Bankrupt Quicksilver Resources seeks sale
Quicksilver Resources Inc., a Ft. Worth independent producer focused on unconventional resources that filed for bankruptcy in March, is for sale.
The company filed a motion with the US Bankruptcy Court for the District of Delaware seeking approval of bidding for all or part of its US and Canadian assets.
According to documents filed in association with the motion, Quicksilver has US proved natural gas-equivalent reserves of 949 bcf in the Barnett shale and West Texas, nearly all in the Barnett, and Canadian proved reserves of 282 bcf in Horseshoe Canyon and the Horn River basin, 80% in Horseshoe Canyon.
The company’s Canadian subsidiary, Quicksilver Resources Canada Inc., is working under a forbearance agreement with first-lien secured lenders.
Quicksilver and subsidiaries expect to continue normal operations.