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FORT WORTH, Texas, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) today announced preliminary 2012 fourth-quarter and full-year results.
Produced 132 billion cubic feet of natural gas equivalent (Bcfe)
Posted stellar results from the company's first multi-well pad in the Horn River Basin; initial production rates were between 23 MMcfd and 34 MMcfd per well at very high flowing pressures
Established oil production in two U.S. projects
Advanced negotiations in Barnett sale and Horn River joint venture
Reduced near-term capital and letter-of-credit obligations in the Horn River Basin
Secured financial covenant flexibility in Combined Credit Agreements
Closed Sand Wash Basin Acquisition and Exploration Agreement with SWEPI LP
Reduced overall company cost structure
Increased derivative portfolio to cover nearly 70 percent of expected 2013 natural gas production at a weighted average price of $5.10 per Mcf
"Our top priorities are to improve liquidity through asset sales, joint ventures and other measures, further reduce the overall company cost structure, and match capital spending to operational cash flow," said Glenn Darden, Quicksilver's President and Chief Executive Officer. "We are progressing on all of these objectives, which should make us a stronger company, able to operate more efficiently and effectively in the current market environment and beyond."
Adjusted net loss for the fourth quarter, a non-GAAP financial measure, was $2 million, or $0.01 per diluted share, compared to breakeven adjusted net income in the 2011 period. Reported net loss for the fourth quarter, which includes the impact of a non-cash ceiling test impairment primarily generated by a change in hedge accounting, was $1.1 billion, or $6.47 per diluted share. This compares to net income of $24 million, or $0.14 per diluted share, in the prior-year period.