SOURCE: Quicksilver Resources Inc.

May 12, 2008 08:00 ET

Quicksilver Resources Receives $1 Billion Borrowing Base

FORT WORTH, TX--(Marketwire - May 12, 2008) - Quicksilver Resources Inc. (NYSE: KWK) today announced that its bank group has increased the borrowing base on the company's senior secured revolving credit facility to $1 billion, based upon oil and gas reserves as of December 31, 2007. The new borrowing base, which represents an additional $250 million in liquidity, is allocated between U.S. and Canadian funds. JPMorgan Chase Bank, N.A. and Bank of America, N.A. led the group of 23 lenders.

The credit facility provides for revolving loans, swingline loans and letters of credit from time to time in an aggregate amount not to exceed the borrowing base. The lenders have agreed to $1.2 billion of revolving credit commitments and the company has the option to increase the facility to $1.45 billion with consent of the lenders. The company can extend the facility, which matures February 9, 2012, up to two additional years with requisite lender consent.

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.

KWK 08-11

Contact Information

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