The US Bankruptcy Court for the District of Delaware has approved BlueStone Natural Resources II LLC as the buyer of the US oil and gas assets of Quicksilver Resources Inc. The $245 million acquisition of Quicksilver’s US oil and gas assets makes this the largest purchase for BlueStone to date.
Quicksilver Resources, an upstream exploration and production company based in Fort Worth, Texas, petitioned for Chapter 11 bankruptcy in March 2015. The auction of its assets began on Jan. 20. BlueStone was announced as the highest bidder on Jan. 21, and the transaction is expected to close in the coming weeks.
The Quicksilver assets include more than 1,000 operating wells in the Barnett shale play, and the acquisition of these assets geographically complements BlueStone's existing holdings in the Barnett shale play and in South Texas.