Quicksilver Announces Sale to Tokyo Gas of 25% Interest in Barnett Shale
FORT WORTH, Texas, March 29, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources
Inc. (NYSE:KWK) announced today that it has executed an agreement to sell an
undivided 25% interest in its Barnett Shale oil and gas assets for US$485
million to TG Barnett Resources LP, a wholly-owned U.S. subsidiary of Tokyo
Gas Co., Ltd.
Quicksilver will remain as operator of the assets. Future development spending
will be shared in proportion to each party's working interest in accordance
with applicable operating agreements.
The effective date of the transaction is September 1, 2012. Closing is
expected to occur on April 30, 2013 and is subject to customary closing
Proceeds from the transaction are expected to reduce Quicksilver's debt.
"We are very pleased to have Tokyo Gas as a partner to develop the full
potential of our Barnett Shale asset base," said Glenn Darden, Quicksilver's
president and CEO. "We look forward to a successful long-term relationship,
which will benefit both of our companies."
Quicksilver was advised by Jason Nye of OBV Group LLC, Prairie Bayou LLC,
Credit Suisse Securities (USA) LLC and JP Morgan.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is an independent oil and gas
company engaged in the exploration, development and acquisition of oil and
gas, primarily from unconventional reservoirs including gas from shales and
coal beds in North America. The company has U.S. offices in Fort Worth, Texas;
Glen Rose, Texas; Craig, Colorado; Steamboat Springs, Colorado and Cut Bank,
Montana.Quicksilver's Canadian subsidiary, Quicksilver Resources Canada Inc.,
is headquartered in Calgary, Alberta.For more information about Quicksilver
Resources, visit www.qrinc.com.
About Tokyo Gas
Tokyo Gas Co., Ltd., headquartered in Tokyo, Japan, is Japan's largest
provider of city gas, serving more than 10 million customers, primarily in the
Tokyo metropolitan area and surrounding Kanto region. For more information
about Tokyo Gas, visit www.tokyo-gas.co.jp/index_e.html.
Certain statements contained in this press release and other materials we file
with the SEC, or in other written or oral statements made or to be made by us,
other than statements of historical fact, are "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of
1995.Forward-looking statements give our current expectations or forecasts of
future events.Words such as "may," "assume," "forecast," "position,"
"predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate,"
"believe," "project," "budget," "potential," or "continue," and similar
expressions are used to identify forward-looking statements.They can be
affected by assumptions used or by known or unknown risks or uncertainties.
Consequently, no forward-looking statements can be guaranteed.Actual results
may vary materially.You are cautioned not to place undue reliance on any
forward-looking statements.You should also understand that it is not possible
to predict or identify all such factors and should not consider the following
list to be a complete statement of all potential risks and
uncertainties.Factors that could cause our actual results to differ
materially from the results contemplated by such forward-looking statements
include: changes in general economic conditions; fluctuations in natural gas,
NGL and oil prices; failure or delays in achieving expected production from
exploration and development projects; uncertainties inherent in estimates of
natural gas, NGL and oil reserves and predicting natural gas, NGL and oil
reservoir performance; effects of hedging natural gas, NGL and oil prices;
fluctuations in the value of certain of our assets and liabilities;
competitive conditions in our industry; actions taken or non-performance by
third parties, including suppliers, contractors, operators, processors,
transporters, customers and counterparties; changes in the availability and
cost of capital; delays in obtaining oilfield equipment and increases in
drilling and other service costs; delays in construction of transportation
pipelines and gathering, processing and treating facilities; operating
hazards, natural disasters, weather-related delays, casualty losses and other
matters beyond our control; the effects of existing and future laws and
governmental regulations, including environmental and climate change
requirements; failure or delay in completing strategic transactions; the
effects of existing or future litigation; failure or delays in completing
Quicksilver's proposed initial public offering of common units representing
limited partner interests in a master limited partnership holding portions of
our Barnett Shale assets; and additional factors described elsewhere in this
This list of factors is not exhaustive, and new factors may emerge or changes
to these factors may occur that would impact our business.Additional
information regarding these and other factors may be contained in our filings
with the SEC, especially on Forms 10-K, 10-Q and 8-K.All such risk factors
are difficult to predict, and are subject to material uncertainties that may
affect actual results and may be beyond our control.The forward-looking
statements included in this press release are made only as of the date of this
press release, and we undertake no obligation to update any of these
forward-looking statements to reflect subsequent events or circumstances
except to the extent required by applicable law.
All forward-looking statements are expressly qualified in their entirety by
the foregoing cautionary statements.
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