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Industry Briefs

Fort Worth-based Quicksilver Resources Inc. reported 2010 net income of $435.1 million ($2.45/share) compared to a net loss of $557.5 million (minus $3.30 share) for 2009. The 2009 net loss was primarily attributable to a $656 million after-tax impairment charge on oil and gas properties. For 2010 production averaged 355.2 MMcfe/d, up 9% from 2009, primarily driven by higher volumes from the Barnett Shale. The 2010 production volumes were 79% natural gas, 20% natural gas liquids (NGL) and 1% crude oil and condensate. Sales of natural gas, NGLs and crude oil totaled $856.3 million, up about 7% from 2009, mainly due to a 9% increase in production coupled with increased realized prices for NGLs and crude oil, which were offset in part by lower gas prices. The company is active in the Barnett Shale of North Texas, The greater Green River Basin in Colorado and Wyoming and the Wind River Formation in Oklahoma, as well as in northwestern Montana, Alberta coalbed methane and the Horn River Basin in British Columbia.

American Standard Energy Corp. (ASEN) announced Wednesday that it has acquired more than 10,000 acres in North Dakota's Bakken Shale play. Andrew Wall, general counsel for the Scottsdale, AZ-based company, told NGI's Shale Daily that ASEN purchased 10.147.66 acres from Geronimo Holding Corp. for about $7,418,000 in cash and company stock. The deal would value the acreage at between $700 and $750 per acre, an amount below the current market value. Wall confirmed that the purchase from Geronimo represented the company's largest acquisition in the Bakken Shale play to date, increasing its holdings there by more than 160% to more than 16,000 total acres. Wall said ASEN, a nonoperator oil and gas company involved with exploration and production, also owns holdings in Texas, Arkansas, Oklahoma and New Mexico. According to Wall, the acquired acres are located in Mountrail, Williams, Burke and McKenzie counties, which are all in the northwest part of the state.

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