Quicksilver Resources has completed the sale of 27.5% of Quicksilver's Alliance leasehold interests to Eni. Quicksilver intends to use net proceeds from the transaction of approximately $280 million to repay a portion of its existing indebtedness under its second lien term loan due 2013.
Quicksilver's existing Alliance natural gas leasehold covers approximately 13,000 net acres in Denton and Tarrant counties, Texas. The two companies have formed a strategic alliance for acquisition, development and exploitation of unconventional natural gas resources in an area covering approximately 270,000 acres surrounding Quicksilver's existing Alliance leasehold. The transaction does not include Quicksilver's midstream gathering infrastructure or any of its existing leasehold beyond the Alliance properties.
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