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Quicksilver Resources Reports Preliminary 2012 Fourth-Quarter And Full-Year Results

The average realized price for the fourth quarter and full-year 2012 was $4.96 and $4.83 per Mcfe, respectively, which excludes approximately $0.51 per Mcfe for the fourth quarter and $0.48 per Mcfe for full-year 2012, of cash proceeds from restructured hedges.

Lease operating expense for the fourth quarter of 2012 was $23 million, or $0.73 per Mcfe, compared to $30 million, or $0.78 per Mcfe in the prior-year quarter and $22 million, or $0.66 per Mcfe in the third quarter. Lease operating expense in the Barnett Shale declined 42% compared to the prior year quarter due to lower water hauling, compression and gas lift expense through continued cost containment initiatives. Lease operating expense in the Horn River Basin decreased 14% compared to the 2011 quarter due to a decline in compression repair and maintenance expense.

Cash Flow

Operating cash flow for the fourth quarter was $81 million, and investing cash flows provided a net inflow of $25 million after receipt of approximately $69 million in proceeds from sales of properties.

2012 Capital Program, 2013 Capital Budget and Debt

The company incurred approximately $31 million of capital expenditures in the fourth quarter of 2012, of which approximately $10 million was associated with drilling and completion activities, $7 million for acreage purchases, and $14 million for capitalized interest and overhead costs. For the full-year 2012, total capital incurred was $390 million.

The company intends to invest a total of approximately $120 million in 2013, which is a reduction of $270 million compared to 2012. The reduction is primarily the result of lower spending in the Horn River Basin, but also is the result of planned reductions across the asset base as the company resolves to limit spending to expected operational cash flow. This budget, which includes leasehold acquisition and amounts for capitalized interest and overhead, is expected to result in a production decline of approximately 5% in 2013 compared to 2012.

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