Quicksilver Resources Inc. has closed the previously announced acquisition of producing and non-producing leasehold, royalty and midstream assets associated with the Barnett Shale formation in northern Tarrant and southern Denton counties of Texas from various private parties including Chief Resources LP, Hillwood Oil & Gas, L.P. and Collins and Young, L.L.C. for $1 billion in cash and 10,400,468 shares of Quicksilver Resources common stock.

The purchase includes 13,000 net acres in the Fort Worth Basin of northern Texas. Quicksilver’s internal engineers estimate the properties contain more than 1 trillion cubic feet of recoverable natural gas resources including approximately 350 billion cubic feet of proved reserves, of which approximately 40% are proved developed. Current production from the properties is approximately 50 million cubic feet per day of natural gas.

Tags: Quicksilver Resources Inc.