News Column

Quicksilver Resources to Commence Registered Exchange Offer

May 2, 2014

FORT WORTH, Texas, May 2, 2014 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) today announced the commencement of an exchange offer for its outstanding 11.000% Senior Notes due 2021 (the "old notes"). Quicksilver originally issued an aggregate principal amount of $325 million of the old notes, which form a single series, in a private offering on June 21, 2013.

In connection with the sale of the old notes, Quicksilver entered into a registration rights agreement in which it undertook to offer to exchange the old notes for new notes (the "new notes") registered under the Securities Act of 1933, as amended (the "Securities Act"). Pursuant to an effective registration statement on Form S-4, filed with the Securities and Exchange Commission (the "SEC"), holders of the old notes will be able to exchange the old notes for new notes in an equal principal amount. The new notes are substantially identical to the old notes, except that the new notes have been registered under the Securities Act and will not bear any legend restricting transfer. The registration rights and additional interest provisions pertaining to old note holders will also not apply to the new notes.

The exchange offer will expire at 5:00 p.m., New York City time, on May 30, 2014, unless extended or terminated. Tenders of old notes must be made before the exchange offer expires and may be withdrawn any time prior to expiration of the exchange offer.

The terms of the exchange offer are set forth in a prospectus dated May 2, 2014. Documents related to the offer, including the prospectus and the associated letter of transmittal, have been filed with the SEC, and may be obtained from the exchange agent, The Bank of New York Mellon Trust Company, N.A., c/o The Bank of New York Mellon Corporation, 111 Sanders Creek Parkway, East Syracuse, NY 13057, Attn: Adam DeCapio, telephone (315) 414-3360.

This announcement is neither an offer to buy nor a solicitation of an offer to sell any of the company's securities. The exchange offer is being made only pursuant to the exchange offer documents, which have been filed with the SEC, and include the prospectus and letter of transmittal that are being distributed to holders of the old notes.

About Quicksilver Resources

Fort Worth, Texas-based Quicksilver Resources is a publicly traded independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including shales and coal beds in North America. Quicksilver's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. Quicksilver's common stock is traded on the New York Stock Exchange under the symbol "KWK." For more information about Quicksilver Resources, visit www.qrinc.com.

Forward-Looking Statements

Certain statements contained in this press release and other materials we file with the SEC, or in other written or oral statements made or to be made by us, other than statements of historical fact, are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations or forecasts of future events. Words such as "may," "assume," "forecast," "position," "predict," "strategy," "expect," "intend," "plan," "contemplate," "estimate," "anticipate," "believe," "project," "budget," "potential," or "continue," and similar expressions are used to identify forward-looking statements. They can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include: changes in general economic conditions; failure to satisfy our short or long-term liquidity needs, including the ability to access necessary capital resources; fluctuations in natural gas, NGL and oil prices; failure or delays in achieving expected production from exploration and development projects; our ability to achieve anticipated cost savings and other spending reductions and operational efficiencies; failure to comply with covenants under our Combined Credit Agreements and other indebtedness, and the resulting acceleration of debt thereunder and the inability to make necessary repayments or to make additional borrowings; uncertainties inherent in estimates of natural gas, NGL and oil reserves and predicting natural gas, NGL and oil production and reservoir performance; effects of hedging natural gas, NGL and oil prices; fluctuations in the value of certain of our assets and liabilities; competitive conditions in our industry; actions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters, customers and counterparties; changes in the availability and cost of capital; delays in obtaining oilfield equipment and increases in drilling and other service costs; delays in construction of transportation pipelines and gathering, processing and treating facilities; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the effects of existing and future laws and governmental regulations, including environmental and climate change requirements; failure or delay in completing strategic transactions, particularly in contracting for a transaction involving our Horn River Asset; failure to make the necessary expenditures under or related to our contractual commitments, including our spending requirement pursuant to Fortune Creek; the effects of existing or future litigation; and additional factors described elsewhere in this press release.

This list of factors is not exhaustive, and new factors may emerge or changes to these factors may occur that would impact our business. Additional information regarding these and other factors may be contained in our filings with the SEC, especially on Forms 10-K, 10-Q and 8-K, including any amendments thereto. All such risk factors are difficult to predict, and are subject to material uncertainties that may affect actual results and may be beyond our control. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update any of these forward-looking statements to reflect subsequent events or circumstances except to the extent required by applicable law.

All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements.

CONTACT: Investor & Media Contact: David Erdman (817) 665-4023



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Source: Quicksilver Resources


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