FORT WORTH, Texas, March 20, 2015 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (OTC Pink:KWKAQ) announced today the approval by the United States Bankruptcy Court for the District of Delaware (the "Court") of all of the Company's "first day" motions.
"The Court's approval is a positive step forward in our efforts to address current financial challenges and to position Quicksilver as a strong competitor in the oil and gas industry," said Glenn Darden, Quicksilver's Chief Executive Officer. "Today's results will give our employees, suppliers, royalty and working interest owners confidence that our operations will continue without interruption."
The Company also announced that it received Court approval to, among other things, pay employee wages, health benefits, and certain other employee obligations. Additionally, the Company is authorized to honor royalty obligations, working interest obligations, and other obligations related to oil and gas leases.
Quicksilver and its U.S. subsidiaries filed voluntary petitions under chapter 11 of title 11 of the United States Code on March 17, 2015. The chapter 11 cases are being jointly administered under the case number 15-10585. Quicksilver's Canadian subsidiaries were not included in the chapter 11 filing and will not be subject to the requirements of the U.S. Bankruptcy Code. Quicksilver Resources Canada Inc. ("QRCI") has reached an agreement with its first lien secured lenders regarding a forbearance for a period up to and including June 16, 2015 of any default under QRCI's first lien credit agreement arising due to the chapter 11 filing.
Quicksilver has established a toll-free Restructuring Information Hotline for employees, suppliers, landowners, royalty owners, investors, and other interested parties, at (877) 940-2410. For access to Court documents and other general information about the chapter 11 cases, please visit www.gardencitygroup.com/cases/kwk.
The Company's legal advisors are Akin Gump Strauss Hauer & Feld LLP in the U.S. and Bennett Jones in Canada. Houlihan Lokey Capital, Inc. is serving as financial advisor.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is a publicly traded independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including shales and coal beds in North America. Quicksilver's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. Quicksilver's common stock is traded on the OTC Pink open marketplace under the symbol "KWKAQ." For more information about Quicksilver Resources, visit www.qrinc.com.
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Certain statements contained in this press release and other materials we file with the Securities and Exchange Commission ("SEC"), or in other written or oral statements made or to be made by us, other than statements of historical fact, are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations or forecasts of future events. Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements. They can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Specific risks and uncertainties include, but are not limited to, whether the company is able to successfully restructure its indebtedness, improve its short- and long-term liquidity position, complete any strategic transactions, and those set forth under Item 1A, "Risk Factors," of our most recent Annual Report on Form 10-K/A, and subsequent filings with the SEC.
CONTACT: Restructuring Information Hotline: 1-877-940-2410 Media Contact: David Erdman 817-665-4023 IR@qrinc.com