SOURCE: Quicksilver Resources Inc.

Quicksilver Resources Inc.

June 18, 2009 19:39 ET

Quicksilver Resources Announces Pricing of $600 Million Debt Offering

FORT WORTH, TX--(Marketwire - June 18, 2009) - Quicksilver Resources Inc. (NYSE: KWK) announced today that it has priced its offering of $600 million aggregate principal amount of Senior Notes due 2016.  The notes will bear interest at the rate of 11.75% per annum and will be issued at a price equal to 96.717% of the principal amount thereof to yield 12.50%.  Quicksilver expects to close the sale of the notes on June 25, 2009, subject to the satisfaction of customary closing conditions. 

Quicksilver intends to use the net proceeds from this offering, and the net proceeds from its previously announced sale of an interest in certain oil and gas leases, royalty interests, mineral interests and related assets to Eni US Operating Co. Inc. and Eni Petroleum US LLC, to repay the remaining indebtedness under its second lien term loan facility due 2013.  This offering is conditioned upon the consummation of such sale, which is expected to occur on or about June 19, 2009.

Credit Suisse, Deutsche Bank Securities and J.P. Morgan are acting as joint book-running managers. Copies of the prospectus supplement and related base prospectus for the offering may be obtained by contacting Credit Suisse Securities (USA) LLC, Prospectus Department, One Madison Avenue, New York, NY 10010, Telephone: 800-221-1037; Deutsche Bank Securities Inc., Prospectus Department, 100 Plaza One, Second Floor, Jersey City, NJ 07311; or J.P. Morgan Securities Inc., 270 Park Avenue, 8th Floor, New York, NY 10017, Attention: Syndicate Desk.  An electronic copy of the prospectus supplement will be available on the website of the Securities and Exchange Commission at www.sec.gov.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

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.

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.  Actual activities could differ materially from those contained in this release because of a variety of 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 09-08

Contact Information

  • Investor & Media Contact:
    Quicksilver Resources Inc.
    Rick Buterbaugh
    (817) 665-4835