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

Stocks in this article: KWK

The company's ability to sell gas at the Station 2 and AECO hubs has not been impacted by the NEB's recommendation, as its acreage is served by existing treating facilities and pipelines which today can accommodate in excess of 1 billion cubic feet per day. Due to the pace of development in the basin by all producers, discounted excess capacity is available in the region to meet Quicksilver's needs.

Quicksilver's treating and transportation commitment in the Horn River is scheduled to step up to 100 MMcfd on May 1, 2013, assuming the start-up of a third-party treating facility, where it remains until 2018. The gathering, treating and transportation obligation will remain at the 100 MMcfd gross production level until the next scheduled step-up of the Fortune Creek gathering commitment, which the company has the option to defer to as late as 2018.

The company continues to negotiate a potential joint venture in the Horn River Basin, with the downstream marketing of the gas a top priority.

Production from Horseshoe Canyon was 55 MMcfd during the fourth quarter. Development activity in Horseshoe Canyon will continue to be limited in 2013.

United States - Barnett Shale

Quicksilver drilled one well in the fourth quarter, which is expected to be completed in the second half of 2013. For full-year 2012, the company drilled 22 gross (20.6 net) wells and connected 31 gross (26.7 net) wells to sales. At December 31, 2012, Quicksilver had a remaining uncompleted well inventory of 25 gross operated wells that have been drilled in the Barnett Shale but await completion or connection to sales lines.

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

United States - Sand Wash Basin

In the fourth quarter, Quicksilver completed its most recent vertical well with initial production of 400 barrels of oil equivalent per day (Boed), which was partially restricted due to surface facility limitations. The well averaged 138 Boed - of which 60% is oil - for the first 90 days of production. With this well, the company has now found oil-productive Niobrara across a distance of 35 miles in an east-to-west band and 7 miles on a north-to-south band on its leasehold in Moffat and Routt counties.

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