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Quicksilver Resources Inc. - Special Call

Currently, Quicksilver has the largest inventory of projects in company history. I direct your attention to Slide #5, which shows our current inventory of projects along a maturity curve versus time. As you can see, each of our projects is at a different level of maturity with West Texas being the newest and Horseshoe Canyon being the most mature. We recognize with our debt position that selling assets is important to reduce overall debt in order to free up more cash flow for growth. For this reason, we have chosen to monetize Quicksilver's Barnett position. We are entering our ninth year of activity in the Barnett and while still some distance from the full maturity, the Barnett is of a size that can meaningfully reduce this debt.

The company has chosen to do this in the form of a master limited partnership, which we believe will realize the best value for Quicksilver shareholders. After studying the asset sale versus public yield vehicle markets, we believe the company will be -- will receive a better price for the assets and we'll still have ownership in the growth of the Barnett unbooked resource of over 1 trillion cubic feet of gas equivalent and also participate in the gas price recovery over time by forming a master limited partnership.

In our earnings call on November 7, 2011, we targeted the filing of the S-1 registration with the SEC by the year end. The timing of this has lagged by about 30 days, but we should be filed relatively soon. Quicksilver has experienced -- has experience in running this type of entity and we have a very efficient operational team that will continue to harvest this asset over the long term.

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