Quicksilver Resources announced successful completion of the U.S. Bankruptcy Court-approved auction for their 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, which are concentrated in Pecos County, TX and to a lesser extent Crockett and Upton Counties, TX.
At the auction, Quicksilver and its U.S. subsidiaries declared an all-cash bid from BlueStone Natural Resources II, LLC in the amount of $245 million the highest or otherwise best bid for the oil and gas assets, and the successful bid. Glenn Darden, President and CEO of Quicksilver, comments, “We believe that the marketing and sales process was thorough and resulted in a successful outcome. This sale maximizes value for the benefit of our creditors in the face of difficult market conditions.” Quicksilver and BlueStone executed the asset purchase agreement for the sale of the oil and gas assets on January 22, 2016.
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