Vantage Energy Acquisition Corp. is throwing in the towel following its failed acquisition of QEP Resources Inc.’s Williston Basin position earlier this year.

The special purpose acquisition company, commonly referred to as a SPAC, said March 29 it will redeem all of its outstanding shares of Class A common stock after not completing an initial business combination within the required time period. The redemption, effective close of business on April 18, will mark the dissolution of the company, according to a press release from Vantage.

RELATED: QEP Resources Changes Course Following Terminated Bakken Sale

The SPAC was formed in early 2017 by industry veteran Roger Biemans with the intent to build a premier pure-play operator. Biemans, who sold the company’s predecessor in 2016 to Rice Energy for $2.7 billion, also previously served as the president of Encana Corp.’s U.S. affiliate.

Following Vantage’s IPO in April 2017, the company evaluated numerous opportunities and ultimately decided to pursue QEP’s Williston Basin assets given its ability to achieve its stated IPO goals at an attractive entry price, Biemans said in a statement announcing the roughly $1.7 billion deal in November 2018.

However, by February, the companies had decided to terminate the transaction due to a deterioration in commodity prices late last year.

Vantage said the per-share redemption price for its public shares will be about $10.22. After April 18, Vantage plans to cease all operations except for those required to wind up the company’s business.

Emily Patsy can be reached at epatsy@hartenergy.com.

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