FORT WORTH, Texas, Sept. 3, 2013 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) announced today that it closed the sale of its previously announced Montana Asset on August 30, 2013 to Synergy Offshore LLC for a sales price of $46 million.
The effective date of the transaction is January 1, 2013. Synergy's ratable share of production and operating expenses from the effective date to the closing date, as well as other customary closing adjustments, amounted to approximately $4 million, resulting in net proceeds to Quicksilver of $42 million.
Proceeds from the sale were used to reduce amounts outstanding under the company's Combined Credit Agreements.
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 New York Stock Exchange under the symbol "KWK." For more information about Quicksilver Resources, visit www.qrinc.com.
CONTACT: Investor & Media Contact: David Erdman (817) 665-4023