Quicksilver Resources sells part of Canadian assets

Bankrupt Quicksilver Resources is selling assets in the Horseshoe Canyon area of Alberta, Canada, for $79 million, the company reported Monday in a Securities and Exchange Commission document.

Quicksilver, which sold its U.S. assets in bankruptcy court in January for $245 million, is selling the Canadian coal beds property to CPC Resources ULC, the filing states. CPC has already paid an $8 million deposit. The transaction is expected to be completed by April 29.

The filing does not mention Quicksilver’s oil and gas field property in the Horn River Basin in British Columbia.

Quicksilver filed for bankruptcy in March 2015 and is selling assets to pay off more than $2.35 billion in debt. It sold its domestic assets to BlueStone Natural Resources II, including acreage near Alliance Airport and the Texas Motor Speedway in Fort Worth, as well as in the Permian Basin in West Texas.

Since BlueStone bought the American assets, the company said it would keep its headquarters in Tulsa, even though Quicksilver was a much larger company. It will take several months to complete the transaction and for BlueStone to complete its review of Quicksilver’s assets, officials said.

BlueStone intends to continue partnerships that Quicksilver made with two foreign companies. Quicksilver sold 25 percent of its Barnett Shale holdings to Tokyo Gas in April 2013 and about a quarter of its leasehold in the Alliance area to Italian energy giant Eni, which also was a partner with Quicksilver in the Permian Basin.

The Fort Worth energy company made a big bet on natural gas exploration, especially in the Barnett Shale gas field. But volatility in the oil and gas markets in recent months have led energy companies to write down values.

This story was originally published March 7, 2016 at 6:05 PM with the headline "Quicksilver Resources sells part of Canadian assets."