Quicksilver Resources secures court OK of sale of U.S. assets

By Mark Reccek

Bethlehem, Pa., Jan. 27 – Quicksilver Resources Inc. obtained court approval of the sale of its U.S. oil and gas assets located primarily in the Barnett Shale in the Fort Worth basin of North Texas, as well as assets in the Delaware basin in West Texas, according to an order issued Wednesday with the U.S. Bankruptcy Court for the District of Delaware.

As previously reported, the company selected a $245 million all-cash bid from BlueStone Natural Resources II, LLC as the winning bid.

The auction was held on Jan. 20 and Jan. 21. The asset purchase agreement was executed on Jan. 22.

The order said approval of the asset purchase agreement was “in the best interests of the debtors, their creditors, their estates and all other parties in interest.”

“This sale maximizes value for the benefit of our creditors in the face of difficult market conditions,” Quicksilver president and chief executive officer Glenn Darden said in a previous news release.

Quicksilver is a Fort Worth-based independent oil and gas exploration and production company. The company filed for bankruptcy on March 17, 2015 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 15-10585.

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