Quicksilver Resources Inc., a natural gas and oil producer, said Thursday its bank group has approved a $1 billion borrowing base for its senior secured revolving loan.
In company press release Philip W. Cook, Quicksilver senior vice president and chief financial officer stated:
“The company remains committed to operating within its internally generated source of funds and expects to achieve double-digit production growth in 2010 while further evaluating the opportunities for our Horn River project.”
Back in September, Quicksilver announced their first completed well in the Horn River Basin tested an initial production rate of 13 million cubic feet per day. This initial horizontal well was drilled into the Muskwa shale formation with approximately 3,500 feet of lateral and 10 stages of fracture stimulation and has averaged approximately 10 million cubic feet per day during the first month of production.
Press Release: Quicksilver Resources Announces $1 Billion Borrowing Base (PDF)
