Fort Worth-based Quicksilver Resources Inc. said May 1 it closed on the previously announced sale to Southwestern Energy Production Co. of its jointly owned holdings with SWEPI LP in the Sand Wash Basin for gross cash proceeds of $180 million. Quicksilver received total cash proceeds of $93.5 million, which includes a deposit of $4.5 million received on March 4, 2014, when the agreement was executed. The effective date of the sale is Jan. 1, 2014. Quicksilver’s first-quarter 2014 results will not include the impact of this transaction as the sale was reflected on the date proceeds were received, in accordance with accounting rules. The sale is not expected to create income effects.
Quicksilver Resources is a publicly traded independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including shales and coal beds in North America. Quicksilver’s Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. Quicksilver’s common stock is traded on the New York Stock Exchange under the symbol “KWK.” For more information about Quicksilver Resources, visit www.qrinc.com.
Betty Dillard bdillard@bizpress.net