Quicksilver Resources Spikes on Gas Test
FORT WORTH, Texas (
) -- Shares of
Quicksilver Resources
(KWK)
were jumping just after the opening bell following news of promising natural gas tests from its first completed well in the Horn River Basin in British Columbia.
According to a press release from the oil and natural gas exploration outfit that was released after the close on Monday, the initial production rate for the well tested at 13 million cubic feet per day.
Shares were up 9.7%, or $1.27, at $14.39 just after the opening bell on Tuesday.
During its first month of production, the well averaged 10 million cubic feet per day.
"We are very pleased with the strong results of this initial test of our Horn River acreage position," Quicksilver CEO Glenn Darden said in a statement. "As we proceed with development of this project, we anticipate drilling longer laterals with additional stages of fracture stimulation which we expect will result in even greater production volumes per well. It is becoming clear from mapping, core analysis and production results that our substantial acreage position is in a very good part of the basin and contains the potential for multiple trillion cubic feet of recoverable natural gas resources for Quicksilver."
A second well drilled into the lower Klua/Evie shale is likely to be completed later this year.
Elsewhere around the energy realm, shares of
Anadarko Petroleum
(APC) - Get Report
,
Chesapeake Energy
(CHK) - Get Report
and
ConocoPhillips
(COP) - Get Report
were rising 1.3%, 3.3% and 1%, respectively, in the early going.
-- Written by Sung Moss in New York
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