Crude Oil ( ) Brent Crude ( ) Natural Gas ( ) S&P 500 ( ) PHLX Oil ( )

From The Wall Street Journal

Energy company Quicksilver Resources Inc. is preparing to sell its oil and gas drilling operations throughout Texas to BlueStone Natural Resources II LLC, which turned in an auction-winning bid of $245 million in cash.

BlueStone Natural Resources emerged the winner of a bankruptcy auction for Quicksilver Resources’ operations that began on Jan. 20 and lasted nearly 19 hours, according to documents filed in U.S. Bankruptcy Court in Wilmington, Del. BlueStone beat out Barnett Shale Gas LLC after several rounds of bidding.

The offer still needs approval from Judge Laurie Selber Silverstein, who agreed to look it over at a court hearing on Wednesday.

Continue reading story…