Quicksilver elects new board member, to sell some Barnett Shale stake

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Associated Press

Posted on March 29, 2013 at 9:02 AM

Updated Friday, Mar 29 at 9:02 AM

FORT WORTH, Texas (AP) — Oil and gas company Quicksilver Resources Inc. has expanded its board and plans to sell some resources.

Quicksilver on Friday announced it's selling a 25 percent stake in its Barnett Shale oil and gas assets to a subsidiary of Tokyo Gas Co. for $485 million. Quicksilver says it will still operate the assets located in Texas. The company expects to use proceeds from the sale to lower debt.

The transaction is expected to close April 30.

Quicksilver on Thursday announced it's elected energy industry veteran Michael McGovern to its expanded board of directors. McGovern is an executive adviser to Cadent Energy Partners LLC. His appointment expands the size of Quicksilver's board to eight members.

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