Quicksilver Resources Inc. closed on the previously announced sale to Southwestern Energy Production Company of its jointly owned holdings with SWEPI LP (Shell) in the Sand Wash Basin for gross cash proceeds of $180 million. Quicksilver received total cash proceeds of $93.5 million per the conditions as set forth in the purchase and sale agreement, which includes a deposit of $4.5 million received on March 4, 2014 when the agreement was executed.
The effective date of the sale is January 1, 2014. Quicksilver's first-quarter 2014 results will not include the impact of this transaction as the sale to Southwestern Energy was reflected on the date proceeds were received, in accordance with accounting rules. The sale is not expected to create income effects.