FORT WORTH, Texas, April 28, 2014 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) announced today that the company completed its semi-annual redetermination and closed an amendment to its Combined Credit Agreements on April 25, 2014.
The redetermined global borrowing base was reduced from $350 million to $325 million. As well, certain definitions which impact the calculation of EBITDAX were amended in order to exclude certain non-recurring cash items, provide for pro forma application of the March 2014 amendment to the Fortune Creek gathering agreement, and reduce the threshold for pro forma application of a material transaction to $10 million.
As of the date of the amendment, the company had approximately $240 million utilized under its Combined Credit Agreements, which includes $43 million of outstanding letters of credit. The company has also reduced the size of the Combined Credit Agreements to $650 million.
About Quicksilver Resources
Fort Worth, Texas-based Quicksilver Resources is a publicly traded independent oil and gas company engaged in the exploration, development and acquisition of oil and gas, primarily from unconventional reservoirs including shales and coal beds in North America. Quicksilver's Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. Quicksilver's common stock is traded on the New York Stock Exchange under the symbol "KWK". For more information about Quicksilver Resources, visit www.qrinc.com.