Quicksilver Resources Inc. announced on Jan. 23 that BlueStone Natural Resources II LLC had the winning bid of $245 million for the assets of the Fort Worth-based oil and gas producers in a bankruptcy auctions.
The assets located primarily in the Barnett Shale in the Fort Worth basin as well as assets in the Delaware basin in West Texas, which are concentrated in Pecos County, Texas along with some smaller assets in Crockett and Upton counties, Texas in the Permian basin area..
The company filed for bankruptcy protection in March 2015. The sale will help Quicksilver alleviate its $2.35 billion in debt.
“We believe that the marketing and sales process was thorough and resulted in a successful outcome” said Glenn Darden, president and CEO of Quicksilver. “This sale maximizes value for the benefit of our creditors in the face of difficult market conditions.”
Quicksilver’s legal advisors are Akin Gump Strauss Hauer & Feld LLP in the U.S
and Bennett Jones LLP in Canada. Houlihan Lokey Capital Inc. serves as financial advisor.