Quicksilver Resources Announces 2010 Capital Program of $540 Million
11 12월 2009 - 6:19AM
Marketwired
Quicksilver Resources Inc. (NYSE: KWK) announced today a $540
million capital program for 2010, which includes approximately $390
million for drilling and completion activities, $92 million for
gathering and processing facilities (including approximately $80
million to be funded by Quicksilver Gas Services LP), $53 million
for leasehold and $5 million for other property and equipment. On a
geographic basis, approximately $465 million is anticipated to be
spent in Texas, $52 million in Canada and $23 million combined in
other areas in the United States.
"Quicksilver's 2010 capital program is expected to drive an
increase of more than 20% in our average daily production volumes
and will fund the ongoing evaluation of our high-potential
exploratory acreage positions in the Horn River and Greater Green
River basins," said Glenn Darden, Quicksilver president and chief
executive officer. "Our attractive hedge position underpins our
capital program and enables the company to continue to operate
within our total cash inflows. In addition, proceeds from the drop
down of the Alliance midstream assets to Quicksilver Gas Services
will further reduce Quicksilver's outstanding debt."
In the Fort Worth Basin, the company expects to operate five
rigs throughout the year resulting in the drilling and completion
of approximately 100 wells. The company also anticipates completing
at least 30 additional wells from its inventory of drilled but
uncompleted wells in the Fort Worth Basin.
Total capital expenditures include approximately $58 million for
exploratory drilling, completion and infrastructure, primarily
associated with the company's extensive leasehold in the Horn River
Basin of British Columbia and the Greater Green River Basin in
northern Colorado.
Production volumes for 2010 are projected to average in the
range of 390 million to 400 million cubic feet of natural gas
equivalents per day, up more than 20% from the projected 2009
average. Average daily production volumes for 2010 are expected to
consist of approximately 80% natural gas and 20% natural gas
liquids and crude oil.
Quicksilver also announced today that it has entered into a
purchase and sale agreement with Quicksilver Gas Services LP (NYSE:
KGS) to sell the midstream gathering and treating assets associated
with the Alliance project, located in the northern portion of the
Fort Worth Basin, for approximately $87.1 million. The assets
consist of gathering systems and related compression facilities
with an aggregate current capacity of 115 million cubic feet per
day (MMcfd), and a plant with amine treating capacity of 180 MMcfd
and dehydration treating capacity of 200 MMcfd to the gathered gas.
The acquisition is expected to close on or about January 4, 2010,
subject to customary closing conditions. Quicksilver Resources owns
approximately 73% of Quicksilver Gas Services.
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 shales, coalbed methane, 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.
Forward-Looking Statements
The statements in this press release regarding future events,
occurrences, circumstances, activities, performance, outcomes and
results are forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Although these
statements reflect the current views, assumptions and expectations
of Quicksilver Resources' management, the matters addressed herein
are subject to numerous risks and uncertainties, which could cause
actual activities, performance, outcomes and results to differ
materially from those indicated. Factors that could result in such
differences or otherwise materially affect Quicksilver Resources'
financial condition, results of operations and cash flows include:
changes in general economic conditions; fluctuations in natural
gas, natural gas liquids and crude oil prices; failure or delays in
achieving expected production from exploration and development
projects; uncertainties inherent in estimates of natural gas,
natural gas liquids and crude oil reserves and predicting natural
gas, natural gas liquids and crude oil reservoir performance;
effects of hedging natural gas, natural gas liquids and crude 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; 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; and the effects of existing or future
litigation; as well as, other factors disclosed in Quicksilver
Resources' filings with the Securities and Exchange Commission. 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.
KWK 09-23
Investor & Media Contact: Rick Buterbaugh (817) 665-4835
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