Quicksilver Resources requests approval of $3.75 million property sale

By Caroline Salls

Pittsburgh, Feb. 26 – Quicksilver Resources Inc. requested court approval of the proposed $3.75 million cash sale of its unimproved real property located in Routt County, Colo., to SBRJWM Ltd., according to a motion filed Thursday with the U.S. Bankruptcy Court for the District of Delaware.

Quicksilver said debtor Cowtown Gas Processing LP owns the Colorado property.

While the property was originally purchased as an exploratory oil and gas property, the company said it ultimately determined that it was not a core asset necessary to execute its go-forward plan in the United States and Canada.

“If authorized, the sale will liquidate one of the few assets that will remain following the sale of substantially all of [Quicksilver’s] assets to BlueStone Natural Resouces II, LLC, provide additional cash for the debtors’ estates and eliminate any continued accrual of administrative expenses associated with maintaining the Colorado property,” the company said in the motion.

A hearing is scheduled for March 17.

Quicksilver is a Fort Worth-based independent oil and gas exploration and production company. It filed for bankruptcy on March 17, 2015 under Chapter 11 case number 15-10585.

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