FORT WORTH, Texas, Aug. 27, 2014 (GLOBE NEWSWIRE) -- Quicksilver Resources Inc. (NYSE:KWK) announced today the initial results of its first horizontal well under its exploration agreement with Eni in Pecos County, Texas.
The Stallings #1H well began flow back on August 15 and is currently flowing up casing on a restricted choke setting of 34/64 at a rate of 750 barrels of oil equivalent per day, of which 90% is oil. The well was completed in a 2,900-foot lateral in the Third Bone Spring interval. To date, less than 15% of the fracture fluid has been recovered. Quicksilver is the operator of the well and owns an equal working interest with Eni.
The company is currently drilling the Mitchell #1H, the second of its JV wells with Eni, targeting a combined section of the Bone Springs and Wolfcamp formations. This well is expected to be completed in a 5,000-foot lateral beginning in late September as completion equipment becomes available.
The exploration agreement with Eni designates Quicksilver as operator and covers approximately 52,500-acres in Pecos County. The agreement provides that Eni pay $52 million to earn a 50% interest in all of Quicksilver's acreage. These dollars are targeted to carry Quicksilver in as many as 5 completed wells, geophysical and associated land costs.
In addition, an undisclosed third party has drilled and is finishing completion operations on the first farm-out well on a 7,500-acre tract contiguous to the Quicksilver/Eni acreage.
These two projects, along with an agreement covering Quicksilver's acreage in Crockett and Upton counties, comprise a total of 90,000-gross acres, where Quicksilver's interest in up to 10 completed wells is being fully carried by its partners.
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.
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