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Monday, November 08, 2010

Quicksilver posts $21.8 million in earnings, record production

Fort Worth-based Quicksilver Resources reported a net income of $21.8 million, or 13 cents per share, on revenues of $237.7 million in the third quarter and achieved record production despite weak natural gas prices that have discouraged drilling activity.

Quicksilver said its third-quarter production averaged the equivalent of 362 million cubic feet of natural gas per day, up 16.4 percent from the third quarter of 2009.
In the Horn River Basin of northeast British Columbia in Canada, Quicksilver'sC-29-D well produced at initial rates of 14.4 million cubic feet of gas per day and averaged more than 12 million cubic feet per day during the first 22 days of production. 
For a complete report, see Tuesday's Star-Telegram.

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