Quicksilver Resources Inc., which targets North American unconventional natural gas plays, reported Monday that 2007 reserve additions hit a record 608 Bcfe after replacing 780% of its total-year output of 78 Bcfe.

The Fort Worth, TX-based independent managed to hit its milestones despite selling about 546 Bcfe of reserves associated with the company’s assets in Michigan, Indiana and Kentucky to BreitBurn Energy Partners LP last September (see Daily GPI, Sept. 13, 2007). Quicksilver’s year-end 2007 reserves numbers were essentially unchanged from year-end 2006.

Reserves, which are 99% weighted to natural gas and 62% proved developed, totaled 1.55 Tcfe at the end of 2007. Of the total, 1.2 Tcfe now are estimated to be in Quicksilver’s Barnett Shale assets. Last year’s total estimated all-in finding and development (F&D) costs were $1.38/Mcfe.

“Our strategy to grow organically has been validated again with significant reserve additions at very attractive F&D costs,” said CEO Glenn Darden. “The hard work of the entire Quicksilver team enabled us to hold reserves at approximately 1.55 Tcfe even following the divestiture of approximately one-third of our prior-year reserves and total year production of about 78 Bcfe, which increased approximately 27% in 2007.

“We believe that our concentrated property base in high-growth regions, such as the Fort Worth Basin Barnett Shale, provides ongoing opportunities to continue to achieve double-digit production growth for the next five years, while consistently growing reserves at industry-leading F&D costs. The stage is set for another great year in 2008.”

Quicksilver estimated that its reserves in the Barnett Shale include about 661 Bcf of natural gas and 90 million bbl of natural gas liquids, which together represent an increase of about 70% from the 2006 year-end reserves of 704 Bcfe. In Canada, the company’s year-end 2007 reserves were 328 Bcfe, up 6.5% from the 2006 level of 308 Bcfe. Total production in 2007 included 33 Bcfe from the Barnett Shale and 21 Bcfe from Canada.

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