By OGJ editors
HOUSTON, Sept. 17 -- BreitBurn Operating LP, Houston, signed a definitive agreement to acquire all properties held by Quicksilver Resources Inc., Fort Worth, in Michigan, Indiana, and Kentucky for $750 million in cash and 21.348 million common shares of BreitBurn Energy Partners LP.
The purchase includes more than 5,400 producing wells, related gas gathering and processing systems, and Quicksilver's interests in 260,000 net undeveloped acres as of Dec. 31, 2006. Proved reserves are 539 bcfe, 94% gas.
The properties produced a net 75.4 MMcfe in the first half of 2007, or 38% of Quicksilver's total production in the period.
Quicksilver said the deal will better prepare it to develop its large inventory in the Fort Worth basin and other areas.