LONDON (Thomson Financial) - Quicksilver Resources Inc. said Monday it has acquired natural gas assets in Texas from a number of private parties for $1.31 billion.
The company said the acquisition of the assets will immediately boost earnings and cash flow per share.
Quicksilver said the acquired properties currently have net production of about 45 million cubic feet (MMcf) per day. It estimates the properties, located in the Barnett Shale formation, contain more than 1 trillion cubic feet of recoverable natural gas resources, including about 350 billion cubic feet of proved reserves.
Quicksilver said it acquired the properties from private enterprises including Chief Resources LLC, Hillwood Oil & Gas L.P. and Collins and Young L.L.C.
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