Quicksilver Resources Receives Affirmation of $1.2 Billion Borrowing Base

FORT WORTH, TX, Apr 20 (MARKET WIRE) --
Quicksilver Resources Inc. (NYSE: KWK) today announced that its bank
group has affirmed the borrowing base on the company's senior secured
revolving credit facility at $1.2 billion, based upon oil and gas
reserves as of December 31, 2008. JPMorgan Chase Bank, N.A. and Bank of
America, N.A. led the group of 24 lenders. As of March 31, 2009, the
company had approximately $906 million drawn on, and letters of credit of
$11 million secured by, the senior secured revolving credit facility. The
company also announced that on April 1, 2009, it received a tax refund of
$41 million, which was used to reduce its senior secured revolving credit
facility.

"The confirmation of our $1.2 billion facility is a testament to the
quality and value of our long-lived reserves and the low-risk nature of
significant resource additions from the Fort Worth Basin," said Glenn
Darden, Quicksilver president and chief executive officer. "Quicksilver
remains committed to operate within its anticipated annual cash inflows
and further reduce our total outstanding debt. This credit facility
provides the company with sufficient operating flexibility as we execute
our 2009 capital program, which has been reduced to approximately $500
million."

The credit facility provides for revolving loans, swingline loans and
letters of credit from time to time in an aggregate amount not to exceed
the borrowing base, which is allocated between U.S. and Canadian funds.
The lenders have agreed to $1.2 billion of revolving credit commitments
and the company has the option to increase the facility to $1.45 billion
with consent of the lenders. The company can extend the facility, which
matures February 9, 2012, up to two additional years with lender approval.

In connection with affirming the borrowing base, Quicksilver and its bank
group have amended the senior secured revolving credit facility to (i)
increase the Eurodollar and swingline rate margins from a range of 1.375%
to 2.125% to a range of 2.25% to 3.25% (depending on the then-current
borrowing base usage), (ii) increase the base rate margin from a range of
0% to 0.625% to a range of 1.375% to 2.375% (depending on the then-current
borrowing base usage), (iii) add a floor to the base rate of one-month
Libor plus 1%, and (iv) increase the unused commitment fee rate from a
range of 0.25% to 0.375% to a flat rate of 0.5%. The margins across all
grids will decrease by 0.25% upon full repayment of the Second Lien Term
Loan.

Covenant Tests Passed

Based on preliminary financial results for the first quarter of 2009, the
company remains in compliance with all of its debt covenants. Quicksilver
expects to report actual results for the 2009 first quarter on May 6,
2009, prior to market open.

Quicksilver also announced that it executed early settlement of 40,000
million British thermal units (MMBtu) per day of its 2010 natural gas
hedge positions, resulting in proceeds of approximately $55 million. The
company still has hedges covering approximately 75% and 50% of its
expected natural gas production for 2009 and 2010, respectively, at a
weighted average floor price of approximately $8.60 per MMBtu for 2009
and approximately $8.17 per MMBtu for 2010.

About Quicksilver Resources

Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude
oil exploration and production company engaged in the development and
acquisition of long-lived, unconventional natural gas reserves, including
coalbed methane, shale gas, and tight sands gas in North America. The
company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas and Cut
Bank, Montana. Quicksilver's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta. For more information
about Quicksilver Resources, visit www.qrinc.com.

KWK 09-04

Investor & Media Contact:
Rick Buterbaugh
(817) 665-4835

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