Quicksilver Resources Provides Operational Update on West Texas and Horn River Basin

Tue Aug 28, 2012 8:14am EDT

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  FORT WORTH, TX, Aug 28 (Marketwire) -- 
Quicksilver Resources Inc. (NYSE: KWK) is providing an operational update
on its recently-completed well in the Delaware Basin in West Texas and
the completion of the eight-well pad in the Horn River Basin in British

    West Texas

    In Pecos County, the company re-entered the vertical Price Ranch #1 well
and completed a 1,500-foot horizontal lateral. This lateral was completed
with six fracture stages in the Third Bone Springs formation. The well,
in which Quicksilver has a 100% working interest, produced at an initial
rate of 300 Boed, with 80% oil and 20% high-BTU natural gas and has
flowed at an average 10-day rate of 200 Boed. The company plans to drill
additional wells having 6,000 to 7,500-foot laterals and at least 20
fracture stages. Quicksilver holds approximately 45,000 acres surrounding
this well in Pecos County and an additional 60,000 acres across the
southern Midland and Delaware basins in West Texas which the company
believes to be prospective of oil from the Bone Springs and Wolfcamp

    Horn River Basin

    Cleanup activities on the eight-well pad are complete, and each well is
now capable of production. Wells on the pad were completed with laterals
ranging from 5,400 to 8,600 feet with 16 to 26 stages in each well,
averaging 23 stages. With flow rates restricted by the capability of
surface equipment, all eight wells have significantly exceeded initial
production expectations with individual flow rates between 23 MMcfd and
34 MMcfd at very high flowing pressures. Based on the strong initial flow
tests, Quicksilver expects to see a significant improvement in the type
curves for both the Klua and Muskwa primary pay sections. Five Muskwa and
three Klua wells were drilled on the pad. 

    The company believes the results from these wells, the continuous nature
of the pay sections as shown in 3-D seismic and the pay mapping from the
six exploration wells drilled on the northern part of Quicksilver's
acreage are indicative of the continuity of the formation throughout the
company's 130,000 net acre position.

    Currently, the pad is producing 73 MMcfd from three wells and the
remaining wells are shut-in. The company expects to further restrict the
flow from the pad to meet minimum midstream commitments under various
agreements, and subsequently, to increase the flow rate to match elevated
midstream commitments as necessary.

    "The results from our Bone Springs completion are a very good way to
kick-off our oil drilling program in West Texas. We expect that future
wells will have significantly longer laterals and much larger fracture
treatments which should translate into greater production volumes," said
Quicksilver Chairman Toby Darden. "In addition, we are highly encouraged
with our latest completions in the Horn River Basin and intend to
continue our efforts to integrate these gas volumes into better
downstream markets, including LNG exports."

    About Quicksilver Resources

    Fort Worth, Texas-based Quicksilver Resources is an independent oil and
gas company engaged in the exploration, development and acquisition of
oil and gas, primarily from unconventional reservoirs including gas from
shales and coal beds in North America. The company has U.S. offices in
Fort Worth, Texas; Glen Rose, Texas; Craig, Colorado; Steamboat Springs,
Colorado 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.

    Forward-Looking Statements
 Certain statements contained in this press
release and other materials we file with the 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. Factors that could
cause our actual results to differ materially from the results
contemplated by such forward-looking statements include: changes in
general economic conditions; fluctuations in natural gas, NGL and oil
prices; failure or delays in achieving expected production from
exploration and development projects; uncertainties inherent in estimates
of natural gas, NGL and oil reserves and predicting natural gas, NGL and
oil reservoir performance; effects of hedging natural gas, NGL and oil
prices; fluctuations in the value of certain of our assets and
liabilities; competitive conditions in our industry; actions taken or
non-performance by third parties, including suppliers, contractors,
operators, processors, transporters, customers and counterparties;
changes in the availability and cost of capital; delays in obtaining
oilfield equipment and increases in drilling and other service costs;
delays in construction of transportation pipelines and gathering,
processing and treating facilities; operating hazards, natural disasters,
weather-related delays, casualty losses and other matters beyond our
control; the effects of existing and future laws and governmental
regulations including environmental and climate change requirements; the
effects of existing or future litigation; failure to or delays in
completing Quicksilver's proposed initial public offering of common units
representing limited partner interests in a master limited partnership
holding portions of our Barnett Shale assets; and additional factors
described elsewhere in this press release.

    This list of factors is not exhaustive, and new factors may emerge or
changes to these factors may occur that would impact our business.
Additional information regarding these and other factors may be contained
in our filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. All
such risk factors are difficult to predict, and are subject to material
uncertainties that may affect actual results and may be beyond our
control. The forward-looking statements included in this press release
are made only as of the date of this press release, and we undertake no
obligation to update any of these forward-looking statements to reflect
subsequent events or circumstances except to the extent required by
applicable law. All forward-looking statements are expressly qualified in
their entirety by the foregoing cautionary statements.

    KWK 12-16


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