SOURCE: Quicksilver Resources Inc.

July 01, 2008 16:37 ET

Quicksilver Resources Announces Second-Quarter 2008 Earnings Impact From BreitBurn Equity Investment

FORT WORTH, TX--(Marketwire - July 1, 2008) - Quicksilver Resources Inc. (NYSE: KWK) today announced that it will record in its second-quarter 2008 results a $10.2 million non-cash loss related to Quicksilver's equity investment, representing an approximate 32% ownership interest, in BreitBurn Energy Partners L.P.'s first-quarter 2008 results.

BreitBurn Energy Partners reported a $41.1 million loss for the first quarter of 2008, which included a $71 million non-realized loss on derivatives. Quicksilver reports its share of BreitBurn's earnings or loss on a one quarter lagged basis, due to the timing of BreitBurn's filing its quarterly results with the Securities and Exchange Commission on Form 10-Q after Quicksilver has filed its quarterly results.

On June 17, 2008, BreitBurn announced that it had acquired all of the limited partnership interest from Provident Energy Trust and 100% of the general partners' interests in BreitBurn GP, LLC. As a result of these transactions, Quicksilver now owns approximately 41% of BreitBurn Energy Partners L.P. which it will continue to account for using the equity method.

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.

QUICKSILVER RESOURCES INC.
777 West Rosedale Street
Fort Worth, TX  76104
www.qrinc.com

KWK 08-15

Contact Information

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