Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/quicksilver-resources-provides-update-on-breitburn.shtmlQuicksilver Resources provides update on BreitBurn Litigation
Quicksilver Resources reports the following in connection with the company's Notice of Nonsuit Without Prejudice against certain directors of BreitBurn Energy
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Quicksilver Resources reports the following in connection with the company's Notice of Nonsuit Without Prejudice against certain directors of BreitBurn Energy Partners L.P. and Provident Energy Trust filed on November 25, 2009:
- Quicksilver voluntarily nonsuited several present and former directors of BreitBurn as named individual defendants in the pending lawsuit Quicksilver has in Fort Worth against BreitBurn and Provident. This dismissal paves the way for a trial on the merits of all of Quicksilver's claims against BreitBurn and Provident in April 2010.
- The voluntary dismissal without prejudice by Quicksilver has no effect on the claims which it has in the suit against BreitBurn and Provident, and Quicksilver continues to fully prosecute those claims.
- Mr. Breitenbach and Mr. Washburn, who are co-chief executive officers of BreitBurn, were not dismissed as individual defendants as to the damage claims in the case regarding Quicksilver's claims of fraud related to its initial investment in BreitBurn and they remain as individual defendants on those claims.
- This dismissal has no effect on the court's partial summary judgment in favor of Quicksilver, entered on November 25, 2009, that certain provisions in the partnership agreement amendment are invalid and violate the partnership agreement.
