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

Editors Pick
Life expectancy at birth in the U.S. is already lower than most other developed nations and is now projected to fall further behind by 2030, according to a new study. It also suggests that by 2030, national female life expectancy in South Korea could break the 90 year barrier. Department store chain J.C. Penney Co. Inc. on Friday reported a turnaround to profit in the fourth quarter as a slight decline in sales was more than offset by lower expenses. Adjusted earnings per share for the quarter beat analysts' expectations, while revenues slightly missed their estimates. Earlier today, J.C. Penny announced a plan to optimize its national retail operations. Google is planning to significantly expand a carpool service on its navigational app Waze, according to a report in the Wall Street Journal. The move indicates the company is edging closer to a potential clash with ride-hailing service Uber Technologies Inc.
comments powered by Disqus
Follow RTT