The 4-year old Tulsa company, BlueStone Natural Resources II, LLC has closed on its purchase of Fort Worth’s bankrupt Quicksilver Resources Inc.’s U.S. oil and gas assets. They consist of 1,017 producing wells in the Barnett Shale play with others in West Texas and were initially bought for $245 million in a January auction.
BlueStone says it has also entered into 10-year agreements with Crestwood Equity Partners LP to gather the gas from the Alliance, Lake Arlington and Cowtown systems which make up the majority of the Barnett Shale assets.
The purchase will make BlueStone one of the premier producers in the Barnett Shale with total ownership of more than 1,200 wells. The company partnered with Natural Gas Partners in making the purchase, which had to be approved by a bankruptcy judge in Delaware.
“Bluestone is excited about this tremendous growth opportunity,” said John Redmond, BlueStone’s President and Chief Executive Officer. “These assets are the perfect fit for our team.”
Quicksilver filed for bankruptcy last year after amassing $2.35 billion in debt. It originally said its assets totaled $1.21 billion.
While making the announcement, BlueStone also said it promoted Doug Redmond to Chief Operating Officer. He had been the company’s Vice President of Engineering.
Bluestone Natural Resources II, formed in 2012 has 50 employees at its headquarters in Tulsa.
