in the amount of $1.3 million will be recognized during the three months ended September 30, 2013.