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Quotes & Info
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| KWK > SEC Filings for KWK > Form 8-K on 19-Jun-2009 | All Recent SEC Filings |
19-Jun-2009
Other Events
On June 19, 2009, Quicksilver Resources Inc. ("Quicksilver") announced that it had completed its sale of 27.5% of Quicksilver's Alliance leasehold interests to Eni US Operating Co. Inc. and Eni Petroleum US LLC. 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 includes pricing support, capital commitments made by the buyers, capital expenditure commitments made by Quicksilver and obligations made by the buyers regarding the payment of certain midstream capital expenditures. The pricing support is in place through December 31, 2010 and provides for the purchase of the buyers' production at a fixed price of $8.60 per mmbtu less certain gathering and transportation deductions. The transaction does not include Quicksilver's midstream gathering infrastructure or any of its existing leasehold beyond the Alliance properties.
The statements in this Current Report on Form 8-K 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 Current Report on Form 8-K because of a variety of factors disclosed in Quicksilver's 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.
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