SOURCE: Quicksilver Resources Inc.

August 08, 2008 13:06 ET

Quicksilver Resources Completes Fort Worth Basin Acquisition

FORT WORTH, TX--(Marketwire - August 8, 2008) - Quicksilver Resources Inc. (NYSE: KWK) has closed the previously announced acquisition of producing and non-producing leasehold, royalty and midstream assets associated with the Barnett Shale formation in northern Tarrant and southern Denton counties of Texas from various private parties including Chief Resources LP, Hillwood Oil & Gas, L.P. and Collins and Young, L.L.C. for $1 billion in cash and 10,400,468 shares of Quicksilver Resources common stock.

The purchase includes 13,000 net acres in the Fort Worth Basin of northern Texas. Quicksilver's internal engineers estimate the properties contain more than 1 trillion cubic feet of recoverable natural gas resources including approximately 350 billion cubic feet of proved reserves, of which approximately 40% are proved developed. Current production from the properties is approximately 50 million cubic feet per day of natural gas.

About Quicksilver Resources

Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude oil exploration and production company engaged in the development and acquisition of long-lived, unconventional natural gas reserves, including coalbed methane, shale gas, and tight sands gas in North America. The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas and Cut Bank, Montana. Quicksilver's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. For more information about Quicksilver Resources, visit www.qrinc.com.

Forward-Looking Statements

The statements in this press release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Although these statements reflect the current views, assumptions and expectations of Quicksilver Resources' management, the matters addressed herein are subject to numerous risks and uncertainties, which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Factors that could result in such differences or otherwise materially affect Quicksilver Resources' financial condition, results of operations and cash flows include: changes in general economic conditions; fluctuations in natural gas, natural gas liquids and crude oil prices; failure or delays in achieving expected production from natural gas, natural gas liquids and crude oil exploration and development projects; effects of hedging natural gas, natural gas liquids and crude oil prices; uncertainties inherent in estimates of natural gas, natural gas liquids and crude oil reserves and predicting natural gas, natural gas liquids and crude oil reservoir performance; effects of hedging natural gas, natural gas liquids and crude oil; competitive conditions in our industry; actions taken by third parties, including operators, processors and transporters; changes in the availability and cost of capital; delays in obtaining oilfield equipment and increases in drilling and other service costs; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the effects of existing and future laws and governmental regulations; and the effects of existing or future litigation; as well as, other factors disclosed in Quicksilver Resources' filings with the Securities and Exchange Commission. Except as required by law, we do not intend to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

KWK 08-18

Contact Information

  • Investor & Media Contact:
    Rick Buterbaugh
    (817) 665-4835