Hillwood International Energy has announced that Quicksilver Resources, Inc. will acquire the working and royalty interests in the core area of the natural gas-rich Barnett Shale in northern Tarrant and southern Denton counties of Texas for $1.3 billion in cash and stock. Chief Resources LP and Collins and Young are working interest partners with Hillwood and part of this transaction.
"Quicksilver is an exceptional company and we are very pleased they have acquired this high quality position in the core of the Barnett gas field," said Hillwood founder and chairman Ross Perot Jr.
Hillwood has been in the energy business for more than thirty years and retains a significant position in the Barnett after the sale.
"We plan to continue the development of our Barnett position and remain in the area for a long time to come. The Barnett field development has a significant economic impact on the entire community, and having two strong local companies involved in this transaction enhances the impact for everyone," added Perot. "We are committed to continuing to be good neighbors to our customers and residents in the area. Successfully integrating our real estate development and energy projects in a way that benefits everyone will continue to be a hallmark of the Hillwood way of doing business."
Merrill Lynch acted as exclusive advisor for the sellers in this transaction. Kelly, Hart and Hallman served as legal counsel.
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