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Company Data

Public company since March 1999, after operating as a private independent for 36 years

Industry-recognized expertise in unconventional gas reservoirs, including fractured shales and coals

Demonstrated expertise of creating value in a step-process: early entry into plays, exploitation, build infrastructure, then exit at mature stage for reinvestment into new plays

Significant management ownership (greater than 30% at 12/31/13)

High-quality natural gas, NGL and oil reserve base
(As of December 31, 2013):

  • 1.3 trillion cubic feet equivalent (Tcfe) based on SEC price of $3.67/MMbtu
  • 88% proved-developed producing
  • 82% of reserves are natural gas, 18% natural gas liquids and oil

Operating areas

Fort Worth Basin - Barnett Shale:

  • 1.1 Tcfe proved reserves as of December 31, 2013, based on SEC price of $3.67/MMbtu; 72% natural gas and 28% NGL and oil/condensate;
    • 2013 reserves include the impact of approximately 337 Bcfe sold to Tokyo Gas in 2013
  • 135,000 gross acres, 85,000 net acres
  • JVs with Tokyo Gas and Eni
  • Estimated additional recoverable resource of approximately 1-2 Tcfe
  • 2014 Plan
    • Drill 30 gross (16 net) wells and complete 47 gross (26 net) wells; activity expected to keep Barnett 2014 production flat to slightly higher compared to its average adjusted 4th quarter 2013 rate (approximately 155 MMcfed - comprised of reported production of 166.7 MMcfed adjusted for weather impacts and prior-period NGL sales)
    • Well costs are approximately $3.0-$3.5MM

Horn River Basin (NE British Columbia):

  • Approximately 69 Bcf proved reserves at December 31, 2013, based on SEC price of $3.67/MMbtu
  • 130,000 net acres, of which substantially all is on 10-year development leases
  • Estimated additional recoverable resource of approximately 14 Tcfe
  • Quicksilver acquired a site on the coast of British Columbia for potential development as an LNG site
  • 2014 Plan
    • Minimal capital in 2014 pending completion of a strategic transaction
    • Capital spending requirements under Fortune Creek deferred to more closely align drilling activity with the anticipated lead time of capital spending following the completion of a strategic transaction

Horseshoe Canyon - Coal Bed Methane (Alberta, Canada)

  • Approximately 196 Bcfe proved reserves at December 31, 2013, based on SEC price of $3.67/MMbtu
  • 353,000 net acres; approximately 50,000 gross undeveloped acres
  • Average production of 49.7 MMcfd for 2013
  • 2014 Plan:
    • Drill and complete up to 100 gross (50 net) wells; activity expected to keep production flat compared to average 4th quarter 2013

Delaware Basin – West Texas

  • Focus on 60,000 gross acres in Pecos County which we believe is prospective for oil from the Wolfcamp and Bone Springs formations
  • JVs with Eni in a 52,500 acre block, and an undisclosed partner in a 7,500 acre block
  • 2014 Plan
    • Quicksilver expected to be carried on up to four wells in 2014

Niobrara Asset – Sand Wash Basin

  • Executed agreement to sell interest along with SWEPI LP to Southwestern Energy Company; closed on May 1, 2014 with net proceeds to Quicksilver of $93.5MM
  • Proved reserves of 70 Mbbl at December 31, 2013