Quicksilver files for Chapter 11 after failing to find buyersFollowing an unsuccessful marketing effort launched in November across its entire asset base, Quicksilver Resources and its US subsidiaries voluntarily filed for Chapter 11 bankruptcy protection. According to its petition, Quicksilver has $1.21 billion in assets and $2.35 billion in liabilities. It skipped a $13.6 million interest payment in February.“Quicksilver’s strategic marketing process has not produced viable options for asset sales or other alternatives to fully address the...
Mar 17, 2015
Quicksilver slashes capital spending 46% to US$370MMQuicksilver Resources Inc. is planning ~US$370 million in capital spending for 2012, down % compared with projected spending of ~US$690 million for 2011. The company budgeted ~US$108 million for projects in the Fort Worth Basin, predominately in the liquids-rich southern acreage, US$180 million in Canada and US$82 million in emerging oil plays in the Sandwash Basin in Colorado and the Permian/Delaware basins in West Texas.Production volumes for 2012 are projected to be essentially flat...
Jan 31, 2012
Quicksilver picks up additional Horn River acreage for $10 MMQuicksilver Resources Inc. shifted US$10 million from its capex to add key leasehold acreage in B.C.'s Horn River basin. In addition, Quicksilver will shift $20 million to the Fort Worth Basin for other key acreage additions.
Company activity continues to slow in Canada, especially in its Horseshoe Canyon coalbed methane project, where five (4.25 net) wells were completed 1Q10. More capital will be diverted to northeastern B.C., where Quicksilver will drill two wells in the Muskwa formation...
May 12, 2010
Quicksilver in holding pattern due to drilling slowdownThis year, Quicksilver Resources Inc. is slowing down their activity in Canada, especially in their Horseshoe Canyon coalbed methane project, completing only five (4.25 net) wells. However, more capital is being diverted to northeastern B.C. where the company drilled two more wells in the Muskwa formation in the Horn River basin. Quicksilver expects to complete the first well in late summer and the second well in the winter drilling season.
With plans to begin testing its own acreage block...
May 12, 2010
Quicksilver Resources to invest $110 million in Canada in 2009Quicksilver Resources Inc.'s board of directors has approved a US$600 million capital budget for 2009, which includes ~$400 million for drilling, $155 million for gathering and processing facilities (including ~$35 million to be funded by Quicksilver Gas Services LP), $40 million for leasehold, and $5 million for other property and equipment.
On a geographic basis, ~$475 million is anticipated to be spent in Texas, $110 million in Canada, and $15 million combined in other areas in the...
Nov 21, 2008
B.C. to conduct Horn River Basin aquifer studyThe British Columbian Ministry of Energy, Mines, and Petroleum, in conjunction with Geoscience BC and the Horn River Basin Shale Gas Producers Group, are initiating a program to identify and characterize subsurface water source aquifers and topography of the Horn River Basin in NE British Columbia.
Unlocking the gas from the shale formations in the Horn River Basin presents significant new geological and technological challenges to the industry. To assist the industry and the government in...
Oct 08, 2008
Quicksilver reports third quarter 2006 resultsEdited Press Release:---
Quicksilver Resources Inc. reported net income for the third quarter of 2006 of $22.9 million, or $0.28 per diluted share, on revenues of $99.2 million. Earnings per share for the company's third quarter of 2005 were $0.31 per share on revenues of $83.8 million.
Net income for the first nine months of 2006 was $74.0 million, or $0.91 per diluted share, on revenues of $288.3 million. Earnings per share increased 38% in comparison to earnings of $0.66 per diluted...
Oct 31, 2006
Rocky mountain acquisitions: the next big trend'By Richard Mason
With finding and development costs rising, and commodity prices at lofty levels, producers are looking for acquisitions to replace reserves. Back-to-back announcements of EnCana’s $2.7 billion purchase of Tom Brown Inc. and Kerr-McGee’s $3.4 billion buyout of Westport Resources fueled speculation that the Rocky Mountains would be the next M&A activity hotbead.
David Tameron, energy analyst at the Denver office of Stifel, Nicolaus & Co., told the Denver Post that...
May 03, 2004
Briefs (November 19; 10 Short Stories)• Alberta Star Development Corp. has completed and placed on production its previously announced third well
located at C14-6-50-25 W3M, in Landrose, Saskatchewan.
• Bellamont Exploration Ltd. says successful drilling at Grimshaw and Grande Prairie will add over 425 BPD of light oil production to the company before year end.
• Curlew Lake Resources Inc. has received a license to drill a new pool wildcat on its Fairydell-Bon Accord prospect in central Alberta.
• EOG Resources says that...
Nov 19, 2010
People On the Move Briefs - October 06, 2010Rex Energy Corp. named its chairman, Lance T. Shaner, interim president and CEO. The permanent replacement for Benjamin W. Hulburt has been identified and will be announced in the near future.
Endeavour International Corp. promoted Cathy L. Stubbs to senior vice president of finance.
Following a $60 million investment, White Deer Energy named Thomas J. Edelman, James D. Bennett and Nathan M. Avery to PostRock Energy's board. The board elected Director Duke R....
Oct 06, 2010
People On the Move Briefs - July 02, 2010API has named Linda Schoumacher Rozett VP of communications. Rozett joins API after several years of running her own media consultancy.
Carlos Etcheverry has been appointed president of Allis-Chalmers Energy Inc.'s drilling and completion segment.
The Artificial Lift Company Ltd. promoted Peter Moulsdale to director and VP of Operations. Moulsdale joined as played a key role in developing and commercializing the company's rigless electric submersible...
Jul 02, 2010
Finance Briefs - August 19, 2009Nexen is reviewing strategic alternatives for its natural gas and power marketing businesses, which may include the sale of all or part of these businesses. "One of the key strategies of our marketing group is to obtain competitive pricing for our global oil and gas production," said Marvin Romanow, Nexen's President and CEO. "We have no plans to give up this capacity with this strategic review particularly as it relates to our oil and shale gas businesses." Nexen is an independent,...
Aug 19, 2009
People Briefs - July 07, 2008Trilogy Energy Trust announced the appointment of Don Garner as an independent director of Trilogy Energy Ltd., the administrator of the trust. Garner has 29 years of upstream petroleum and natural gas industry experience. Most recently, he was the CEO and Advisor to TAQA North, successor to PrimeWest Energy Trust.
EnCana has designated the board members and executive teams for the two new companies formed with EnCana's decision in May to split the company.
GasCo directors include:...
Jul 07, 2008
Financial Briefs (June 2008; >5 Stories)Quicksilver Resources priced its offering of $475 million aggregate principal amount of Senior Notes due 2015. The notes will bear interest at the rate of 7.75% per annum and will be issued at a price equal to 98.655% of the principal amount thereof to yield 8.00%. Quicksilver intends to use the proceeds from the offering to repay a portion of its existing borrowings under its senior credit facility.
AltaGas Income Trust closed an offering of ~3.8 million units at $26.20 per unit. Including...
Jun 10, 2008
Financial Briefs (June 2008; >5 Stories)Quicksilver Resources priced its offering of $475 million aggregate principal amount of Senior Notes due 2015. The notes will bear interest at the rate of 7.75% per annum and will be issued at a price equal to 98.655% of the principal amount thereof to yield 8.00%. Quicksilver intends to use the proceeds from the offering to repay a portion of its existing borrowings under its senior credit facility.
AltaGas Income Trust closed an offering of ~3.8 million units at $26.20 per unit. Including...
Jun 10, 2008