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Quicksilver Resources Inc. - Special Call

During today's call, we will be making forward-looking statements, which are subject to risks and uncertainties. Actual results may differ materially from those projected in these forward-looking statements. Additional information concerning risk factors, which could cause such differences is detailed in the company's filings with the SEC.

I will now turn the call over to Glenn Darden.

Glenn M. Darden

Thank you, John. Good morning. I would like to lead in this morning with an introduction before we dive into more detail on recent company transactions and activity.

Quicksilver is continuing to follow the unconventional resource path we started down 20 years ago in Michigan where we were one of the early pioneers of shale resource development. Since that time, Quicksilver has successfully found and developed large-scale commercial projects in 5 separate basins across North America, and we believe we are poised to increase that to 7 basins in the near future.

In every case, the company has followed the same strategy, which is outlined on Slide 4 of this morning's presentation. We start with early entry with large acreage positions at lower costs per acre and lower royalties. We next move to resource assessment wells and then to validation wells to determine the size and commerciality of the projects. We then build infrastructure to ensure lower gathering processing, transportation and operational costs, and finally, we go to full development.

As I said, we've used this successful strategy in multiple basins. Historically, the company has monetized assets as they mature to reload for future projects. Examples of these monetizations are the sale of our Michigan and Indiana assets to BreitBurn Energy Partners for roughly $1.3 billion, and the sale of our Barnett midstream entity, Quicksilver Gas Services or KGS to Crestwood for roughly $1 billion in cash and assumed debt. Both of these assets bases were sold as they near full maturity in their respective areas.

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