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BlueStone, Natural Gas Partners swoop in to buy Quicksilver assets

BlueStone Natural Resources II LLC said it partnered withNatural Gas Partners to purchase QuicksilverResources Inc.'s U.S. oil and gas assets.

BlueStone closedon the purchase of 1,017 producing wells in the Barnett Shale play andadditional holdings in West Texas, according to an April 7 news release.

Following the acquisition, the Oklahoma-based BlueStone willhave net production of more than 180 MMcfe/d, the company said.

In connection with the takeover, Quicksilver, whichsought bankruptcyprotection in 2015, on April 6 withdrew its motion to reject legacy gatheringagreements with Crestwood EquityPartners LP. BlueStone then established10-year gathering and processing agreements with Crestwood.

In addition, BlueStone said Doug Redmond has been promotedto COO and will continue in his role as vice president of engineering.