Acquisitions & Divestitures

When Fort Worth-based Quicksilver Resources Inc. bought 13,000 prime acres in the core of the Barnett shale in August 2008 from Chief Resources LLC, Hillwood Oil & Gas LP and Collins and Young LLC for $1.27 billion in cash and stock, money was still flowing in the debt and equity markets and A&D transactions were going strong. The tumultuous downturn that followed just weeks subsequent to the closing, however, left the gassy producer highly levered in a capital-constrained environment. Quicksilver exited the year with $2.6 billion in debt.

“Our motivation ...