Quicksilver Resources and SWEPI LP sell Sand Wash Basin assets

Quicksilver Resources Inc.

Quicksilver Resources Inc. (NYSE:KWK) and SWEPI LP have executed a purchase and sale agreement to sell all of their jointly owned holdings in the Sand Wash Basin to Southwestern Energy Production Co. for cash proceeds of $180 million to be allocated equally between Quicksilver and SWEPI LP.
"This sale enables us to focus our development efforts on the Barnett and Canadian projects, as well as on our previously announced joint ventures in West Texas, and provides the opportunity to enhance company liquidity," said Glenn Darden, Quicksilver's CEO.

The transaction is expected to close on May 1, with an effective date of Jan. 1.


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