Attached files
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| 8-K - QUICKSILVER RESOURCES INC. CURRENT REPORT ON FORM 8-K - QUICKSILVER RESOURCES INC | form8-k.htm |
Exhibit
99.1
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N e w
s R e l e a s e
QUICKSILVER RESOURCES
INC.
777
West Rosedale Street
Fort
Worth, TX 76104
www.qrinc.com
|
Quicksilver Resources
Announces Settlement of Litigation with BreitBurn Energy Partners and Provident
Energy Trust
FORT WORTH, TEXAS (February 8,
2010) – Quicksilver Resources Inc. (NYSE: KWK) today announced that it
has agreed with BreitBurn Energy Partners L.P. (NASDAQ: BBEP) and Provident
Energy Trust (NYSE: PVX) to settle all existing
litigation among the parties, subject to execution of final settlement
documentation and payment of damages. The following terms are
included in the settlement:
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Quicksilver
will retain full voting rights on its approximate 21.348 million units of
BreitBurn, representing approximately 41% of the outstanding partnership
interests, in accordance with the provisions of a limited standstill
agreement;
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·
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Messrs
Washburn and Breitenbach will resign from the BreitBurn board of directors
and Quicksilver shall have the right to name two of the six members of the
BreitBurn board;
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BreitBurn
will resume regular quarterly cash distributions starting at the minimum
annual rate of $1.50 per unit, beginning with the first quarter and
payable in the second quarter of 2010, resulting in an expected annual
distribution of approximately $32 million to
Quicksilver;
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·
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Quicksilver
will receive a total of $18 million; $13 million to be paid by BreitBurn
and $5 million to be paid by
Provident.
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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.
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
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NEWS
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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. Except as required by law, we do
not intend to update or revise any forward-looking statements, whether as a
result of new information, future events, or otherwise.
Investor
& Media Contact:
Rick
Buterbaugh
(817)
665-4835
KWK
10-01
-end-