BlueStone Natural Resources II LLC, Tulsa, has won a Bankruptcy Court-approved auction for assets belonging to Quicksilver Resources Inc., Ft. Worth, and its US subsidiaries following a marketing process that began last September (OGJ Online, Sept. 18, 2015).
The assets are primarily in the Barnett shale of North Texas, as well as in the Delaware basin of West Texas, concentrated in Pecos County and to a lesser extent Crockett and Upton counties. Bluestone II’s $245-million all-cash bid was declared the highest during auction held on Jan. 20-21.
“We believe that the marketing and sales process was thorough and resulted in a successful outcome,” said Glenn Darden, Quicksilver president and chief executive officer. “This sale maximizes value for the benefit of our creditors in the face of difficult market conditions.”
Quicksilver and BlueStone II executed the purchase agreement on Jan. 22, and will seek final approval for the sale from the US Bankruptcy Court for the District of Delaware on Jan. 27. Quicksilver and its US subsidiaries intend to continue normal operations pending consummation of the sale.
Quicksilver in March 2015 filed for Chapter 11 bankruptcy protection (OGJ Online, Mar. 18, 2015).
BlueStone Natural Resources II was formed in 2012 with a $115-million commitment from BlueStone management and Natural Gas Partners Fund X. BlueStone II has more than 800 wells in South Texas and the Barnett.