FORT WORTH, TX — (Marketwire) — 03/15/12 — Quicksilver Resources Inc. (NYSE: KWK) announced today that due to the ongoing efforts to complete the 2011 integrated control and financial statement audit, the filing of Form 10-K for the year ended December 31, 2011 will be delayed beyond the Form 12b-25 extended due date of March 15, 2012. The company continues to work diligently with its auditors to complete the audit and expects to file its 2011 Form 10-K and issue its financial statements by the week of April 16, 2012. The company has also furnished selected unaudited 2011 financial information as part of this release which will also be furnished on a Form 8-K.
Net income as reported today in our selected financial information is less than that reported in our press release of February 27, 2012. The difference is primarily attributable to the following non-cash items: an adjustment to deferred taxes related to the formation of the Fortune Creek Partnership, of which the possibility of such change was referenced on the company–s February 27, 2012 conference call by Phil Cook, Quicksilver–s CFO; and minor changes to DD&A and impairment. These adjustments had no impact on adjusted net income per share for the quarter and year ended December 31, 2011 as previously reported. The company is not presenting comparative 2010 financial information because management is evaluating a potential non-material, non-cash revision to the previously reported gain on sale of KGS, but which does not impact the timing of filing the Form 10-K.
This news release and the accompanying schedules include the non-generally accepted accounting principles (“non-GAAP”) financial measure of adjusted net income. The accompanying schedules provides reconciliations of this non-GAAP financial measure to its most directly comparable financial measure calculated and presented in accordance with accounting principles generally accepted in the United States of America (“GAAP”). Our non-GAAP financial measure should not be considered as an alternative to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.
Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude oil exploration and production company engaged in the development and acquisition of long-lived, unconventional reservoirs, including coalbed methane and shale gas in North America. The company has U.S. offices in Fort Worth, Texas; Glen Rose, Texas; Steamboat Springs, Colorado and Cut Bank, Montana. Quicksilver–s Canadian subsidiary, Quicksilver Resources Canada Inc., is headquartered in Calgary, Alberta. For more information about Quicksilver Resources, visit .
Certain statements contained in this press release and other materials we file with the SEC, or in other written or oral statements made or to be made by us, other than statements of historical fact, are “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements give our current expectations or forecasts of future events. Words such as “may,” “assume,” “forecast,” “position,” “predict,” “strategy,” “expect,” “intend,” “plan,” “estimate,” “anticipate,” “believe,” “project,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. They can be affected by assumptions used or by known or unknown risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. Actual results may vary materially. You are cautioned not to place undue reliance on any forward-looking statements. You should also understand that it is not possible to predict or identify all such factors and should not consider the following list to be a complete statement of all potential risks and uncertainties. Factors that could cause our actual results to differ material from the results contemplated by such forward-looking statements include: changes in general economic conditions; fluctuations in natural gas, NGL and oil prices; failure or delays in achieving expected production from exploration and development projects; uncertainties inherent in estimates of natural gas, NGL and oil reserves and predicting natural gas, NGL and oil reservoir performance; effects of hedging natural gas, NGL and oil prices; fluctuations in the value of certain of our assets and liabilities; competitive conditions in our industry; actions taken or non-performance by third parties, including suppliers, contractors, operators, processors, transporters, customers and counterparties; changes in the availability and cost of capital; delays in obtaining oilfield equipment and increases in drilling and other service costs; delays in construction of transportation pipelines and gathering, processing and treating facilities; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the effects of existing and future laws and governmental regulations including environmental and climate change requirements; the effects of existing or future litigation; failure to or delays in completing Quicksilver–s proposed initial public offering of common units representing limited partner interests in a master limited partnership holding portions of our Barnett Shale assets; and additional factors described elsewhere in this press release.
This list of factors is not exhaustive, and new factors may emerge or changes to these factors may occur that would impact our business. Additional information regarding these and other factors may be contained in our filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. All such risk factors are difficult to predict, and are subject to material uncertainties that may affect actual results and may be beyond our control. The forward-looking statements included in this press release are made only as of the date of this press release, and we undertake no obligation to update any of these forward-looking statements to reflect subsequent events or circumstances except to the extent required by applicable law.
All forward-looking statements are expressly qualified in their entirety by the foregoing cautionary statements.
KWK 12-05
John Hinton
(817) 665-4990