BlueStone Natural Resources II LLC has closed on the purchase of Quicksilver Resources Inc.’s US oil and gas assets. These assets consist of 1,017 producing wells in the Barnett shale play, with additional holdings in West Texas. In additional company news, BlueStone has promoted Doug Redmond to the role of COO.
With this acquisition, BlueStone will own more than 1,200 wells in the Barnett shale play. When coupled with its South Texas holdings, BlueStone will have net production of more than 180 MMcfe (million cubic feet equivalent) per day. BlueStone partnered with Natural Gas Partners to purchase the assets. BlueStone has also entered into 10-year agreements with Crestwood Equity Partners LP (NYSE: CEQP) to gather the gas from the Alliance, Lake Arlington, and Cowtown systems, which comprise the majority of the Barnett shale assets.
With regard to the company's COO appointment, Redmond has more than 24 years of experience in the oil and gas industry and had been functioning as BlueStone’s vice president of engineering. He will continue in his role as vice president of engineering as he assumes his additional role as COO.