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Quicksilver Resources Announces Closing Of Sand Wash Basin Acquisition And Exploration Agreement

Stocks in this article: KWK

FORT WORTH, Texas, Jan. 3, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) announced today it closed the previously-announced Acquisition and Exploration Agreement (the "Agreement") with SWEPI LP, a subsidiary of Royal Dutch Shell plc, on December 28, 2012. Quicksilver now owns a 50% interest in approximately 320,000 net acres in the Sand Wash Basin in Northwest Colorado, which will be jointly developed with SWEPI. The Agreement also established an Area of Mutual Interest covering in excess of 850,000 acres in the basin. SWEPI paid Quicksilver an equalization payment for 50% of the acreage contributed by Quicksilver in excess of the acreage that SWEPI contributed. Further terms of the transaction were not announced.

"We are pleased to have SWEPI as a partner in this important oil project. It is also a step toward improving Quicksilver's liquidity position," said Glenn Darden, Quicksilver's President and CEO. "The proceeds from the closing of the Agreement will be used to reduce the company's credit facility borrowings and to fund future project development."

The company also provided an update on additional transaction efforts, as well as an update on Horn River volumes and recently-completed wells in the Sand Wash Basin and in the Midland Basin in West Texas.

Transactions Update

Quicksilver is engaged in confidential negotiations with a potential buyer to sell a non-operated minority working interest in its Barnett Shale Asset in North Texas.

The company continues to negotiate a potential joint venture in the Horn River Basin in Northeast British Columbia, with the downstream marketing of the gas a top priority. The company plans minimal capital spending in the basin until this joint venture is executed.

As previously announced, the company expected to close the Barnett and Horn River transactions by year end 2012. Negotiations continue on both transactions and further updates will be provided in the first quarter of 2013.

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