google is a useful tool, you should try it someday.
Jay has been producing since 1970. As big as Prudhoe Bay, it has accounted for three quarters of the oil ever produced in Florida. You can find newspaper articles from 30 years ago talking about production from Jay being on the decline. But as we know they keep being able to extract more and more oil from those old fields. And that is what MLPs do - take the mature fields and go out and produce with no exploration risk. All accretive and hedged, this should drive meaningful distribution growth at QRE and it further increases their oil:gas ratio which was already oil heavy.
Again, for answers to your questions about the Jay field, try google. Lots of info readily available.
The wording is pasted direct from the press release, as you know.
"This acquisition allows the partnership to own a world class oil field with significant remaining reserves, a low decline and a long reserve life. We expect the high liquids content and premium Louisiana Light Sweet crude oil pricing to deliver high margins and significant accretion to our unitholders."