Tulsa’s BlueStone Natural Resources Approved by Federal Bankruptcy Court as the Winning Bidder for Quicksilver Resources’ U.S. Oil & Gas Assets
The United States Bankruptcy Court for the District of Delaware approved
Tulsa-based BlueStone Natural Resources II, LLC (“BlueStone II”) as the
buyer of the domestic oil and gas assets of Texas-based Quicksilver
Resources Inc. Wednesday. The $245 million acquisition of Quicksilver’s
U.S. oil and gas assets makes this the largest purchase for BlueStone to
date.
Quicksilver Resources Inc., an upstream exploration and production
company based in Fort Worth, Tex., petitioned for bankruptcy (Chapter
11) in March of 2015. The auction of its assets began on Jan. 20.
BlueStone was announced as the highest and best bid on Jan. 21. With
Wednesday’s court approval, the transaction is expected to close in the
coming weeks.
The acquisition of Quicksilver assets is in line with BlueStone’s growth
strategy and geographically complements existing holdings in the Barnett
Shale and South Texas. The Quicksilver assets include over 1,000
operating wells in the Barnett Shale play.
“We saw the Quicksilver asset purchase as an ideal way to advance our
growth strategy in Texas,” said John Redmond, BlueStone II president and
CEO. “These assets are a great fit for us – high quality wells in a
clearly defined resource play. We are very pleased to be the successful
bidder and grateful for the support of our equity sponsor, Natural Gas
Partners. I am so proud of our BlueStone team.”
Specializing in the purchase and development of oil and gas properties,
the BlueStone franchise was formed in 2006 and has grown to become one
of the most acquisition-focused companies in Texas. Concentrating on
capital deployment in the Lone Star State, the BlueStone team has closed
more than 100 transactions in its 10-year history.
The BlueStone team is headquartered in Tulsa, Okla. Prior to the
Quicksilver acquisition, BlueStone II employed more than 60 people in
its Tulsa headquarters, along with numerous field offices in Texas, and
owned more than 800 wells in the South Texas and Barnett Shale plays.
About BlueStone Natural Resources II, LLC
BlueStone Natural Resources II, LLC represents the BlueStone team’s
third partnership with Natural Gas Partners (NGP). Working together for
more than a dozen years, equity provider NGP provides the BlueStone team
with ready and reliable capital to facilitate its continued growth
through acquisition, drilling and asset trades. The BlueStone
team values its business relationships and strives to be a committed,
reliable partner as a participant in the upstream oil and gas space. For
more information about BlueStone, visit www.bluestone-nr.com.
About Natural Gas Partners
Founded in 1988, Natural Gas Partners (NGP) is a family of private
equity investment funds, with approximately $16.5 billion of cumulative
equity commitments, organized to make investments in the natural
resources sector. NGP is part of the investment platform of NGP Energy
Capital Management, a premier investment franchise in the natural
resources industry. In addition to NGP, NGP Energy Capital Management’s
investment platform includes NGP Global Agribusiness Partners, and NGP
Energy Technology Partners. For more information about NGP, visit www.naturalgaspartners.com.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is a publicly traded
independent oil and gas company engaged in the exploration, development
and acquisition of oil and gas, primarily from unconventional reservoirs
including shales and coal beds in North America. Quicksilver's common
stock is traded on the OTC Pink open marketplace under the symbol
"KWKAQ." For more information about Quicksilver Resources, visit www.qrinc.com
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