Shares of QR Energy LP began trading at $19.68 at mid-morning on Dec. 17 on the New York Stock Exchange, slightly below the $20 IPO price. By the end of the day, shares had fallen 2% to $19.60.

Houston-based QR Energy is being traded under the symbol “QRE” and was formed by affiliates of Quantum Resource Funds to own and buy producing oil and natural gas properties. The company owns nearly 30 million barrels of oil equivalent (boe) in proven reserves. Most of the reserves are in the Permian Basin in West Texas.

Privately-held Quantum Resources was formed in 2006. Since its inception, it has acquired more than $1.4 billion in mature, domestic, on-shore oil and gas properties. The company targets legacy oil and gas properties to provide its investors attractive returns and quarterly cash distributions. Quantum Resources targets acquisitions over $100 million.

QR Energy priced at the midpoint of the expected range ($19 to $21) and raised $300 million in its IPO. Underwriters were led by Wells Fargo Securities.

Public ownership interest in QR Energy is between 42% and 48.3%.