By OGJ editors
HOUSTON, May 12 – Quicksilver Resources Inc., Fort Worth, acquired roughly 25% working interest and related assets in the company’s operated Lake Arlington project in Tarrant County, Tex., from a private party.
Consideration is $62 million cash and 3,619,901 units of BreitBurn Energy Partners LP that were previously owned by Quicksilver.
The acquired interests include 125 bcf of gas reserves, 82% proved developed, 20 bcf of additional potential resources, and 10 MMcfd of gas equivalent net production.
The acquisition provided Quicksilver an opportunity to use part of its BreitBurn unit holdings to acquire reserves in a core operating area for below the company’s finding and development costs. The company now expects its 2010 capital program to total $450 million excluding acquisitions.
Quicksilver still owns 17.7 million units of BreitBurn Energy Partners.
