The United States Bankruptcy Court for the District of Delaware approved Tulsa-based BlueStone Natural Resources II, LLC (“BlueStone II”) as the buyer of the domestic oil and gas assets of Texas-based Quicksilver Resources Inc. on Wednesday. The $245 million acquisition of Quicksilver’s U.S. oil and gas assets makes this the largest purchase for BlueStone to date.
Quicksilver Resources Inc., an upstream exploration and production company based in Fort Worth, Tex., petitioned for bankruptcy (Chapter 11) in March of 2015. The auction of its assets began on Jan. 20. BlueStone was announced as the highest and best bid on Jan. 21. With Wednesday’s court approval, the transaction is expected to close in the coming weeks.
The acquisition of Quicksilver assets is in line with BlueStone’s growth strategy and geographically complements existing holdings in the Barnett Shale and South Texas. The Quicksilver assets include over 1,000 operating wells in the Barnett Shale play.
“We saw the Quicksilver asset purchase as an ideal way to advance our growth strategy in Texas,” said John Redmond, BlueStone II president and CEO. “These assets are a great fit for us – high quality wells in a clearly defined resource play. We are very pleased to be the successful bidder and grateful for the support of our equity sponsor, Natural Gas Partners. I am so proud of our BlueStone team.”
Specializing in the purchase and development of oil and gas properties, the BlueStone franchise was formed in 2006 and has grown to become one of the most acquisition-focused companies in Texas. Concentrating on capital deployment in the Lone Star State, the BlueStone team has closed more than 100 transactions in its 10-year history.
The BlueStone team is headquartered in Tulsa, Oklahoma. Prior to the Quicksilver acquisition, BlueStone II employed more than 60 people in its Tulsa headquarters, along with numerous field offices in Texas, and owned more than 800 wells in the South Texas and Barnett Shale plays.
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