Quicksilver Closes Sale Of Montana Asset To Synergy

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Purchased an asset in Montana.

Quicksilver Resources Inc. (NYSE: KWK) closed the sale of its Montana Asset on Aug. 30 to Synergy Offshore LLC for $46 million.

The effective date of the transaction is Jan. 1. Synergy's ratable share of production and operating expenses from the effective date to the closing date, as well as other customary closing adjustments, amounted to $4 million, resulting in net proceeds to Quicksilver of $42 million.

Proceeds from the sale were used to reduce amounts outstanding under the company's combined credit agreements.

Quicksilver Resources Inc. is an independent energy company engaged in the acquisition, exploration, development, production, and sale of natural gas, NGLs, and oil in North America. The company is headquartered in Fort Worth, Texas.