Published 29 December 2011
Quicksilver Resources and Kohlberg Kravis Roberts & Co (KKR) have formed a new midstream partnership to construct and operate natural gas midstream services in British Columbia and the Northwest Territories of Canada.
The investment firm KKR has paid $125m to Quicksilver in exchange for a 50% stake in the partnership.
The partnership will be operated by Quicksilver, which is also contributing its existing 20-mile gathering line and compression facilities as well as ten-year contracts for gas deliveries into those facilities to create the partnership.
Under the deal, KKR will carry Quicksilver on its portion of future development costs on the initial treating facility in exchange for preferential distributions.
Gas gathering, transportation and processing infrastructure will jointly be built and operated by the companies to maximize the value of the production stream from Quicksilver's development in the Horn River basin.
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