logo
Share SHARE
FONT-SIZE Plus   Neg

Quicksilver To Sell 25% Interest In Barnett Shale Assets - Quick Facts

Quicksilver Resources Inc. (KWK) announced that it has executed an agreement to sell an undivided 25% interest in its Barnett Shale oil and gas assets to TG Barnett Resources LP, a wholly-owned U.S. subsidiary of Tokyo Gas Co., Ltd. for $485 million. Quicksilver expects proceeds from the transaction to reduce its debt.

Quicksilver will remain as operator of the assets and future development spending will be shared in proportion to each party's working interest in accordance with applicable operating agreements.

The effective date of the transaction is September 1, 2012, with closing expected to occur on April 30, 2013.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Hormel Foods has agreed to buy organic meat products maker Applegate Farms LLC for about $775 million, as consumers increasingly use natural and organic foods in their diet. Set-top box maker TiVo Inc. (TIVO), Tuesday reported a slight drop in profit for the first quarter despite an increase in revenue, as its bottom line was impacted by a one-time interest expense. Nevertheless, both earnings and revenues for the quarter trumped Wall Street estimates, on subscription growth,... Cloud-based human resource software maker Workday, Inc. said Tuesday after the markets closed that its first quarter net loss widened from last year, as higher costs and expenses more than offset a 57% increase in revenue. However, the company's adjusted loss per share was smaller than what analysts estimated and its quarterly revenue topped analysts' forecast.
comments powered by Disqus
Follow RTT