Post by pavel on Jan 24, 2016 1:28:25 GMT -6
ORT WORTH
A Tulsa-based firm that has been actively investing in Texas oil and gas fields has agreed to pay $245 million to buy the U.S. assets of Quicksilver Resources, a local energy company that became one of the faces of the Barnett Shale before falling into bankruptcy last year.
BlueStone Natural Resources II emerged as the buyer from a bankruptcy auction Wednesday. BlueStone’s purchase is being backed by Natural Gas Partners, a private-equity firm in Irving that was founded by the late Fort Worth financier Richard Rainwater. Quicksilver announced the sale to its employees late Friday night and filed documents in bankruptcy court early Saturday.
Quicksilver is selling its assets to help pay off more than $2.35 billion in debt. In the U.S., it holds acreage near Alliance Airport and the Texas Motor Speedway in Fort Worth, as well as in the Permian Basin in West Texas. The company also has assets in Canada that were not included in its Chapter 11 bankruptcy filing in Delaware. They are being sold separately.
When Quicksilver filed for bankruptcy in March 2015, it stated that its assets in the United States were valued at $1.21 billion. But volatility in the oil and gas markets in recent months have led energy companies to write down values.
Read more here: www.star-telegram.com/news/business/article56242580.html
A Tulsa-based firm that has been actively investing in Texas oil and gas fields has agreed to pay $245 million to buy the U.S. assets of Quicksilver Resources, a local energy company that became one of the faces of the Barnett Shale before falling into bankruptcy last year.
BlueStone Natural Resources II emerged as the buyer from a bankruptcy auction Wednesday. BlueStone’s purchase is being backed by Natural Gas Partners, a private-equity firm in Irving that was founded by the late Fort Worth financier Richard Rainwater. Quicksilver announced the sale to its employees late Friday night and filed documents in bankruptcy court early Saturday.
Quicksilver is selling its assets to help pay off more than $2.35 billion in debt. In the U.S., it holds acreage near Alliance Airport and the Texas Motor Speedway in Fort Worth, as well as in the Permian Basin in West Texas. The company also has assets in Canada that were not included in its Chapter 11 bankruptcy filing in Delaware. They are being sold separately.
When Quicksilver filed for bankruptcy in March 2015, it stated that its assets in the United States were valued at $1.21 billion. But volatility in the oil and gas markets in recent months have led energy companies to write down values.
Read more here: www.star-telegram.com/news/business/article56242580.html