NEW YORK (MarketWatch) -- Quicksilver Resources Inc. (KWK) shares rallied on Friday after the energy firm agreed to sell its interests in Quicksilver Gas Services to Crestwood Midstream Partners II, a portfolio company of First Reserve Corp., for up to $773 million. Quicksilver will use the proceeds to pay down $528 million in debt. The sale includes 469,944 general partner units representing 100% of the general partner membership interests, 5.7 million common units, 11.5 million subordinated units and the note receivable from Quicksilver Gas Services LP (KGS).
I will be looking to add some high quality gassers to next year's Sweet-16. This deal definitely moves our old friend KWK up the list.
Dan
Watch List: KWK
Watch List: KWK
Dan Steffens
Energy Prospectus Group
Energy Prospectus Group