By February 1, 2016 Read More →

Bluestone Natural buys bankrupt Quicksilver assets for $245 million

BlueStone’s says buying Quicksilver assets complements existing holdings in Barnett Shale, South Texas

QuicksilverTULSA, Okla. – BlueStone Natural Resources says it has bought Texas-based Quicksilver Resources for $245 million in a bankruptcy auction.

The United States Bankruptcy Court for the District of Delaware approved Tulsa-based BlueStone Natural Resources II, LLC as the buyer of the domestic oil and gas assets of Texas-based Quicksilver Resources Inc. Wednesday.

Quicksilver, 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 the court approval, the transaction is expected to close in the coming weeks.

“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.


John Redmond, BlueStone II president and CEO

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 says Redmond.

The Quicksilver assets include over 1,000 operating wells in the Barnett Shale play.

“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,” said Redmond.

Specializing in the purchase and development of oil and gas properties, the BlueStone franchise was formed in 2006, concentrating on capital deployment in Texas.

Prior to the Quicksilver acquisition, BlueStone II owned more than 800 wells in the South Texas and Barnett Shale plays.

Posted in: Energy Financial

2 Comments on "Bluestone Natural buys bankrupt Quicksilver assets for $245 million"

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  1. Don Bester says:

    Does this include Quicksilver assets in Canada under the name Quicksilver Canada?