DALLAS (July 7, 2008) — Hillwood International Energy today announced that Quicksilver Resources, Inc. (NYSE: KWK) will acquire the working and royalty interests in the core area of the natural gas-rich Barnett Shale in northern Tarrant and southern Denton counties of Texas for $1.3 Billion in cash and stock. Chief Resources LP and Collins and Young are working interest partners with Hillwood and part of this transaction.
Hillwood founder and chairman Ross Perot Jr. praised the transaction: “Quicksilver is an exceptional company and we are very pleased they have acquired this high quality position in the core of the Barnett gas field.”
Hillwood has been in the energy business for more than thirty years and retains a significant position in the Barnett after the sale.
“We plan to continue the development of our Barnett position and remain in the area for a long time to come. The Barnett field development has a significant economic impact on the entire community, and having two strong local companies involved in this transaction enhances the impact for everyone,” added Mr. Perot. “We are committed to continuing to be good neighbors to our customers and residents in the area. Successfully integrating our real estate development and energy projects in a way that benefits everyone will continue to be a hallmark of the Hillwood way of doing business.”
Merrill Lynch acted as exclusive advisor for the sellers in this transaction. Kelly, Hart and Hallman served as legal counsel.
Hillwood Energy (http://www.hillwoodinternationalenergy.com/), a Perot Company, is an international energy company focused in the United States , Middle East and Russia. It continues to grow through operations, acquisitions, and partnering.
Hillwood Development (www.hillwood.com), a Perot company, is ranked as one of the top commercial real estate developers in the country and the top residential developer in Dallas-Fort Worth. The company’s developments currently house facilities for more than 85 companies listed on either the Fortune 500, Global 500 or Forbes List of Top Private firms. Hillwood is best known for its development of the 17,000-acre AllianceTexas project, located 15 miles northwest of DFW Airport; the $420-million American Airlines Center and Victory Park district near downtown Dallas; and the 2,000-acre AllianceCalifornia development near Los Angeles.