FORT WORTH, TX -- (Marketwire) -- 06/19/09 -- Quicksilver Resources Inc. (NYSE: KWK)
announced today that it has completed the sale of 27.5% of Quicksilver's
Alliance leasehold interests to Eni (NYSE: E). Quicksilver intends to use
net proceeds from the transaction of approximately $280 million to repay a
portion of its existing indebtedness under its second lien term loan due
2013.
Quicksilver's existing Alliance natural gas leasehold covers approximately
13,000 net acres in Denton and Tarrant counties, Texas. The two companies
have formed a strategic alliance for acquisition, development and
exploitation of unconventional natural gas resources in an area covering
approximately 270,000 acres surrounding Quicksilver's existing Alliance
leasehold. The transaction does not include Quicksilver's midstream
gathering infrastructure or any of its existing leasehold beyond the
Alliance properties.
Merrill Lynch & Co. acted as Quicksilver's financial advisor in connection
with the transaction.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude
oil exploration and production company engaged in the development and
acquisition of long-lived, unconventional natural gas reserves, including
coalbed methane, shale gas, and tight sands gas in North America. The
company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas and Cut
Bank, Montana. Quicksilver's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta.
Forward-Looking Statements
The statements in this press release regarding future events, occurrences,
circumstances, activities, performance, outcomes and results are
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. Actual activities could differ materially
from those contained in this release because of a variety of factors
disclosed in Quicksilver Resources' filings with the Securities and
Exchange Commission. Except as required by law, we do not intend to update
or revise any
forward-looking statements, whether as a result of new information, future
events, or otherwise.
KWK 09-09
