Quicksilver Resources Inc. (KWK) 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 conditions.
Proceeds from the transaction are expected to reduce Quicksilver's debt.
Quicksilver was advised by Jason Nye of OBV Group LLC, Prairie Bayou LLC, Credit Suisse Securities (USA) LLC and JP Morgan.
Quicksilver is based in Fort Worth, Texas.
Recommended Reading
US Drillers Cut Most Oil Rigs in a Week Since November
2024-04-26 - The number of oil rigs fell by five to 506 this week, while gas rigs fell by one to 105, their lowest since December 2021.
Chevron’s Tengiz Oil Field Operations Start Up in Kazakhstan
2024-04-25 - The final phase of Chevron’s project will produce about 260,000 bbl/d.
Rhino Taps Halliburton for Namibia Well Work
2024-04-24 - Halliburton’s deepwater integrated multi-well construction contract for a block in the Orange Basin starts later this year.
Halliburton’s Low-key M&A Strategy Remains Unchanged
2024-04-23 - Halliburton CEO Jeff Miller says expected organic growth generates more shareholder value than following consolidation trends, such as chief rival SLB’s plans to buy ChampionX.
US Drillers Cut Oil, Gas Rigs for First Time in Three Weeks
2024-02-02 - Baker Hughes said U.S. oil rigs held steady at 499 this week, while gas rigs fell by two to 117.