From Media Reports
(Jan. 28) – Tulsa-based Bluestone Natural Resources II will purchase Quicksilver Resources’ U.S. Assets for $245 million after emerging as the leading bidder in bankruptcy court last week.
When Fort Worth-based Quicksilver, a natural gas exploration & production company, filed for bankruptcy in March 2015, it claimed that its assets were worth about $1.21 billion, however it was burdened with $2.35 billion in debt.
Experts following the case, which takes place in Delaware bankruptcy court, said the price Bluestone paid is not surprising given the volatility of the energy market, and could even foreshadow what’s more to come if oil and natural gas prices continue to remain low.
Click here to view the full article in the Fort Worth Star-Telegram.