FORT WORTH, TX -- (Marketwire) -- 07/22/09 -- Quicksilver Resources Inc. (NYSE: KWK)
announced today the launch of its consent solicitation seeking to amend the
definition of "Designated Subsidiary" contained in the indenture governing
its 1.875% Convertible Subordinated Debentures Due 2024 in order to provide
Quicksilver with greater strategic and operational flexibility, including
greater flexibility to grow and expand the operations of Quicksilver Gas
Services Holdings LLC, Quicksilver Gas Services LP, its general partner,
Quicksilver Gas Services GP LLC, and its subsidiaries.
The terms of the consent solicitation are as follows. Quicksilver is
offering a consent fee of $5.00 per $1,000 principal amount of the 1.875%
Convertible Subordinated Debentures Due 2024, to holders of record at the
close of business on July 21, 2009 that validly provide their consent to
the proposed amendment by the expiration time of 5:00 P.M., New York City
time on July 31, 2009, unless extended. Quicksilver's obligation to accept
consents and pay a consent fee to consenting holders is subject to numerous
conditions as set forth in the consent solicitation statement. No default
or event of default currently exists under the 1.875% Convertible
Subordinated Debentures Due 2024.
Holders of the 1.875% Convertible Subordinated Debentures Due 2024 are
urged to read and carefully consider the information contained in the
consent solicitation statement.
BofA Merrill Lynch is acting as the sole solicitation agent for the consent
solicitation. Global Bondholder Services is acting as tabulation and
information agent for the consent solicitation.
Questions concerning the terms of this solicitation should be directed to
BofA Merrill Lynch at (888) 292-0070 (toll free) or (980) 388-4603
(collect). Requests for assistance in completing the consent form or
requests for additional copies of the consent solicitation statement, the
consent form or other related documents may be directed to Global
Bondholder Services Corporation at 866-294-2200 (toll free), Banks and
Brokers Call: 212-430-3774.
The identification numbers for the 1.875% Convertible Subordinated
Debentures Due 2024 are as follows -- CUSIP No. 74837RAB0, 74837RAA2 and
ISIN No. US74837RAB06, US74837RAA23.
Under no circumstances should any holder tender or deliver any debentures
to Quicksilver, the trustee, the solicitation agent or the tabulation and
information agent at any time.
This press release is for information purposes only and is not being made
in any jurisdiction in which the making of this announcement would violate
the laws of such jurisdiction.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude
oil exploration and production company engaged in the development and
acquisition of long-lived, unconventional natural gas reserves, including
coalbed methane, shale gas, and tight sands gas in North America. The
company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas and Cut
Bank, Montana. Quicksilver's Canadian subsidiary, Quicksilver Resources
Canada Inc., is headquartered in Calgary, Alberta. For more information
about Quicksilver Resources, visit www.qrinc.com.
Investor & Media Contact:
Quicksilver Resources Inc.
Rick Buterbaugh
(817) 665-4835