This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

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

The company closed on its Acquisition and Exploration Agreement with SWEPI LP, a subsidiary of Royal Dutch Shell plc, on December 28, 2012. Quicksilver now owns a 50% interest in over 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.

United States - West Texas

In the fourth quarter, the company completed the Vande Ranch State 1H, Quicksilver's second short-lateral well, which targeted the Wolfcamp formation in Upton County. The well is producing 38 Boed and continues to improve after recovering 32% of its load water. The Price Ranch #1H well, Quicksilver's first short lateral well drilled in Pecos County, averaged 129 Boed over its first 100 days of production from the Bone Springs formation.

Quicksilver holds approximately 105,000 net acres across the Delaware and Midland basins of West Texas, which are situated in the oil window of the Wolfcamp and Bone Springs formations.

Reserves

The Securities and Exchange Commission (SEC) requires proved reserve volumes to be calculated using an average of the NYMEX and West Texas Intermediate (WTI) spot prices for sales of gas and crude oil, respectively, on the first calendar day of each month during the reporting year. On this basis, the prices for gas and crude oil for 2012 reserves reporting purposes were $2.76 per million British thermal units (MMbtu) and $94.71 per barrel. The prices used to calculate proved reserves for year-end 2011 were $4.12 per MMBtu of gas and $95.71 per barrel of crude oil.

Quicksilver's preliminary year-end 2012 SEC proved reserves based on SEC pricing total approximately 1.5 trillion cubic feet of natural gas equivalents (Tcfe). The company's total proved developed reserves percentage increased to 88% from 69% in the prior year as more than 90% of the wells drilled in the Barnett Shale in 2012 were proved undeveloped (PUD) locations at year-end 2011. A significant amount of proved undeveloped reserves were no longer recognized as proved reserves based on both future development plans and prices used to determine 2012 SEC reserves.

8 of 12

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,912.11 -70.48 -0.42%
S&P 500 1,969.95 -8.96 -0.45%
NASDAQ 4,442.6980 -2.2110 -0.05%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs