10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)
þ	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2013
or
¨	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from  to

Commission file number: 001-14837

Quicksilver Resources Inc.

(Exact name of registrant as specified in its charter)

Delaware	75-2756163
(State or other jurisdiction of	(I.R.S. Employer Identification No.)
incorporation or organization)
801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas	76102
(Address of principal executive offices)	(Zip Code)

(817) 665-5000

(Registrant’s telephone number, including area code)

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  þ  No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).  Yes  þ  No   ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer þ	Accelerated filer ¨	Non-accelerated filer ¨	Smaller reporting company ¨
		(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ¨  No   þ

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date:

Title of Class	Outstanding as of April 30, 2013
Common Stock, $0.01 par value	176,523,091 shares

DEFINITIONS

As used in this Quarterly Report unless the context otherwise requires:

“ABR” means alternate base rate

“AOCI” means accumulated other comprehensive income

“Bbl” or “Bbls” means barrel or barrels

“Bbld” means barrel or barrels per day

“Bcf” means billion cubic feet

“Bcfe” means Bcf of natural gas equivalents

“Canada” means our oil and natural gas operations located principally in British Columbia and Alberta, Canada

“C$” means Canadian dollars

“DD&A” means Depletion, Depreciation and Accretion

“GPT” means gathering, processing and transportation expense

“LIBOR” means London Interbank Offered Rate

“MBbl” or “MBbls” means thousand barrels

“MMBtu” means million British Thermal Units, a measure of heating value, and is approximately equal to one Mcf of natural gas

“Mcf” means thousand cubic feet

“Mcfe” means Mcf natural gas equivalent, calculated as one Bbl of oil or NGLs equaling six Mcf of gas

“MMcf” means million cubic feet

“MMcfd” means million cubic feet per day

“MMcfe” means MMcf of natural gas equivalent

“MMcfed” means MMcfe per day

“NGL” or “NGLs” means natural gas liquids

“NYMEX” means New York Mercantile Exchange

“OCI” means other comprehensive income

“Oil” includes crude oil and condensate

“PUD” means proved undeveloped reserve

“RSU” means restricted stock unit

“Tcfe” means trillion cubic feet of natural gas equivalents

COMMONLY USED TERMS

Other commonly used terms and abbreviations include:

“Amended and Restated Canadian Credit Facility” means our new Canadian senior secured revolving credit facility which was amended and restated, effective December 22, 2011

“Amended and Restated U.S. Credit Facility” means our new U.S. senior secured revolving credit facility which was amended and restated, effective December 22, 2011

“Barnett Shale Asset” means our operations and our assets in the Barnett Shale located in the Fort Worth basin of North Texas

“CMLP” means Crestwood Midstream Partners LP

“Combined Credit Agreements” means collectively our Amended and Restated U.S. Credit Facility and our Amended and Restated Canadian Credit Facility

“Crestwood” means Crestwood Holdings LLC

“Crestwood Transaction” means the sale to Crestwood of all our interests in KGS, including general partner interests and incentive distribution rights

“Eni” means either or both Eni Petroleum US LLC and Eni US Operating Co. Inc., which are subsidiaries of Eni SpA

“Fortune Creek” means Fortune Creek Gathering and Processing Partnership, a midstream partnership formed with KKR in December 2011 dedicated to the construction and operation of natural gas midstream services within the Horn River basin of northeast British Columbia

“GAAP” means accounting principles generally accepted in the U.S.

“Horn River Asset” means our operations and our assets in the Horn River basin of northeast British Columbia

“Horseshoe Canyon Asset” means our operations and our assets in Horseshoe Canyon, the coalbed methane fields of southern and central Alberta

“KGS” means Quicksilver Gas Services LP, a publicly-traded partnership, which we formerly owned that traded under the ticker symbol of “KGS” and subsequent to the Crestwood Transaction renamed itself Crestwood Midstream Partners LP and trades under the ticker symbol “CMLP”

“KKR” means Kohlberg Kravis Roberts & Co. L.P., with whom we formed Fortune Creek

2

“Komie North Project” means the series of contracts with NGTL for the construction of a pipeline and meter station, which will serve our and others’ transportation needs in the Horn River basin

“Mercury” means Mercury Exploration Company, which is owned by members of the Darden family

“NEB” means National Energy Board, an independent agency which regulates international and interprovincial aspects of the oil and gas industries in Canada and is accountable to Parliament through the Minister of Natural Resources Canada.

“NGTL” means NOVA Gas Transmission Ltd., a subsidiary of TransCanada PipeLines Limited

“Niobrara Asset” means our operations and our assets in the Niobrara formation in northwest Colorado, which we are jointly developing with SWEPI LP

“SEC” means the U.S. Securities and Exchange Commission

“Southern Alberta Asset” means our operations and our assets in the Southern Alberta basin of northern Wyoming and Montana, including our Cutbank field operations and assets

“SWEPI” means SWEPI LP, a subsidiary of Royal Dutch Shell plc

“Tokyo Gas Transaction” means the sale of an undivided 25% of our Barnett Shale Asset to TGBR

“TGBR” means TG Barnett Resources LP

“VIE” means variable interest entity

“West Texas Asset” means our operations and our assets in the Midland and Delaware basins in West Texas prospective in the Bone Springs and Wolfcamp formations, principally concentrated in three areas: Jeff Davis and Reeves Counties, Upton and Crockett Counties and Pecos County

3

INDEX TO QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended March 31, 2013

PART I. FINANCIAL INFORMATION	6
Item 1. Condensed Consolidated Interim Financial Statements (Unaudited)	6
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	26
Item 3. Quantitative and Qualitative Disclosures About Market Risk	37
Item 4. Controls and Procedures	39
PART II. OTHER INFORMATION	40
Item 1. Legal Proceedings	40
Item 1A. Risk Factors	40
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	40
Item 3. Defaults Upon Senior Securities	40
Item 4. Mine Safety Disclosures	40
Item 5. Other Information	40
Item 6. Exhibits	41
Signature	42

Except as otherwise specified and unless the context otherwise requires, references to the “Company,” “Quicksilver,” “we,” “us,” and “our” refer to Quicksilver Resources Inc. and its subsidiaries.

4

Forward-Looking Information

Certain statements contained in this Quarterly Report 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 materially 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;

• our ability to achieve anticipated cost savings and other spending reductions;

• uncertainties inherent in estimates of natural gas, NGL and oil reserves and predicting natural gas, NGL and oil production and 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;

• failure or delay in completing strategic transactions;

• the effects of existing or future litigation; and

• additional factors described elsewhere in this Quarterly Report.

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 Quarterly Report are made only as of the date of this Quarterly Report, 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.

5

PART I    FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Interim Financial Statements (Unaudited)

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

In thousands, except for per share data – Unaudited

	For the Three Months Ended March 31,
	2013			2012
				(Restated)
Revenue
Production	$	132,614		$	166,454
Sales of purchased natural gas	16,558			12,086
Net derivative gains (losses) (including realized gains of $9,596 and $5,583 respectively)	(31,369		)	(6,664		)
Other	900			990
Total revenue	118,703			172,866
Operating expense
Lease operating	24,895			28,691
Gathering, processing and transportation	39,824			43,077
Production and ad valorem taxes	5,484			6,763
Costs of purchased natural gas	16,518			11,937
Depletion, depreciation and accretion	18,256			54,439
Impairment	—			317,928
General and administrative	16,163			19,095
Other operating	1,437			18
Total expense	122,577			481,948
Crestwood earn-out	—			41,097
Operating income (loss)	(3,874		)	(267,985		)
Other income - net	(150		)	93
Fortune Creek accretion	(4,845		)	(4,741		)
Interest expense	(43,942		)	(40,170		)
Income (loss) before income taxes	(52,811		)	(312,803		)
Income tax (expense) benefit	(6,896		)	101,238
Net income (loss)	$	(59,707	)	$	(211,565	)
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax	(14,755		)	(28,589		)
Net change in derivative fair value - net of income tax	—			61,287
Foreign currency translation adjustment	301			1,451
Other comprehensive income (loss)	(14,454		)	34,149
Comprehensive income (loss)	$	(74,161	)	$	(177,416	)
Earnings (loss) per common share - basic	$	(0.35	)	$	(1.24	)
Earnings (loss) per common share - diluted	$	(0.35	)	$	(1.24	)

The accompanying notes are an integral part of these condensed consolidated financial statements.

6

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except for share data – Unaudited

	March 31, 2013			December 31, 2012
ASSETS
Current assets
Cash	$	9,850		$	4,951
Accounts receivable - net of allowance for doubtful accounts	57,419			64,149
Derivative assets at fair value	54,566			113,367
Other current assets	25,881			25,046
Total current assets	147,716			207,513
Property, plant and equipment - net
Oil and gas properties, full cost method (including unevaluated costs of $304,340 and $307,267, respectively)	788,900			780,960
Other property and equipment	238,632			248,098
Property, plant and equipment - net	1,027,532			1,029,058
Derivative assets at fair value	96,314			105,270
Other assets	37,647			39,947
	$	1,309,209		$	1,381,788
LIABILITIES AND EQUITY
Current liabilities
Accounts payable	$	17,857		$	37,131
Accrued liabilities	105,854			130,660
Derivative liabilities at fair value	532			—
Total current liabilities	124,243			167,791
Long-term debt	2,108,319			2,063,206
Partnership liability	129,814			130,912
Asset retirement obligations	115,665			115,949
Derivative liabilities at fair value	14,858			17,485
Other liabilities	19,242			19,242
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding	—			—
Common stock, $0.01 par value, 400,000,000 shares authorized, and 182,882,012 and 179,015,118 shares issued, respectively	1,829			1,790
Paid in capital in excess of par value	756,388			751,394
Treasury stock of 6,288,230 and 5,921,102 shares, respectively	(50,502		)	(49,495		)
Accumulated other comprehensive income	147,039			161,493
Retained deficit	(2,057,686		)	(1,997,979		)
Total stockholders' equity	(1,202,932		)	(1,132,797		)
	$	1,309,209		$	1,381,788

The accompanying notes are an integral part of these condensed consolidated financial statements.

7

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY

In thousands – Unaudited

	Quicksilver Resources Inc. Stockholders’ Equity
	Common Stock		Additional Paid-in Capital		Treasury Stock			Accumulated Other Comprehensive Income			Retained Earnings (Deficit)			Total
Balances at December 31, 2011	$	1,770	$	737,015	$	(46,351	)	$	214,858		$	354,627		$	1,261,919
Net income	—		—		—			—			(211,565		)	(211,565		)
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax of $14,928	—		—		—			(28,589		)	—			(28,589		)
Net change in derivative fair value, net of income tax of $33,802	—		—		—			61,287			—			61,287
Foreign currency translation adjustment	—		—		—			1,451			—			1,451
Issuance and vesting of stock compensation	19		5,610		(2,341		)	—			—			3,288
Stock option exercises	1		10		—			—			—			11
Balances at March 31, 2012, restated (1)	$	1,790	$	742,635	$	(48,692	)	$	249,007		$	143,062		$	1,087,802
Balances at December 31, 2012	$	1,790	$	751,394	$	(49,495	)	$	161,493		$	(1,997,979	)	$	(1,132,797	)
Net loss	—		—		—			—			(59,707		)	(59,707		)
Hedge derivative contract settlements reclassified into production revenue from AOCI, net of income tax of $6,944	—		—		—			(14,755		)	—			(14,755		)
Foreign currency translation adjustment	—		—		—			301			—			301
Issuance and vesting of stock compensation	39		4,994		(1,007		)	—			—			4,026
Balances at March 31, 2013	$	1,829	$	756,388	$	(50,502	)	$	147,039		$	(2,057,686	)	$	(1,202,932	)

(1) Note 1 contains additional information

The accompanying notes are an integral part of these condensed consolidated financial statements.

8

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands – Unaudited

	For the Three Months Ended March 31,
	2013			2012
				(Restated)
Operating activities:
Net income (loss)	$	(59,707	)	$	(211,565	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	18,256			54,439
Impairment expense	—			317,928
Crestwood earn-out	—			(41,097		)
Deferred income tax expense (benefit)	6,596			(101,586		)
Non-cash loss from hedging and derivative activities	43,920			18,251
Stock-based compensation	5,033			5,630
Non-cash interest expense	1,858			1,742
Fortune Creek accretion	4,845			4,741
Other	925			(29		)
Changes in assets and liabilities
Accounts receivable	6,730			32,612
Prepaid expenses and other assets	(190		)	(1,874		)
Accounts payable	(17,299		)	(16,319		)
Accrued and other liabilities	(25,361		)	(35,503		)
Net cash provided by (used in) operating activities	(14,394		)	27,370
Investing activities:
Purchases of property, plant and equipment	(27,442		)	(174,922		)
Proceeds from Crestwood earn-out	—			41,097
Proceeds from sale of properties and equipment	608			460
Net cash used by investing activities	(26,834		)	(133,365		)
Financing activities:
Issuance of debt	54,040			161,658
Repayments of debt	(4,011		)	(53,115		)
Debt issuance costs paid	—			(191		)
Distribution of Fortune Creek Partnership funds	(3,198		)	—
Proceeds from exercise of stock options	—			10
Purchase of treasury stock	(1,007		)	(2,341		)
Net cash provided by financing activities	45,824			106,021
Effect of exchange rate changes in cash	303			(140		)
Net increase (decrease) in cash	4,899			(114		)
Cash at beginning of period	4,951			13,146
Cash at end of period	$	9,850		$	13,032

The accompanying notes are an integral part of these condensed consolidated financial statements.

9

QUICKSILVER RESOURCES INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

1. ACCOUNTING POLICIES AND DISCLOSURES

The accompanying condensed consolidated interim financial statements have not been audited. In management’s opinion, the accompanying condensed consolidated interim financial statements contain all adjustments necessary to fairly present our financial position as of March 31, 2013 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from management’s estimates.

Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2012 Annual Report on Form 10-K.

Restatement of Previously Issued Unaudited Financial Statements

The consolidated financial statements as of and for the three months ended March 31, 2012 were restated as more fully disclosed within Item 8, Note 2 and the Supplemental Selected Quarterly Financial Data in the 2012 Annual Report on Form 10-K. The restatement is the result of our documentation failing to give consideration to all sources of ineffectiveness for derivatives entered into during 2012 that had fair value on the dates they were initially designated as hedges. These derivatives did not qualify for hedge accounting in 2012 and their changes in value required recognition in earnings. Because the derivatives did not qualify for hedge accounting, their inclusion in the U.S. and Canadian full cost ceiling was inappropriate. Thus, our full cost ceiling calculations were revised and resulted in restatements to increase impairment expense recognized. Also, we determined that the deferred taxes used in our Canadian ceiling test included temporary differences for non-property related items. Income taxes have also been restated to reflect the foregoing restated items.

The derivative restatement decreased production revenue by $3.6 million and $1.8 million for the U.S. and Canada, respectively, while derivative gains increased $20.7 million and $12.0 million for the U.S. and Canada, respectively. Impairment expense increased as the result of these derivatives no longer being included in the cost center ceiling by $115.7 million and $139.5 million for the U.S. and Canada, respectively. The income tax impact of these adjustments resulted in an increase to the tax benefit of $41.9 million and $34.2 million for the U.S. and Canada, respectively. Our consolidated net loss increased $151.6 million, which decreased our retained earnings by the same amount. Other comprehensive income and AOCI decreased $33.0 million as a result of these adjustments. The restatement increased diluted net loss per share by $0.89, from diluted net loss per share of $0.35 as previously reported, to diluted net loss per share of $1.24.

Recently Issued Accounting Standards

Accounting standards-setting organizations frequently issue new or revised accounting rules. We regularly review all new pronouncements to determine their impact, if any, on our financial statements. No pronouncements materially affecting our financial statements have been issued since the filing of our 2012 Annual Report on Form 10-K.

2. DIVESTITURES

In March 2013, we entered into a Purchase and Sale Agreement with TGBR, a subsidiary of Tokyo Gas Co., Ltd., to sell an undivided 25% of our Barnett Shale Asset for a cash purchase price of $485 million. The transaction closed in April 2013, but was effective as of September 1, 2012. The purchase price was subject to customary purchase price adjustments, which resulted in TGBR paying us $463.4 million. We expect to recognize a gain in excess of $300 million before consideration of income taxes as a result of this transaction.

In October 2010, we completed the sale of all of our interests in KGS to Crestwood. As part of the sale, we had the right to collect future earn-out payments through 2013. In February 2012, we collected $41 million of these earn-out payments which is presented as “Crestwood earn-out” in the condensed consolidated statement of income. We will not receive additional earn-out payments in 2013.

Note 3 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information regarding the Crestwood Transaction.

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3. DERIVATIVES AND FAIR VALUE MEASUREMENTS

The following table categorizes our commodity derivative instruments based upon the use of input levels:

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(in thousands)				(in thousands)
Level 2 inputs	$	146,686	$	207,042	$	2,159	$	959
Level 3 inputs	4,194		11,595		13,231		16,526
Total	$	150,880	$	218,637	$	15,390	$	17,485

The fair value of “Level 2” derivative instruments included in these disclosures was estimated using prices quoted in active markets for the periods covered by the derivatives and the value reported by counterparties. The fair value of derivative instruments designated “Level 3” was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. Currently, only our natural gas derivatives with an original tenure of 10 years utilize “Level 3” inputs, primarily due to comparatively less market data available for the later portion of their term compared with our other shorter term derivatives. The fair value of both the “Level 2” and the “Level 3” assets and liabilities are determined using a discounted cash flow model using the terms of the derivative instrument, market prices for the periods covered by thederivatives, and the credit adjusted risk-free interest rates. The “Level 3” unobservable inputs are the market prices for the latter half of the 10-year term as there is not an active market for that period of time. These unobservable inputs included within the fair value calculation range from $4.02 to $5.79 and are based upon prices quoted in active markets for the period of time available and applying the differential from this period of time to the market prices for the later years in the term.

The following table identifies the changes in “Level 3” net asset derivative fair values for the periods indicated:

	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Balance at beginning of period	$	(4,931	)	$	150,989
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(18		)	328
Transfers out of Level 3	—			(153,418		)
Settlements in production revenue	—			(3,738		)
Settlements in net derivative gains (losses)	(4,088		)	(6,876		)
Unrealized gains reported in OCI	—			34,302
Balance at end of period	$	(9,037	)	$	21,587
Total gains or losses included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	(92	)	$	328

In 2012, transfers from Level 3 to Level 2 represent our ten-year derivative instruments that were exchanged in January and February 2012 for derivative instruments with shorter durations and are valued on the date of the transfer.

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Commodity Price Derivatives

As of March 31, 2013, we had natural gas swaps as follows:

Production Year	Daily Production Volume
	MMcfd
2013	200
2014	170
2015	150
2016-2021	40

Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date will be recognized in net derivative gains (losses) in the period in which they occur. The net deferred hedge gain that was included in AOCI as of December 31, 2012 will be released into revenue from natural gas, NGL and oil production during the following periods in which we expect the underlying production to occur as follows:

	(In thousands)
Remainder of 2013	$	50,420
2014	37,084
2015	33,191
2016	13,476
2017	12,531
2018 and thereafter	41,443
	$	188,145

Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months would result in a gain of $60.0 million net of income taxes.

Interest Rate Derivatives

In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges of our senior notes due 2015 and our senior subordinated notes. We received cash of $41.5 million in the settlements, including $10.7 million for interest previously accrued and earned. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain of $30.8 million as a reduction of interest expense over the lives of our senior notes due 2015 and our senior subordinated notes.

During the three months endedMarch 31, 2013 and 2012, we recognized $1.3 million and $1.2 million, respectively, of those deferred gains as a reduction of interest expense. The remaining $15.4 million deferral of the 2010 early settlements from all interest rate swaps will continue to be recognized as a reduction of interest expense over the life of the associated underlying debt instruments currently scheduled as follows:

	(In thousands)
Remainder of 2013	$	4,197
2014	6,012
2015	4,669
2016	568
	$	15,446

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Fair Value Disclosures

The estimated fair value of our derivative instruments at March 31, 2013 and December 31, 2012 were as follows:

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In thousands)				(In thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	56,935	$	113,367	$	2,369	$	—
Noncurrent derivative assets	97,529		107,542		1,215		2,272
Current derivative liabilities	—		—		532		—
Noncurrent derivative liabilities	—		92		14,858		17,577
Total derivatives not designated as hedges	$	154,464	$	221,001	$	18,974	$	19,849

Derivative assets and liabilities shown in the table above are presented as gross assets and liabilities, without regard to master netting arrangements which are considered in the presentations of derivative assets and liabilities in the accompanying condensed consolidated balance sheets. The change in carrying value of our commodity price derivatives since December 31, 2012 principally resulted from the overall increase in market prices for natural gas relative to the prices in our open derivative instruments, offset by settlements during the period.

The changes in the carrying value of our derivatives accounted for as hedges for the three months ended March 31, 2012 are presented below:

	For the Three Months Ended March 31,
	2012
	Commodity Hedges
	(In thousands)
Derivative fair value at beginning of period	$	342,799
Settlements in production revenue	(41,737		)
Settlements in net derivative (gains) losses	(3,820		)
Ineffectiveness reported in net derivative gains (losses)	(5,241		)
Unrealized gains (losses) reported in OCI	99,894
Derecognition of hedge	(180,732		)
Derivative fair value at end of period	$	211,163

Hedge derivative ineffectiveness resulted in gains of $5.2 million for the three months ended March 31, 2012 which is included in net derivative gains (losses).

Financial instruments not carried at fair value

Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheet as of March 31, 2013 and December 31, 2012 are included in Note 5.

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4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31, 2013			December 31, 2012
	(In thousands)
Oil and gas properties
Subject to depletion	$	5,772,071		$	5,770,913
Unevaluated costs	304,340			307,267
Accumulated depletion	(5,287,511		)	(5,297,220		)
Net oil and gas properties	788,900			780,960
Other plant and equipment
Pipelines and processing facilities	370,219			375,248
General properties	74,432			75,147
Accumulated depreciation	(206,019		)	(202,297		)
Net other property and equipment	238,632			248,098
Property, plant and equipment, net of accumulated depletion and depreciation	$	1,027,532		$	1,029,058

Ceiling Test Analysis and Impairment

For the quarter ended March 31, 2012, we recorded impairment expense of $178.0 million and $139.9 million for our U.S. and Canadian oil and gas properties, respectively.

Notes 2 and 8 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contain additional information regarding our property, plant and equipment and our quarterly ceiling test analysis.

5. LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31, 2013		December 31, 2012
Combined Credit Agreements	$	433,475	$	388,150
Senior notes due 2015, net of unamortized discount	436,060		435,851
Senior notes due 2016, net of unamortized discount	580,566		579,795
Senior notes due 2019, net of unamortized discount	292,772		292,622
Senior subordinated notes due 2016	350,000		350,000
Total debt	2,092,873		2,046,418
Unamortized deferred gain-terminated interest rate swaps	15,446		16,788
Current portion of long-term debt	—		—
Long-term debt	$	2,108,319	$	2,063,206

Credit Facilities

The Combined Credit Agreements’ global borrowing base was $850 million and the global letter of credit capacity was $240 million as of March 31, 2013. At March 31, 2013, we had $372.5 million available under the Combined Credit Agreements.

We amended our Combined Credit Agreements in April 2013, which amendment provided for certain changes to the Combined Credit Agreements, including the following:

• Permit the sale and transfer of a 25% interest in Quicksilver’s Barnett Shale assets to TGBR

• Reduce the global borrowing base to $350 million from $850 million, including a reduction due to the Tokyo Gas Transaction

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• Reduce the minimum required interest coverage ratio to the following:

Period	Interest Coverage Ratio	Period	Interest Coverage Ratio
Q2 2013	1.25	Q1 2015	1.10
Q3 2013	1.25	Q2 2015	1.15
Q4 2013	1.25	Q3 2015	1.15
Q1 2014	1.20	Q4 2015	1.20
Q2 2014	1.15	Q1 2016	1.50
Q3 2014	1.10	Q2 2016	2.00
Q4 2014	1.10

• Permit up to $800 million of second lien debt, subject to customary intercreditor terms

• Permit redemption of existing notes or permitted additional debt with the proceeds from certain asset sales and permitted second lien debt, provided utilization under the global borrowing base after giving effect to such transactions is less than 75% and compliance with other customary conditions

• Reduce the maximum senior secured debt leverage ratio to 2.0 and exclude permitted second lien debt from the senior secured debt definition

• Increase the applicable margin by 0.75% for each type of loan and issued letters of credit

• Increase the minimum mortgage properties requirement to 87.5% from 80% of proved hydrocarbon interests evaluated in the then most recent reserve report.

In April 2013, we received net cash proceeds of $463.4 million for the sale of 25% of the company's Barnett Shale assets to TGBR. The proceeds were used to reduce outstanding borrowings under the Combined Credit Agreements by approximately $250 million, with the remainder retained in cash.

Indenture Restrictions

We have an incurrence test under our indentures that requires EBITDA to exceed interest expense by 2.25 times. At March 31, 2013, we did not meet this test and, as a result, we are limited in our ability to, among other things, incur additional debt, except for specific baskets. We do retain, however, the ability to utilize the full borrowing capacity under our Combined Credit Agreements and to refinance existing debt. Not meeting this ratio does not represent an event of default under our indentures. We are presently unable to predict when or if we will meet the incurrence test.

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Summary of All Outstanding Debt

The following table summarizes certain significant aspects of our long-term debt outstanding at March 31, 2013.

	Priority on Collateral and Structural Seniority (1)
	Highest priority				Lowest priority
	Equal priority	Equal Priority
	Combined Credit Agreements	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	Senior Subordinated Notes
Principal amount (2)	$850 million	$438 million	$591 million	$298 million	$350 million
Scheduled maturity date	September 6, 2016	August 1, 2015	January 1, 2016	August 15, 2019	April 1, 2016
Interest rate on outstanding borrowings at March 31, 2013 (3)	3.28%	8.25%	11.75%	9.125%	7.125%
Base interest rate options (4) (5)	LIBOR, ABR, CDOR	N/A	N/A	N/A	N/A
Financial covenants (6)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.5 - Maximum senior secured debt leverage ratio of 2.5	N/A	N/A	N/A	N/A
Significant restrictive covenants (6)	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions
Optional redemption (6)	Any time	August 1, 2012: 103.875 2013: 101.938 2014: par	July 1, 2013: 105.875 2014: 102.938 2015: par	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	April 1, 2013: 101.188 2014: par
Make-whole redemption (6)	N/A	N/A	Callable prior to July 1, 2013 at make-whole call price of Treasury +50 bps	Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps	N/A
Change of control (6)	Event of default	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest
Estimated fair value (7)	$433.5 million	$430.3 million	$601 million	$274.9 million	$294.4 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, Quicksilver Production Partners Operating Ltd., QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) (on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾  The principal amount for the Combined Credit Agreements represents the global borrowing base as of March 31, 2013.

⁽³⁾  Represents the weighted average borrowing rate payable to lenders.

⁽⁴⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin

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between 2.00% to 3.00%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.00% to 2.00%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁵⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% and 3.00%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% to 3.00%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁶⁾  The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.

⁽⁷⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). We consider debt with variable interest rates to have a fair value equal to its carrying value (“Level 1” input).

6. ASSET RETIREMENT OBLIGATIONS

The following table provides a reconciliation of the changes in the estimated asset retirement obligation for the three months endedMarch 31, 2013.

	(In thousands)
Beginning asset retirement obligations	$	116,526
Additional liability incurred	103
Change in estimates	(92		)
Accretion expense	1,370
Asset retirement costs incurred	(556		)
Settlement of liability in excess of obligation recorded	56
Currency translation adjustment	(1,165		)
Ending asset retirement obligations	116,242
Less current portion	(577		)
Long-term asset retirement obligation	$	115,665

7. INCOME TAXES

Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must be adjusted to reflect tax rates that we expect will be in effect during years in which we expect the temporary differences will reverse. Net operating loss carry-forwards and other deferred tax assets are reviewed for recoverability, and if necessary, are recorded net of a valuation allowance. At March 31, 2013, our U.S. and Canadian valuation allowances are $557.1 million and $62.1 million, respectively, as we continue to believe that it is not more likely than not that we will realize the deferred tax benefits primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2013 is a result of hedge gains previously deferred in AOCI being realized during the quarter and the net tax impact being recognized without a corresponding valuation allowance.

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8. COMMITMENTS AND CONTINGENCIES

Contractual Obligations, Commitments and Contingencies

In March 2013, NGTL agreed to reduce our letter of credit for the Komie North Project to $14 million subsequent to the NEB recommendation against the Komie North Project. Based on discussions with NGTL we believe that NGTL will re-submit its application within the allowed time period, and is not requiring the C$26.4 million termination payment at this time. In pursuing the application, NGTL will solicit the participation of other producers in the area to address the issues raised by the NEB. Accordingly, no amounts have been recognized on our consolidated balance sheet as of March 31, 2013. Upon completion of the project, all construction-related financial assurances will expire.

In April 2013, we increased our outstanding letters of credit by C$13 million for the step-up of treating volumes in the Horn River Basin.

In December 2012, Vantage Fort Worth Energy LLC (“Plaintiff”) served a lawsuit against us and others in the 352nd Judicial District Court of Texas in Tarrant County asserting claims for trespass to try title, suit to quiet title, trespass and conversion in connection with 16 wells located on a 158.75 acre tract located in Tarrant County, Texas. On May 8, 2013, all parties to the suit entered into a settlement agreement, effective April 1, 2013, whereby we assigned to Plaintiff various property and equipment and Plaintiff agreed to non-suit all of the Defendants in the matter. The court entered its Order of Dismissal with prejudice on May 13, 2013. We recognized an expense of $0.4 million in connection with this settlement.

In July 2011, we received a subpoena duces tecum from the SEC requesting certain documents. The SEC has informed us that their investigation arises out of press releases in 2011 questioning the projected decline curves and economics of shale gas wells. In June 2012, we received an additional request from the SEC for certain information regarding our assessment for impairment of unevaluated properties and plans for development of unevaluated properties. We provided responsive information and in February 2013 we met with the SEC.

Note 14 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our contractual obligations, commitments and contingencies for which there are no other significant updates during the quarter ended March 31, 2013.

9. FORTUNE CREEK

We are partners with KKR in Fortune Creek, which operates midstream assets for natural gas produced by us and others primarily in British Columbia. The partnership established an area of mutual interest for the midstream business covering approximately 30 million potential acres which includes transportation and processing infrastructure and agreements.

In forming Fortune Creek, our Canadian subsidiary contributed an existing 20-mile, 20-inch gathering line and its related compression facilities, committed to minimum expenditures of $300 million for drilling and completion activities in our Horn River Asset between 2012 and 2014, of which we incurred $148.3 million as of March 31, 2013, and pursuant to the partnership agreement will be required to incur an additional $31.7 million by December 31, 2013, with the balance of the $300 million to be incurred by December 31, 2014. Additionally, we committed gas production from our Horn River Asset for ten years beginning 2012, as more fully described below. KKR contributed $125 million cash in exchange for a 50% interest in Fortune Creek. Our Canadian subsidiary has responsibility for the day-to-day operations of Fortune Creek.

Our Canadian subsidiary entered into a firm gathering agreement with Fortune Creek which is guaranteed by us. At our election, KKR has the responsibility to fund up to C$130 million of the capital required for construction of a new gas treatment facility in exchange for preferential cash flow distributions. If our subsidiary does not meet its obligations under the gathering agreement, KKR has the right to liquidate the partnership and consequently we have recorded the funds contributed by KKR as a liability in our consolidated financial statements. We recognize accretion expense to reflect the rate of return earned by KKR via its investment. Beginning in May 2012, Fortune Creek made cash distributions to KKR, which is reported as cash used by financing activities.

Based on an analysis of the partners’ equity at risk, we have determined the partnership to be a VIE. Further, based on our ability to direct the activities surrounding the production of natural gas and our direct management of the operations of the Fortune Creek facilities, we have determined we are the primary beneficiary and, therefore, we consolidate Fortune Creek.

Note 12 contains financial information for Fortune Creek in our condensed consolidating financial statements.

10. QUICKSILVER STOCKHOLDERS’ EQUITY

Common Stock, Preferred Stock and Treasury Stock

We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At March 31, 2013 and December 31, 2012, we had 176.6 million and 173.1 million shares of common stock outstanding, respectively.

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Note 17 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information about our equity-based compensation plan.

Stock Options

Options to purchase shares of common stock were granted in 2013 with an estimated fair value of $0.1 million. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during the three months ended March 31:

	2013	2012
Weighted avg grant date fair value	$1.81	$4.25
Weighted avg risk-free interest rate	0.76%	1.15%
Expected life	5.3 years	6.0 years
Wtd avg volatility	75.0%	68.2%
Expected dividends	—	—

The following table summarizes our stock option activity for the three months endedMarch 31, 2013:

	Shares		Wtd Avg Exercise Price		Wtd Avg Remaining Contractual Life	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2013	4,979,980		$	10.23
Granted	58,576		2.93
Expired	(6,555	)	9.33
Outstanding at March 31, 2013	5,032,001		$	10.15	6.2	$	—
Exercisable at March 31, 2013	3,780,023		$	10.86	6.8	$	—

As of March 31, 2013, we estimate that a total of 4.9 million stock options will become vested including those options already exercisable. As of March 31, 2013, the unrecognized compensation cost related to outstanding unvested stock options was $5.2 million, which is expected to be recognized in expense through June 2015. Compensation expense related to stock options of $1.0 million and $1.9 million was recognized for each of the three months endedMarch 31, 2013 and 2012, respectively.

Restricted Stock

The following table summarizes our restricted stock and stock unit activity for the three months endedMarch 31, 2013:

	Payable in shares				Payable in cash
	Shares		Wtd Avg Grant Date Fair Value		Shares		Wtd Avg Grant Date Fair Value
Outstanding at January 1, 2013	3,099,135		$	8.48	678,217		$	7.71
Granted	5,093,626		2.96		1,322,352		2.97
Vested	(1,270,222	)	9.75		(201,878	)	9.69
Forfeited	(511,314	)	3.98		(73,700	)	4.41
Outstanding at March 31, 2013	6,411,225		$	4.21	1,724,991		$	3.98

As of March 31, 2013, the unrecognized compensation cost related to outstanding unvested restricted stock was $26.9 million, which is expected to be recognized in expense through March 2016. Grants of restricted stock and RSUs during the three months endedMarch 31, 2013 had an estimated grant date fair value of $19.0 million. The fair value of outstanding RSUs to be settled in cash is $3.9 million at March 31, 2013. For the three months endedMarch 31, 2013 and 2012, compensation expense of $4.5 million and $4.0 million, respectively, was recognized. The total fair value of shares vested during the three months endedMarch 31, 2013 was $4.0 million.

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11.EARNINGS PER SHARE

The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income (loss) per common share.

	For the Three Months Ended March 31,
	2013			2012
				(Restated)
	(In thousands, except per share data)
Net loss attributable to Quicksilver	$	(59,707	)	$	(211,565	)
Basic income allocable to participating securities (1)	—			—
Loss available to shareholders	$	(59,707	)	$	(211,565	)
Weighted average common shares – basic	171,826			169,939
Effect of dilutive securities (2)	—			—
Weighted average common shares – diluted	171,826			169,939
Earnings (loss) per common share – basic	$	(0.35	)	$	(1.24	)
Earnings (loss) per common share – diluted	$	(0.35	)	$	(1.24	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so.

⁽²⁾  For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

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12. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Note 19 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our guarantor, non-guarantor, restricted and unrestricted subsidiaries under the indentures for our senior notes and senior subordinated notes.

The following tables present financial information about Quicksilver and our restricted subsidiaries for the three-month period covered by the consolidated financial statements. Under the indentures for our senior notes and senior subordinated notes, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes.

Condensed Consolidating Balance Sheets

	March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	205,156		$	109,951		$	67,481		$	(221,780	)	$	160,808		$	13,962		$	826	$	(27,880	)	$	147,716
Property and equipment	631,481			16,314			291,083			—			938,878			—			88,654		—			1,027,532
Investment in subsidiaries (equity method)	(199,396		)	—			(31,143		)	199,396			(31,143		)	(31,143		)	—		62,286			—
Other assets	335,598			—			41,983			(243,620		)	133,961			—			—		—			133,961
Total assets	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209
LIABILITIES AND EQUITY
Current liabilities	$	213,212		$	112,512		$	32,234		$	(221,780	)	$	136,178		$	13,941		$	2,004	$	(27,880	)	$	124,243
Long-term liabilities	1,962,558			19,242			518,332			(243,620		)	2,256,512			—			1,572		129,814			2,387,898
Stockholders' equity	(1,202,931		)	(5,489		)	(181,162		)	199,396			(1,190,186		)	(31,122		)	85,904		(67,528		)	(1,202,932		)
Total liabilities and equity	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209

	December 31, 2012
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	261,130		$	105,695		$	76,088		$	(222,586	)	$	220,327		$	13,250		$	391	$	(26,455	)	$	207,513
Property and equipment	621,073			20,007			296,462			—			937,542			—			91,516		—			1,029,058
Investment in subsidiaries (equity method)	(191,725		)	—			(42,883		)	191,725			(42,883		)	(42,905		)	—		85,788			—
Other assets	346,972			—			41,865			(243,620		)	145,217			—			—		—			145,217
Total assets	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788
LIABILITIES AND EQUITY
Current liabilities	$	255,678		$	112,133		$	33,475		$	(222,586	)	$	178,700		$	13,230		$	2,316	$	(26,455	)	$	167,791
Long-term liabilities	1,914,568			19,242			524,107			(243,620		)	2,214,297			—			1,585		130,912			2,346,794
Stockholders' equity	(1,132,796		)	(5,673		)	(186,050		)	191,725			(1,132,794		)	(42,885		)	88,006		(45,124		)	(1,132,797		)
Total liabilities and equity	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788

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Condensed Consolidating Statements of Income

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations		Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	88,900		$	214	$	29,589		$	—	$	118,703		$	—	$	5,325	$	(5,325	)	$	118,703
Operating expenses	97,024			30		28,459			—		125,513			—		2,389		(5,325		)	122,577
Equity in net earnings of subsidiaries	(4,191		)	—		(1,908		)	4,191		(1,908		)	2,937		—		(1,029		)	—
Operating income (loss)	(12,315		)	184		(778		)	4,191		(8,718		)	2,937		2,936		(1,029		)	(3,874		)
Fortune Creek accretion	—			—		—			—		—			—		—		(4,845		)	(4,845		)
Interest expense and other	(41,168		)	—		(2,925		)	—		(44,093		)	—		1		—			(44,092		)
Income tax (expense) benefit	(6,224		)	—		(672		)	—		(6,896		)	—		—		—			(6,896		)
Net income (loss)	$	(59,707	)	$	184	$	(4,375	)	$	4,191	$	(59,707	)	$	2,937	$	2,937	$	(5,874	)	$	(59,707	)
Other comprehensive income (loss)	(11,003		)	—		(3,451		)	3,451		(11,003		)	—		—		—			(11,003		)
Equity in OCI of subsidiaries	(3,451		)	—		—			—		(3,451		)	—		—		—			(3,451		)
Comprehensive income (loss)	$	(74,161	)	$	184	$	(7,826	)	$	7,642	$	(74,161	)	$	2,937	$	2,937	$	(5,874	)	$	(74,161	)

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	148,590		$	1,130		$	24,049		$	(903	)	$	172,866		$	—	$	2,397	$	(2,397	)	$	172,866
Operating expenses	315,612			909			167,460			(903		)	483,078			—		1,267		(2,397		)	481,948
Crestwood earn-out	41,097			—			—			—			41,097			—		—		—			41,097
Equity in net earnings of subsidiaries	(110,342		)	—			(3,611		)	110,342			(3,611		)	1,130		—		2,481			—
Operating income (loss)	(236,267		)	221			(147,022		)	110,342			(272,726		)	1,130		1,130		2,481			(267,985		)
Fortune Creek accretion	—			—			—			—			—			—		—		(4,741		)	(4,741		)
Interest expense and other	(38,643		)	—			(1,434		)	—			(40,077		)	—		—		—			(40,077		)
Income tax (expense) benefit	63,345			(77		)	37,970			—			101,238			—		—		—			101,238
Net income	$	(211,565	)	$	144		$	(110,486	)	$	110,342		$	(211,565	)	$	1,130	$	1,130	$	(2,260	)	$	(211,565	)
Other comprehensive income (loss)	21,759			—			12,390			(12,390		)	21,759			—		—		—			21,759
Equity in OCI of subsidiaries	12,390			—			—			—			12,390			—		—		—			12,390
Comprehensive income (loss)	$	(177,416	)	$	144		$	(98,096	)	$	97,952		$	(177,416	)	$	1,130	$	1,130	$	(2,260	)	$	(177,416	)

22

Condensed Consolidating Statements of Cash Flows

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries		Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(27,331	)	$	4		$	10,648		$	(16,679	)	$	—	$	2,285		$	(14,394	)
Purchases of property, plant and equipment	(18,824		)	(4		)	(8,110		)	(26,938		)	—		(504		)	(27,442		)
Proceeds from Crestood earn-out	—			—			—			—			—		—			—
Proceeds from sale of properties and equipment	591			—			17			608			—		—			608
Net cash flow used by investing activities	(18,233		)	(4		)	(8,093		)	(26,330		)	—		(504		)	(26,834		)
Issuance of debt	51,000			—			3,040			54,040			—		—			54,040
Repayments of debt	—			—			(4,011		)	(4,011		)	—		—			(4,011		)
Distribution of Fortune Creek Partnership funds	—			—			—			—			—		(3,198		)	(3,198		)
Purchase of treasury stock	(1,007		)	—			—			(1,007		)	—		—			(1,007		)
Net cash flow provided (used) by financing activities	49,993			—			(971		)	49,022			—		(3,198		)	45,824
Effect of exchange rates on cash	—			—			(1,584		)	(1,584		)	—		1,887			303
Net increase (decrease) in cash and equivalents	4,429			—			—			4,429			—		470			4,899
Cash and equivalents at beginning of period	4,618			—			—			4,618			—		333			4,951
Cash and equivalents at end of period	$	9,047		$	—		$	—		$	9,047		$	—	$	803		$	9,850

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(3,195	)	$	438		$	27,099		$	24,342		$	3,028		$	27,370
Purchases of property, plant and equipment	(95,994		)	(438		)	(77,304		)	(173,736		)	(1,186		)	(174,922		)
Proceeds from Crestood earn-out	41,097			—			—			41,097			—			41,097
Proceeds from sale of properties and equipment	269			—			191			460			—			460
Net cash flow used by investing activities	(54,628		)	(438		)	(77,113		)	(132,179		)	(1,186		)	(133,365		)
Issuance of debt	100,000			—			61,658			161,658			—			161,658
Repayments of debt	(40,018		)	—			(13,097		)	(53,115		)	—			(53,115		)
Debt issuance costs	(191		)	—			—			(191		)	—			(191		)
Proceeds from exercise of stock options	10			—			—			10			—			10
Purchase of treasury stock	(2,341		)	—			—			(2,341		)	—			(2,341		)
Net cash flow provided (used) by financing activities	57,460			—			48,561			106,021			—			106,021
Effect of exchange rates on cash	—			—			1,453			1,453			(1,593		)	(140		)
Net increase (decrease) in cash and equivalents	(363		)	—			—			(363		)	249			(114		)
Cash and equivalents at beginning of period	363			—			—			363			12,783			13,146
Cash and equivalents at end of period	$	—		$	—		$	—		$	—		$	13,032		$	13,032

23

13. SEGMENT INFORMATION

We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, we operate a significantly smaller midstream segment in the U.S. and Canada, where we provide natural gas gathering and processing services, primarily to our U.S. and Canadian exploration and production segments. Following the formation of our partnership with KKR, beginning in January 2012, we have additional midstream operations in Canada through Fortune Creek. Revenue earned by Fortune Creek for the gathering and processing of our gas is eliminated on a consolidated basis as is the GPT recognized by our producing properties. Based on the immateriality of our midstream segment, we have combined our U.S. and Canadian midstream information. We evaluate performance based on operating income and property and equipment costs incurred.

	Exploration & Production														Quicksilver Consolidated
	U.S.			Canada			Midstream		Corporate			Elimination
For the Three Months Ended March 31:	(In thousands)
2013
Revenue	$	81,553		$	36,260		$	6,215	$	—		$	(5,325	)	$	118,703
DD&A	13,128			3,190			1,340		598			—			18,256
Operating income (loss)	6,922			2,841			3,124		(16,761		)	—			(3,874		)
Property and equipment costs incurred	20,553			3,064			80		640			—			24,337
2012 (Restated)
Revenue	$	141,774		$	30,134		$	4,258	$	—		$	(3,300	)	$	172,866
DD&A	41,823			10,815			1,201		600			—			54,439
Impairment expense	178,039			139,889			—		—			—			317,928
Operating income (loss)	(107,312		)	(141,201		)	222		(19,694		)	—			(267,985		)
Property and equipment costs incurred	72,431			53,623			5,980		3,533			—			135,567
Property, plant and equipment-net
March 31, 2013	$	625,024		$	289,573		$	104,968	$	7,967		$	—		$	1,027,532
December 31, 2012	614,071			294,921			111,523		8,543			—			1,029,058
Total assets
March 31, 2013	716,093			369,404			215,745		7,967			—			$	1,309,209
December 31, 2012	784,104			371,532			217,609		8,543			—			1,381,788

14. SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid (received) for interest and income taxes was as follows:

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Interest, net of capitalized interest	$	69,633	$	66,020
Income taxes	35		(2,839		)

Other significant non-cash transactions were as follows:

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Working capital related to capital expenditures	$	8,964	$	69,983

24

15. TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES

As of March 31, 2013, members of the Darden family and entities controlled by them beneficially owned approximately 30% of our outstanding common stock. Thomas Darden, Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

During the first three months of 2013 and 2012, we paid $0.3 million and $0.1 million, respectively, for use of an airplane owned by an entity controlled by members of the Darden family. Usage rates were determined based upon comparable rates charged by third parties.

Payments received from Mercury, a company owned by members of the Darden family, for sublease rentals, employee insurance coverage and administrative services were less than $0.1 million for the first three months of 2013 and 2012.

We hired a consulting firm to conduct an independent review of our business strategy and to evaluate alternative strategies and options. In connection with their strategic review, Mr. Thomas Darden has offered to retire as an executive officer of the Company, but remain a member of the board of directors. Negotiations are ongoing regarding the terms of the retirement but to date have not been concluded. If the continuing negotiations are not concluded, our operations and ability to raise financing may be adversely affected.

25

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis (“MD&A”) is intended to help readers of our financial statements understand our business, results of operations, financial condition, liquidity and capital resources. MD&A is provided as a supplement to, and should be read in conjunction with, the other sections of this Quarterly Report as well as our 2012 Annual Report on Form 10-K. We conduct our operations in two segments: (1) our more dominant exploration and production segment, and (2) our significantly smaller midstream segment. Except as otherwise specifically noted, or as the context requires otherwise, and except to the extent that differences between these segments or our geographic segments are material to an understanding of our business taken as a whole, we present this MD&A on a consolidated basis.

Our MD&A includes the following sections:

• 2013 Highlights – a summary of significant activities and events affecting Quicksilver

• 2013 Capital Program – a summary of our planned capital expenditures during 2013

• Results of Operations – an analysis of our consolidated results of operations for the three-month periods presented in our financial statements

• Liquidity, Capital Resources and Financial Position – an analysis of our cash flows, sources and uses of cash, contractual obligations and commercial commitments

2013 HIGHLIGHTS

Joint Venture Update

In March 2013, we entered into a Purchase and Sale Agreement with TGBR, a subsidiary of Tokyo Gas Co., Ltd., to sell an undivided 25% of our Barnett Shale Asset for a cash purchase price of $485 million. The transaction closed in April 2013, but was effective as of September 1, 2012. The purchase price was subject to customary purchase price adjustments, which resulted in TGBR paying us $463.4 million. We expect to recognize a gain in excess of $300 million before consideration of income taxes as a result of this transaction.

We continue our efforts to achieve a joint venture in our Horn River Asset in Northeast British Columbia, with the downstream marketing of the gas a top priority. We plan minimal capital spending in our Horn River Asset pending completion of a joint venture.

Significant Contract Revisions

In April 2013, we amended our Combined Credit Agreements primarily to loosen the financial covenants through the second quarter of 2016 and to permit the incurrence of up to $800 million of second lien debt. Specific changes to the Combined Credit Agreements are outlined in Note 5 to the condensed consolidated financial statements.

In March 2013, NGTL agreed to reduce our letter of credit for the Komie North Project to $14 million subsequent to the NEB recommendation against the Komie North Project. Based on discussions with NGTL we believe that NGTL will re-submit its application within the allowed time period, and is not requiring the C$26.4 million termination payment at this time. In pursuing the application, NGTL will solicit the participation of other producers in the area to address the issues raised by the NEB. Accordingly, no amounts have been recognized on our consolidated balance sheet as of March 31, 2013. Upon completion of the project, all construction-related financial assurances will expire.

In light of having closed the Tokyo Gas Transaction and the persistence of challenging NGL pricing, Quicksilver Production Partners LP filed an application with the SEC for the withdrawal of its registration statement on Form S-1 in connection with our previously proposed master limited partnership.

2013 CAPITAL PROGRAM

We incurred costs related to our capital program of $24.3 million for the first three months of 2013. We continue to anticipate full year 2013 spending to approximate $120 million.

26

RESULTS OF OPERATIONS

The following discussion compares the results of operations for the three months ended March 31, 2013 and 2012, or the 2013 quarter and 2012 quarter, respectively. “Other U.S.” refers to the combined amounts for our Niobrara Asset, West Texas Asset and Southern Alberta Asset.

Revenue

We aggregate production revenue and realized cash gains (losses) on derivatives not treated as hedges in measuring revenue from our oil and gas production. Historically, we have used hedge accounting and combining these items mirrors our views of the derivatives' usefulness and provides more comparability.

Production Revenue and Realized Cash Gains (Losses) on derivatives by operating area:

	Natural Gas				NGL				Oil				Total
	2013		2012		2013		2012		2013		2012		2013		2012
	(In millions)
Barnett Shale	$	51.8	$	55.2	$	23.7	$	44.6	$	2.3	$	3.3	$	77.8	$	103.1
Other U.S.	0.1		0.2		0.1		0.1		3.1		4.0		3.3		4.3
Hedging	15.3		39.6		—		0.3		—		—		15.3		39.9
U.S.	67.2		95.0		23.8		45.0		5.4		7.3		96.4		147.3
Horseshoe Canyon	15.2		13.4		—		0.1		—		—		15.2		13.5
Horn River	17.8		2.1		—		—		—		—		17.8		2.1
Hedging	3.2		3.6		—		—		—		—		3.2		3.6
Canada	36.2		19.1		—		0.1		—		—		36.2		19.2
Consolidated	$	103.4	$	114.1	$	23.8	$	45.1	$	5.4	$	7.3	$	132.6	$	166.5
U.S. realized cash derivative gains	$	5.5	$	3.6	$	—	$	—	$	—	$	—	$	5.5	$	3.6
Canada realized cash derivative gains	4.1		2.0		—		—		—		—		4.1		2.0
Consolidated realized cash derivative gains	9.6		5.6		—		—		—		—		9.6		5.6
Consolidated production revenue and realized cash derivative gains (1)	$	113.0	$	119.7	$	23.8	$	45.1	$	5.4	$	7.3	$	142.2	$	172.1

(1) Realized cash derivative gains from derivatives not treated as hedges are included in net derivative gains (losses). Unrealized derivative gains and losses, non-cash loss in fair value from restructured natural gas derivatives and hedge ineffectiveness make up the remainder of net derivative gains (losses) as reported on our statement of income. A discussion of net derivative gains (losses) is found elsewhere in our discussion of our results of operation. Total revenue is comprised of production revenue, net derivative gains (losses), sales of purchased natural gas and other revenue.

Average Daily Production Volume:

	Natural Gas		NGL		Oil		Equivalent Total
	2013	2012	2013	2012	2013	2012	2013	2012
	(MMcfd)		(Bbld)		(Bbld)		(MMcfed)
Barnett Shale	175.9	232.8	9,644	11,508	281	359	235.5	304.0
Other U.S.	0.1	0.8	24	10	407	486	2.7	3.8
Total U.S.	176.0	233.6	9,668	11,518	688	845	238.2	307.8
Horseshoe Canyon	51.3	57.9	6	13	—	—	51.3	57.9
Horn River	68.0	11.3	—	—	—	—	68.0	11.3
Total Canada	119.3	69.2	6	13	—	—	119.3	69.2
Total	295.3	302.8	9,674	11,531	688	845	357.5	377.0

27

Average Realized Price:

	Natural Gas				NGL				Oil				Equivalent Total
	2013		2012		2013		2012		2013		2012		2013		2012
	(per Mcf)				(per Bbl)				(per Bbl)				(per Mcfe)
Barnett Shale	$	3.27	$	2.60	$	27.35	$	42.62	$	90.12	$	98.59	$	3.67	$	3.72
Other U.S.	4.24		2.38		52.49		53.50		85.92		91.65		13.50		12.35
Hedging	0.96		1.86		—		0.31		—		—		0.71		1.43
Total U.S.	4.23		4.47		27.42		42.95		87.63		94.61		4.50		5.26
Horseshoe Canyon	$	3.29	$	2.55	$	66.68	$	68.43	$	—	$	—	$	3.29	$	2.56
Horn River	2.91		2.07		—		—		—		—		2.91		2.07
Hedging	0.30		0.57		—		—		—		—		0.30		0.57
Total Canada	$	3.37	$	3.04	$	66.68	$	68.43	$	—	$	—	$	3.38	$	3.05
Total	$	3.89	$	4.14	$	27.44	$	42.98	$	87.63	$	94.61	$	4.12	$	4.85
U.S. realized cash derivative gains	$	0.35	$	0.17	$	—	$	—	$	—	$	—	$	0.26	$	0.13
Canada realized cash derivative gains	0.38		0.32		—		—		—		—		0.38		0.32
Consolidated realized cash derivative gains	0.36		0.20		—		—		—		—		0.30		0.16
Consolidated production revenue and realized cash derivative gains	$	4.25	$	4.34	$	27.44	$	42.98	$	87.63	$	94.61	$	4.42	$	5.01

The following table summarizes the changes in our production revenue and realized cash gains (losses) on derivatives:

	Natural Gas			NGL			Oil			Total
	(In thousands)
Consolidated production revenue and realized cash derivative gains for the 2012 quarter	$	119,658		$	45,100		$	7,279		$	172,037
Volume variances	(2,502		)	(7,627		)	(1,423		)	(11,552		)
Hedge revenue variances	(24,667		)	(322		)	—			(24,989		)
Realized cash derivative variance (1)	4,013			—			—			4,013
Price variances	16,394			(13,260		)	(433		)	2,701
Consolidated production revenue and realized cash derivative gains for the 2013 quarter	$	112,896		$	23,891		$	5,423		$	142,210

⁽¹⁾  This amount is also included in the production revenue and realized cash derivatives gains table above.

Consolidated production revenue and realized cash derivative gains from natural gas for the 2013 quarter decreased from the 2012 quarter due to lower volumes produced and a net decrease in hedge revenue and realized cash derivative gains due to improved prices partially offset by an increase in the realized price for natural gas. Consolidated production revenue and realized cash derivative gains from NGL revenue for the 2013 quarter decreased from the 2012 quarter due to lower volumes produced and decreased realized prices. The decrease in natural gas and NGL volumes are a result of decreases in our Barnett Shale Asset as a result of natural decline curves of our wells and are partially offset by an increase in our Horn River Asset as additional wells began producing in the second half of 2012.

Utilization of derivatives to economically hedge our sales of natural gas and NGLs may result in realized prices varying from market prices that we receive from the sale of our production. Our production revenue and realized derivative cash gain (loss) for the 2013 quarter and 2012 quarter was higher by $28.1 million and $49.1 million, respectively, because of our derivative activities.

28

Sales of Purchased Natural Gas and Costs of Purchased Natural Gas

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Sales of purchased natural gas
Purchases from Eni	$	15,900	$	11,145
Purchases from others	658		941
Total	16,558		12,086
Costs of purchased natural gas sold
Purchases from Eni	15,896		11,183
Purchases from others	622		754
Total	16,518		11,937
Net sales and purchases of natural gas	$	40	$	149

Net Derivative Gains (Losses)

The following table summarizes our net derivative gains and losses:

	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Unrealized mark-to-market changes in fair value of natural gas derivative gains (losses) (1)	$	(40,965	)	$	6,831
Realized cash settlements of natural gas derivative gains	9,596			5,583
Non-cash loss in fair value from restructured natural gas derivatives	—			(13,836		)
Gain (loss) from hedge ineffectiveness	—			(5,242		)
Derivative gains (losses), net	(31,369		)	(6,664		)

(1) Unrealized mark-to-market changes in fair value are subject to continuing market risk.

In 2012 we began to account for the fair value changes of certain natural gas derivatives in the income statement as reflected in the above table. In 2012 we terminated a number of our ten-year derivative instruments in exchange for derivative instruments with shorter durations at above market terms. The decrease in the fair value between the terminated ten-year instrument and the new shorter term instrument was recognized as a non-cash loss in fair value from restructured derivatives.

Other Revenue

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Midstream revenue from third parties:
Canada	$	675	$	731
Texas	225		227
Total midstream revenue	900		958
Other	—		32
Total	$	900	$	990

29

Operating Expense

Lease Operating

	For the Three Months Ended March 31,
	2013				2012
	(In thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Barnett Shale
Cash expense	$	13,435	$	0.63	$	17,233	$	0.62
Equity compensation	272		0.01		415		0.02
	$	13,707	$	0.64	$	17,648	$	0.64
Other U.S.
Cash expense	$	1,403	$	5.72	$	2,159	$	6.14
Equity compensation	68		0.28		48		0.14
	$	1,471	$	6.00	$	2,207	$	6.28
Total U.S.
Cash expense	$	14,838	$	0.69	$	19,392	$	0.69
Equity compensation	340		0.02		463		0.02
	$	15,178	$	0.71	$	19,855	$	0.71
Horseshoe Canyon
Cash expense	$	8,211	$	1.78	$	7,756	$	1.47
Equity compensation	65		0.01		126		0.01
	$	8,276	$	1.79	$	7,882	$	1.48
Horn River
Cash expense	$	1,441	$	0.24	$	954	$	0.93
Equity compensation	—		—		—		—
	$	1,441	$	0.24	$	954	$	0.93
Total Canada
Cash expense	$	9,652	$	0.90	$	8,710	$	1.38
Equity compensation	65		0.01		126		0.02
	$	9,717	$	0.91	$	8,836	$	1.40
Total Company
Cash expense	$	24,490	$	0.76	$	28,102	$	0.82
Equity compensation	405		0.01		589		0.02
	$	24,895	$	0.77	$	28,691	$	0.84

Lease operating expense for the 2013 quarter in Canada increased on a gross basis compared to the 2012 quarter primarily due to increased volumes in our Horn River Asset. The reduction on a per Mcfe basis is due to the increased volumes in our Horn River Asset as fixed LOE costs were distributed over a higher volume compared to the 2012 quarter.

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Gathering, Processing and Transportation

	For the Three Months Ended March 31,
	2013				2012
	(In thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Barnett Shale	$	30,799	$	1.45	$	38,638	$	1.40
Other U.S.	3		0.01		3		0.01
Total U.S.	30,802		1.44		38,641		1.38
Horseshoe Canyon	823		0.18		1,069		0.20
Horn River	8,199		1.34		3,367		3.30
Total Canada	9,022		0.84		4,436		0.70
Total	$	39,824	$	1.24	$	43,077	$	1.26

US GPT per Mcfe in the 2013 quarter was higher primarily due to our production mix between areas within our Barnett Shale Asset and annual escalations on our transportation contracts. Canadian GPT increased in total for the 2013 quarter as compared to the 2012 quarter as a result of increased volumes in our Horn River Asset, and decreased on a per Mcfe basis in the Horn River primarily as a result of fixed costs under our firm agreements with third parties being spread over increased volumes in the 2013 quarter. Canadian GPT includes unused firm capacity of $1.1 million and $1.9 million for the 2013 period and the 2012 period, respectively.

Production and Ad Valorem Taxes

	For the Three Months Ended March 31,
	2013				2012
	(In thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Production taxes
Barnett Shale	$	940	$	0.04	$	1,309	$	0.05
Other U.S.	232		0.01		242		0.01
Total U.S.	1,172		0.05		1,551		0.06
Horseshoe Canyon	65		0.01		3		0.02
Horn River	—		—		—		—
Total Canada	65		0.01		3		0.02
Total production taxes	1,237		0.04		1,554		0.05
Ad valorem taxes
Barnett Shale	$	3,353	$	0.16	$	4,614	$	0.17
Other U.S.	147		0.59		97		0.28
Total U.S.	3,500		0.16		4,711		0.17
Horseshoe Canyon	698		0.15		428		0.08
Horn River	49		0.01		70		0.07
Total Canada	747		0.07		498		0.08
Total ad valorem taxes	4,247		0.13		5,209		0.15
Total	$	5,484	$	0.17	$	6,763	$	0.20

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Depletion, Depreciation and Accretion

	For the Three Months Ended March 31,
	2013				2012
	(In thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Depletion
U.S.	$	11,108	$	0.52	$	39,990	$	1.43
Canada	1,205		0.11		8,955		1.42
Total depletion	12,313		0.38		48,945		1.43
Depreciation of other fixed assets
U.S.	$	2,115	$	0.10	$	2,380	$	0.08
Canada	2,459		0.23		2,170		0.34
Total depreciation	4,574		0.14		4,550		0.13
Accretion	1,369		0.04		944		0.03
Total	$	18,256	$	0.57	$	54,439	$	1.59

U.S. depletion for the 2013 quarter, when compared to the 2012 quarter, reflected a decrease in production and a decrease in the current year depletion rate due to impairments recognized in 2012. Canadian depletion decreased for the 2013 quarter, when compared to the 2012 quarter, due to a decrease in the current year depletion rate as a result of impairment recognized in 2012 partially offset by an increase in production.

Impairment Expense

We perform quarterly ceiling tests to assess impairment of our oil and gas properties. We also assess our fixed assets reported outside the full-cost pool when circumstances indicate impairment may have occurred. The calculation of impairment expense is more fully described in Note 4 to the condensed consolidated financial statements in Item 1 of this Quarterly Report.

In the 2012 quarter, we recognized $178.0 million and $139.9 million in non-cash charges for impairment of our U.S. and Canadian oil and gas properties, respectively. No impairment was recognized in the 2013 quarter.

General and Administrative

	For the Three Months Ended March 31,
	2013				2012
	(In thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Cash expense	$	10,333	$	0.32	$	12,377	$	0.36
Audit and accounting fees	1,266		0.04		1,677		0.05
Equity compensation	4,564		0.14		5,041		0.15
Total	$	16,163	$	0.50	$	19,095	$	0.56

General and administrative expense for the 2013 quarter was lower than the 2012 quarter primarily due to cost saving initiatives and reduced audit fees.

Fortune Creek Accretion

In December 2011, we entered into an agreement with KKR to form Fortune Creek to construct and operate midstream assets for natural gas produced by us and others primarily in British Columbia. KKR’s contribution is shown as Partnership liability in the condensed consolidated balance sheet, and we recognize accretion expense to reflect the rate of return earned by KKR via its investment.

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Interest Expense

	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Interest costs on debt outstanding	$	43,973		$	42,043
Add:
Fees paid on letters of credit outstanding	50			29
Non-cash interest (1)	1,858			1,742
Total interest costs incurred	45,881			43,814
Less:
Interest capitalized	(1,939		)	(3,644		)
Interest expense	$	43,942		$	40,170

⁽¹⁾  Amortization of deferred financing costs, original issue discount net of interest swap settlement amortization.

Interest costs on debt outstanding for the 2013 quarter were higher when compared to the 2012 quarter primarily because of increased interest rates and debt outstanding and a decrease in capitalized interest on capital expenditures related to our exploratory plays.

Income Taxes

The effective tax rates for the three months ended March 31, 2013 and 2012 are as follows:

	For the Three Months Ended March 31,
	2013			2012
	(in thousands)
Income tax (benefit) expense-U.S.	$	6,224		$	(63,268	)
Effective tax rate-U.S.	(12.7		)%	38.5		%
Income tax (benefit) expense-Canada	$	672		$	(37,970	)
Effective tax rate-Canada	(18.1		)%	25.6		%
Income tax (benefit) expense-total	$	6,896		$	(101,238	)
Effective tax rate-total	(13.1		)%	32.4		%

Income tax expense for the three months ended March 31, 2013 included a U.S. and Canadian valuation allowance of $23.1 million and $0.8 million, respectively. In 2012, we determined reduced likelihood of realizing deferred tax benefits primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2013 is a result of hedge gains previously deferred in AOCI being realized during the quarter and the net tax impact being recognized without a corresponding valuation allowance. The effective rate for the 2012 quarter reflected a projection of full year of U.S. and Canadian taxable losses.

LIQUIDITY, CAPITAL RESOURCES AND FINANCIAL POSITION

Cash Flow Activity

Our financial condition and results of operations, including our liquidity and profitability, are significantly affected by the prices that we realize for our natural gas, NGL and oil production and the volumes of natural gas, NGLs and oil that we produce.

The natural gas, NGLs and oil that we produce are commodity products for which established trading markets exist. Accordingly, product pricing is generally influenced by the relationship between supply and demand for these products. Product supply is affected primarily by fluctuations in production volumes, and product demand is affected by the state of the economy in general, the availability and price of alternative fuels and a variety of other factors. Prices for our products historically have been volatile, and we have no meaningful influence over the timing and extent of price changes for our products. Although we have mitigated our near-term exposure to such price declines through derivative financial instruments covering substantial portions of our expected near-term production, we cannot confidently predict whether or when commodity prices will increase or decrease.

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The volumes that we produce may be significantly affected by the rates at which we acquire leaseholds and other mineral interests and explore, exploit and develop our leasehold and other mineral interests through drilling and production activities. These activities require substantial capital expenditures, and our ability to fund these activities through cash flow from our operations, borrowings and other sources may be affected by instability in the capital markets.

For the remainder of 2013 through 2021, swaps economically hedge a portion of our natural gas revenue. The following summarizes future production hedged with commodity derivatives as of March 31, 2013.

Production	Daily Production
Year	Gas
	MMcfd
2013	200
2014	170
2015	150
2016-2021	40

The following summarizes our cash flow activity for the 2013 quarter and 2012 quarter:

	Three months ended, March 31,
	2013			2012
	(In thousands)
Net cash provided by operating activities	$	(14,394	)	$	27,370
Net cash used by investing activities	(26,834		)	(133,365		)
Net cash provided by financing activities	45,824			106,021

Operating Cash Flows

Net cash provided by operating activities for the 2013 quarter decreased from the 2012 quarter due to lower realized prices (including derivative effects), lower production volumes and negative changes in working capital.

Net cash provided by operating activities for the 2013 quarter also includes hedge cash settlements of $2.9 million which is deferred in other comprehensive income related to our long-dated hedges restructured in the first quarter of 2012. The revenue impact will be realized over the original term of the hedges which extends until 2021.

Investing Cash Flows

Costs incurred for property, plant and equipment for the 2013 quarter and 2012 quarter were as follows:

	United States		Canada		Consolidated
	(In thousands)
For the Three Months Ended March 31, 2013
Exploration and development	$	20,553	$	3,064	$	23,617
Midstream	6		74		80
Administrative	393		247		640
Total	$	20,952	$	3,385	$	24,337
For the Three Months Ended March 31, 2012
Exploration and development	$	72,431	$	53,623	$	126,054
Midstream	447		5,533		5,980
Administrative	1,115		2,418		3,533
Total	$	73,993	$	61,574	$	135,567

Costs incurred reflect the true nature of the activity of the 2013 capital program, while capital expenditures shown in the condensed consolidated statement of cash flows also reflect the related changes in working capital. Our 2013 capital costs incurred have decreased for the U.S. and Canada as a result of our overall decrease in capital spend in 2013 compared to 2012. Changes in working capital are driven by the reduction in accounts payable from prior year activities.

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We received a $41.1 million earn-out payment from Crestwood in February 2012.

Financing Cash Flows

Net financing cash flows in the 2013 quarter include net borrowings of $50.0 million under our Combined Credit Agreements.

Distribution of Fortune Creek Partnership funds in the 2013 quarter were $3.2 million paid to our partner based on their preferential distribution rights.

Liquidity and Borrowing Capacity

At March 31, 2013, the Combined Credit Agreements’ global borrowing base was $850 million and the global letter of credit capacity was $240 million. At March 31, 2013, there was $372.5 million available under the Combined Credit Agreements. We amended our Combined Credit Agreements in April 2013, which amendment provided for certain changes to the Combined Credit Agreements, including the following:

• Permit the sale and transfer of a 25% interest in Quicksilver’s Barnett Shale assets to TGBR

• Reduce the global borrowing base to $350 million from $850 million, including a reduction due to the Tokyo Gas Transaction

• Reduce the minimum required interest coverage ratio to the following:

Period	Interest Coverage Ratio	Period	Interest Coverage Ratio
Q2 2013	1.25	Q1 2015	1.10
Q3 2013	1.25	Q2 2015	1.15
Q4 2013	1.25	Q3 2015	1.15
Q1 2014	1.20	Q4 2015	1.20
Q2 2014	1.15	Q1 2016	1.50
Q3 2014	1.10	Q2 2016	2.00
Q4 2014	1.10

• Permit up to $800 million of second lien debt, subject to customary intercreditor terms

• Permit redemption of existing notes or permitted additional debt with the proceeds from certain asset sales and permitted second lien debt, provided utilization under the global borrowing base after giving effect to such transactions is less than 75% and compliance with other customary conditions

• Reduce the maximum senior secured debt leverage ratio to 2.0 and exclude permitted second lien debt from the senior secured debt definition

• Increase the applicable margin by 0.75% for each type of loan and issued letters of credit

• Increase the minimum mortgage properties requirement to 87.5% from 80% of proved hydrocarbon interests evaluated in the then most recent reserve report.

In April 2013, we received net cash proceeds of $463.4 million for the sale of 25% of our Barnett Shale Asset to TGBR. The effective date of the transaction was September 1, 2012. TGBR's ratable share of Barnett production, operating expenses, and capital spending from the effective date to the closing date was deducted as a purchase price adjustment, along with other customary closing adjustments, from the $485 million purchase price. The proceeds were used to reduce outstanding borrowings under the Combined Credit Agreements by approximately $250 million, with the remainder retained in cash.

In April 2013, we increased our outstanding letters of credit by C$13 million for the step-up of treating volumes in the Horn River Basin.

Our ability to remain in compliance with the financial covenants in our Combined Credit Agreements may be affected by events beyond our control. While we believe that we will be able to comply with these covenants for the next 12 months, we do not expect to exceed the required levels by a significant margin. Accordingly, even a modest decline in prices for natural gas and NGLs, our failure to achieve anticipated cost savings or the inaccuracy in any material respect of any of the other assumptions underlying our forecast could cause us to fail to comply with the covenants contained in the Combined Credit Agreements. Any future inability to comply with these covenants, unless waived or amended by the requisite lenders, could materially and adversely affect our liquidity by rendering us unable to borrow further under our credit facilities and by accelerating the maturity of our debt.

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We have an incurrence test under our indentures that requires EBITDA to exceed interest expense by 2.25 times. At March 31, 2013, we did not meet this test and, as a result, we are limited in our ability to, among other things, incur additional debt, except for specific baskets. We do retain, however, the ability to utilize the full borrowing capacity under our Combined Credit Agreements and our ability to refinance existing debt. Not meeting this ratio does not represent an event of default under our indentures. We are presently unable to predict when or if we will meet the incurrence test.

Additional information about our debt and related covenants is included in Note 5 to the condensed consolidated financial statements in Item 1 of this Quarterly Report. The information presented above is qualified in all respects by reference to the full text of the documents governing the various components of our debt.

We anticipate that our remaining 2013 capital program will be funded by cash flow from operations or cash on hand and could be further supplemented by proceeds from additional asset sales, although we could also borrow under the Combined Credit Agreements. If our capital resources are insufficient to fund our 2013 capital expenditure plan, we will need to reduce our capital expenditures or seek other financing alternatives. We may not be able to obtain financing needed in the future on terms that would be acceptable to us, or at all. If we limit or defer our 2013 capital expenditure plan, we could adversely affect the recoverability and ultimate value of our oil and gas properties.

Depending upon conditions in the capital markets and other factors, we will from time to time consider the issuance of debt or other securities or other possible capital markets transactions, the proceeds of which could be used to refinance current indebtedness or for other corporate purposes. We will also consider from time to time additional acquisitions of, and investments in, assets or businesses that complement our existing asset portfolio. Acquisition transactions, if any, are expected to be financed through cash flow from operations, borrowings under the Combined Credit Agreements, proceeds from asset sales, the issuance of debt or other securities or a combination of those sources.

Financial Position

The following impacted our balance sheet as of March 31, 2013, as compared to our balance sheet as of December 31, 2012:

• Our accounts receivable balance decreased $6.7 million from December 31, 2012 to March 31, 2013 primarily due to a decrease of $3.1 million related to NGL hedge settlement accruals in 2012 as well as lower production volumes and realized prices compared to December 31, 2012.

• Our net property, plant and equipment balance decreased $1.5 million from December 31, 2012 to March 31, 2013. We incurred capital cost of $24.3 million during 2013 and also recognized assets for retirement obligations established for new wells and facilities. Offsetting the increases was $18.3 million of DD&A and $8.0 million related to U.S.-Canadian exchange rate changes.

• The $19.3 million decrease in accounts payable was due to a reduction in accrued capital expenditures of $2.0 million from the December 31, 2012 amount and a decrease in trade payables of $15.6 million from December 31, 2012 as activity has decreased from year‑end.

• Long-term debt increased $45.1 million primarily from net borrowings under the Combined Credit Agreements of $50.0 million partially offset by changes to the U.S.-Canadian exchange rate resulting in a decrease of $4.7 million.

Contractual Obligations and Commercial Commitments

There have been no significant changes to our contractual obligations and commitments as reported in our 2012 Annual Report on Form 10-K.

Critical Accounting Estimates

Management’s discussion and analysis of financial condition and results of operations are based on our condensed consolidated interim financial statements and related footnotes contained within this report. The process of preparing financial statements in conformity with GAAP requires the use of estimates and assumptions to determine certain of the assets, liabilities, revenue and expense. Our more critical accounting estimates used in the preparation of the consolidated financial statements were discussed in our 2012 Annual Report on Form 10-K. These critical estimates, for which no significant changes occurred during the three months ended March 31, 2013, include estimates and assumptions for:

•     oil and gas reserves	•     stock-based compensation
•     full cost ceiling calculations	•     income taxes
•     derivative instruments

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These estimates and assumptions are based upon what we believe is the best information available at the time we make the estimate or assumption. The estimates and assumptions could change materially as conditions within and beyond our control change. Accordingly, actual results could differ materially from those estimates and assumptions.

OFF-BALANCE SHEET ARRANGEMENTS

In March 2013, NGTL agreed to reduce our letter of credit for the Komie North Project to $14 million subsequent to the NEB recommendation against the Komie North Project. Based on discussions with NGTL we believe that NGTL will pursue its application on a delayed basis. In pursuing the application, NGTL will solicit the participation of other producers in the area. Item 8, Note 14 in our 2012 Annual Report on Form 10-K contains additional information about our contracts with NGTL.

RECENTLY ISSUED ACCOUNTING STANDARDS

Accounting standards-setting organizations frequently issue new or revised accounting rules. We regularly review all new pronouncements to determine their impact, if any, on our financial statements. No pronouncements materially affecting our financial statements have been issued since the filing of our 2012 Annual Report on Form 10-K.

ITEM 3. Quantitative and Qualitative Disclosures About Market Risk

Commodity Price Risk

We have established internal control policies and procedures for managing risk within our organization. The possibility of decreasing prices received for our natural gas, NGL and oil production is among the several risks that we face. We seek to manage this risk by entering into derivative contracts. We have mitigated the downside risk of adverse price movements through the use of derivatives but, in doing so, we have also limited our ability to benefit from favorable price movements. This commodity price strategy enhances our ability to execute our development, exploitation and exploration programs, meet debt service requirements and pursue acquisition opportunities even in periods of price volatility or depression.

We enter into financial derivative contracts to mitigate our exposure to commodity price risk associated with anticipated future production and to increase the predictability of our revenue. Utilization of our financial hedging program will most often result in realized prices from the sale of our natural gas and NGLs that vary from market prices. As a result of settlements of derivative contracts, our revenue from natural gas and NGL production was greater by $18.5 million and $43.5 million for the 2013 quarter and 2012 quarter, respectively and gains were recognized in net derivative gains (losses) of $9.6 million and $5.6 million for the 2013 quarter and 2012 quarter, respectively. These increases in production revenue and realized gains were offset by unrealized losses of $41.0 million for the 2013 quarter with unrealized gains of $6.8 million for the 2012 quarter.

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The following table details our open derivative positions at March 31, 2013:

Product	Type	Segment	Remaining Contract Period	Volume	Price Per Mcf
Gas	Swap	Canada	Apr 2013 - Dec 2013	10 MMcfd	5.00
Gas	Swap	Canada	Apr 2013 - Dec 2015	10 MMcfd	6.42
Gas	Swap	Canada	Apr 2013 - Dec 2015	10 MMcfd	6.45
Gas	Swap	Canada	Apr 2013 - Dec 2015	10 MMcfd	4.04
Gas	Swap	Canada	Apr 2013 -Dec 2021	10 MMcfd	4.625
Gas	Swap	U.S.	Apr 2013 - Dec 2013	20 MMcfd	5.00
Gas	Swap	U.S.	Apr 2013 - Dec 2013	10 MMcfd	5.00
Gas	Swap	U.S	Apr 2013 - Dec 2014	10 MMcfd	3.91
Gas	Swap	U.S	Apr 2013 - Dec 2014	10 MMcfd	3.89
Gas	Swap	U.S.	Apr 2013 - Dec 2015	5 MMcfd	6.23
Gas	Swap	U.S.	Apr 2013 - Dec 2015	5 MMcfd	6.20
Gas	Swap	U.S.	Apr 2013 - Dec 2015	20 MMcfd	6.00
Gas	Swap	U.S.	Apr 2013 - Dec 2015	10 MMcfd	6.00
Gas	Swap	U.S.	Apr 2013 - Dec 2015	5 MMcfd	5.68
Gas	Swap	U.S.	Apr 2013 - Dec 2015	7.5 MMcfd	5.48
Gas	Swap	U.S.	Apr 2013 - Dec 2015	7.5 MMcfd	5.50
Gas	Swap	U.S.	Apr 2013 - Dec 2015	5 MMcfd	4.15
Gas	Swap	U.S.	Apr 2013 - Dec 2015	5 MMcfd	4.13
Gas	Swap	U.S.	Jan 2014 - Dec 2015	5 MMcfd	4.26
Gas	Swap	U.S.	Jan 2014 - Dec 2015	5 MMcfd	4.25
Gas	Swap	U.S.	Apr 2013 - Dec 2021	10 MMcfd	4.54
Gas	Swap	U.S.	Apr 2013 - Dec 2021	5 MMcfd	4.38
Gas	Swap	U.S.	Apr 2013 - Dec 2021	10 MMcfd	4.37
Gas	Swap	U.S.	Apr 2013 - Dec 2021	5 MMcfd	4.35

These open derivative positions had a net fair value of $135.5 million as of March 31, 2013.

The fair value of all derivative instruments included in these disclosures was estimated using prices quoted in markets for the periods covered by the derivatives and the value confirmed by counterparties and does not include an adjustment for counterparty credit risk. Estimates were determined by applying the net differential between the prices in each derivative and market prices for future periods to the amounts stipulated in each contract to arrive at an estimated future value. This estimated future value was discounted on each contract at rates commensurate with federal treasury instruments with similar contractual lives.

Interest Rate Risk

Changes in interest rates affect the interest rate we pay on borrowings under the Combined Credit Agreements. Our senior notes and senior subordinated notes have fixed interest rates and thus do not expose us to risk from fluctuations in market interest rates. Changes in interest rates do affect the fair value of our fixed rate debt.

In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges of our senior notes due 2015 and our senior subordinated notes. We deferred gains of $30.8 million as a fair value adjustment to our debt, which we began to recognize over the life of the associated debt instruments. During the 2013 quarter and the 2012 quarter, we recognized $1.3 million and $1.2 million, respectively, of those deferred gains as a reduction of interest expense.

Should we be required to borrow under our Combined Credit Agreements and based on interest rates as of March 31, 2013, each $50 million in borrowings would result in additional annual interest payments of $1.6 million. If the current borrowing availability under our Combined Credit Agreements were to be fully utilized by year-end 2013 at interest rates as of March 31, 2013, we estimate that annual interest payments would increase by $12.2 million. If interest rates change by 1% on our March 31, 2013 variable debt balances of $433.5 million, our annual pre-tax loss would decrease or increase by $4.3 million.

In the future, we may enter into interest rate derivative contracts on a portion of our outstanding debt to mitigate the risk of fluctuation of rates or manage the floating versus fixed rate risk.

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Foreign Currency Risk

Our Canadian subsidiary uses the Canadian dollar as its functional currency. To the extent that business transactions in Canada are not denominated in Canadian dollars, we are exposed to foreign currency exchange rate risk. Non-functional currency transactions for the 2013 quarter and the 2012 quarter resulted in a loss of less than $0.1 million and a gain of less than $0.1 million, respectively, and were included in other income. Furthermore, the Amended and Restated Canadian Credit Facility permits Canadian borrowings to be made in either U.S. or Canadian-denominated amounts. However, the aggregate borrowing capacity of the entire facility is calculated using the U.S. dollar equivalent. Accordingly, there is a risk that exchange rate movements could impact our available borrowing capacity.

ITEM 4.  Controls and Procedures

Conclusions Regarding the Effectiveness of Disclosure Controls and Procedures

We carried out an evaluation, under the supervision and with the participation of management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report pursuant to Securities Exchange Act Rule 13a-15. Based upon that evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of March 31, 2013, our disclosure controls and procedures were not effective to provide reasonable assurance that material information required to be disclosed by us (including our consolidated subsidiaries) in reports that we file or submit under the Securities Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that information required to be disclosed by us in the reports we file or submit under the Securities Exchange Act is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

As disclosed in our 2012 Annual Report on Form 10-K, two material weaknesses were identified related to the design and operating effectiveness of our controls. Our controls failed to detect that, for contracts designated as hedges that had a fair value on the date of designation, there were undocumented potential sources of ineffectiveness. Specifically, our documentation in 2012 did not include an assessment of whether interest rate changes could cause the instruments to not be effective over the life of the derivative, which was required due to the presence of fair value on the designation date. Effective December 31, 2012, we no longer account for our derivatives as hedges and have clarified our policies regarding application of hedge accounting if we apply this election in the future and have therefore remediated this material weakness.

We also had a material weakness related to the operating effectiveness of controls over the reconciliation of deferred income taxes, particularly related to the tax basis in property, plant and equipment. In response to this material weakness, management is working to complete a detailed reconciliation of the property, plant and equipment account balances. While this process is not yet complete, we have concluded that the financial statements in this Quarterly Report on Form 10-Q present fairly, in all material respects, our consolidated financial condition, results of operations and cash flows in conformity with generally accepted accounting principles in the U.S.

There has been no other change in our internal control over financial reporting during the quarter ended March 31, 2013, that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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PART II. OTHER INFORMATION

ITEM 1.   Legal Proceedings

In December 2012, Vantage Fort Worth Energy LLC (“Plaintiff”) served a lawsuit against us and others in the 352nd Judicial District Court of Texas in Tarrant County asserting claims for trespass to try title, suit to quiet title, trespass and conversion in connection with 16 wells located on a 158.75 acre tract located in Tarrant County, Texas. They seek declaratory and injunctive relief, an accounting and an unspecified amount of actual damages, interest and court costs. We filed our answer in January 2013. In January 2013, Vantage filed its Motion for Non-suit with respect to certain defendants and First Amended Petition. Vantage's current complaint also seeks an unspecified amount of actual damages, interests and costs.

On May 8, 2013, all parties to the suit entered into a settlement agreement, effective April 1, 2013, whereby we assigned to Plaintiff various property and equipment and Plaintiff agreed to non-suit all of the Defendants in the matter. The court entered its Order of Dismissal with prejudice on May 13, 2013. The final resolution of this matter did not have a material effect on our financial condition, results of operations, or cash flows.

There have been no other material changes in the legal proceedings described in Part I, Item 3 included in our 2012 Annual Report on Form 10-K.

ITEM 1A.   Risk Factors

There have been no material changes in the risk factors described in Part I, Item 1A included in our 2012 Annual Report on Form 10-K.

ITEM 2.   Unregistered Sales of Equity Securities and Use of Proceeds

Issuer Purchases of Equity Securities

The following table summarizes our repurchases of Quicksilver common stock during the quarter ended March 31, 2013.

Period	Total Number of Shares Purchased (1)	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plan (2)	Maximum Number of Shares that May Yet Be Purchased Under the Plan (2)
January 2013	317,135	$	2.83	—	—
February 2013	30,431	$	2.29	—	—
March 2013	19,562	$	2.01	—	—
Total	367,128	$	2.74	—	—

⁽¹⁾  Represents shares of common stock surrendered by employees to satisfy income tax withholding obligations arising upon the vesting of restricted stock issued under our stock plan.

⁽²⁾  We do not have a publicly announced plan for repurchasing our common stock.

We have not paid cash dividends on our common stock and intend to retain our cash flows from operations for future operations and development of our business. In addition, we have debt agreements that restrict the payment of dividends.

ITEM 3. Defaults Upon Senior Securities

None.

ITEM 4. Mine Safety Disclosures

None.

ITEM 5. Other Information

Other Events.

We hired a consulting firm to conduct an independent review of our business strategy and to evaluate alternative strategies and options. In connection with their strategic review, Mr. Thomas Darden has offered to retire as an executive officer of the Company, but remain a member of the board of directors. Negotiations are ongoing regarding the terms of the retirement but to date have not been concluded. If the continuing negotiations are not concluded, our operations and ability to raise financing may be adversely affected.

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ITEM 6. Exhibits

		Incorporated by Reference				Filed (†) or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form	SEC File No.	Exhibit	Filing Date
4.1	Amendment No. 2, dated as of March 8, 2013, to the Amended and Restated Rights Agreement between Quicksilver Resources Inc. and Computershare Shareowner Services LLC (f/k/a Mellon Investor Services LLC), as Rights Agent	8-K	001-14837	4.1	3/8/2013
10.1	Purchase and Sale Agreement, dated March 28, 2013, between Quicksilver Resources Inc., as Seller, and TG Barnett Resources LP, as Buyer	8-K	001-14837	2.1	5/6/2013
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					†
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					†
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002					†
101.INS	XBRL Instance Document					‡
101.SCH	XBRL Taxonomy Extension Schema Linkbase Document					‡
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document					‡
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document					‡
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document					‡
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document					‡

41

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Dated:	May 13, 2013	Quicksilver Resources Inc.
		By:	/s/ John C. Regan
			John C. Regan
			Senior Vice President-Chief Financial Officer (Duly Authorized Officer, Principal Financial and Accounting Officer)

42

EXHIBIT INDEX

		Incorporated by Reference				Filed (†) or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form	SEC File No.	Exhibit	Filing Date
4.1	Amendment No. 2, dated as of March 8, 2013, to the Amended and Restated Rights Agreement between Quicksilver Resources Inc. and Computershare Shareowner Services LLC (f/k/a Mellon Investor Services LLC), as Rights Agent	8-K	001-14837	4.1	3/8/2013
10.1	Purchase and Sale Agreement, dated March 28, 2013, between Quicksilver Resources Inc., as Seller, and TG Barnett Resources LP, as Buyer	8-K	001-14837	2.1	5/6/2013
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					†
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002					†
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002					†
101.INS	XBRL Instance Document					‡
101.SCH	XBRL Taxonomy Extension Schema Linkbase Document					‡
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document					‡
101.LAB	XBRL Taxonomy Extension Labels Linkbase Document					‡
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document					‡
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document					‡

43

EX-31.1

Exhibit 31.1

CERTIFICATION

I, Glenn Darden, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Quicksilver Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 13, 2013

/s/ Glenn Darden

Glenn Darden

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, John C. Regan, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Quicksilver Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 13, 2013

/s/John C. Regan

John C. Regan

Senior Vice President – Chief Financial Officer

(Principal Financial and Accounting Officer)

EX-32.1

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. § 1350, AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

Pursuant to 18 U.S.C. § 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, in connection with the Quarterly Report on Form 10-Q of Quicksilver Resources Inc. (the “Company”) for the quarter ended March 31, 2013, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, John C. Regan, Senior Vice President – Chief Financial Officer (Principal Financial and Accounting Officer) of the Company, and Glenn Darden, President and Chief Executive Officer of the Company, each certifies that, to his knowledge:

(1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of the dates and for the periods expressed in the Report.

Date: May 13, 2013

By:	/s/ John C. Regan	By:	/s/ Glenn Darden
	John C. Regan		Glenn Darden
	Senior Vice President – Chief Financial Officer		President and Chief Executive Officer
	(Principal Financial and Accounting Officer)

XML

Derivatives And Fair Value Measurements (Reduction Of Interest Expense Over The Life Of The Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Credit Risk Derivatives, at Fair Value, Net [Abstract]
Remainder of 2013	$ 4,197
2014	6,012
2015	4,669
2016	568
Reduction of interest expense over the life of the debt instruments, total	$ 15,446

XML

Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	4,979,980
Granted, Shares	58,576
Expired, Shares	(6,555)
Outstanding at end of period, Shares	5,032,001
Outstanding at beginning of period, Wtd Avg Exercise Price	$ 10.23
Exercisable at end of period, Shares	3,780,023
Granted, Wtd Avg Exercise Price	$ 2.93
Expired, Wtd Avg Exercise Price	$ 9.33
Outstanding at end of period, Wtd Avg Exercise Price	$ 10.15
Exercisable at end of period, Wtd Avg Exercise Price	$ 10.86
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years	6 years 2 months 4 days
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years	6 years 9 months 5 days
Outstanding at end of period, Aggregate Intrinsic Value	$ 0
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition	June 2015

XML

Asset Retirement Obligations (Estimated Asset Retirement Obligation Activity) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Asset Retirement Obligation [Abstract]
Beginning asset retirement obligations	$ 116,526
Additional liability incurred	103
Change in estimates	(92)
Accretion expense	1,370
Asset retirement costs incurred	(556)
Settlement of liability in excess of obligation recorded	56
Currency translation adjustment	(1,165)
Ending asset retirement obligations	116,242
Less current portion	577
Long-term asset retirement obligation	$ 115,665	$ 115,949

XML

Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	4,979,980
Granted, Shares	58,576
Outstanding at end of period, Shares	5,032,001
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition	March 2016
Payable In Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	3,099,135
Granted, Shares	5,093,626
Vested, Shares	(1,270,222)
Forfeited, Shares	(511,314)
Outstanding at end of period, Shares	6,411,225
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value	8.48
Granted, Wtd Avg Grant Date Fair Value	2.96
Vested, Wtd Avg Grant Date Fair Value	9.75
Forfeited, Wtd Avg Grant Date Fair Value	3.98
Outstanding at end of period, Wtd Avg Grant Date Fair Value	4.21
Payable In Cash [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	678,217
Granted, Shares	1,322,352
Vested, Shares	(201,878)
Forfeited, Shares	(73,700)
Outstanding at end of period, Shares	1,724,991
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value	7.71
Granted, Wtd Avg Grant Date Fair Value	2.97
Vested, Wtd Avg Grant Date Fair Value	9.69
Forfeited, Wtd Avg Grant Date Fair Value	4.41
Outstanding at end of period, Wtd Avg Grant Date Fair Value	3.98

XML

Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $) In Millions, unless otherwise specified						3 Months Ended																							3 Months Ended
	Mar. 31, 2013 Canadian Credit Facility [Member]	Mar. 31, 2013 Combined Credit Agreements [Member]	Mar. 31, 2013 Multiple Subsidiaries Set One [Member] U.S. Credit Facility [Member]	Mar. 31, 2013 Multiple Subsidiaries Set Two [Member] U.S. Credit Facility [Member]	Dec. 31, 2012 Multiple Subsidiaries Set Two [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Maximum [Member] U.S. Credit Facility [Member]	Mar. 31, 2013 Highest [Member] Combined Credit Agreements [Member]		Mar. 31, 2013 Equal [Member] Senior Notes Due 2015 [Member]		Mar. 31, 2013 Equal [Member] Senior Notes Due 2016 [Member]		Mar. 31, 2013 Equal [Member] Senior Notes Due 2019 [Member]		Mar. 31, 2013 Lowest [Member] Senior Subordinated Notes [Member]		Mar. 31, 2013 CDOR Rate [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 CDOR Rate [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 LIBOR [Member] U.S. Credit Facility [Member]	Mar. 31, 2013 LIBOR [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 LIBOR [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Canadian Prime Rate [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Canadian Prime Rate [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 U.S. Prime Rate [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 U.S. Prime Rate [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Eurodollar Loans [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Eurodollar Loans [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Federal Funds Rate [Member] U.S. Credit Facility [Member]	Mar. 31, 2013 2012 [Member] Equal [Member] Senior Notes Due 2015 [Member]	Mar. 31, 2013 2012 [Member] Lowest [Member] Senior Subordinated Notes [Member]	Mar. 31, 2013 2013 [Member] Equal [Member] Senior Notes Due 2015 [Member]	Mar. 31, 2013 2013 [Member] Equal [Member] Senior Notes Due 2016 [Member]	Mar. 31, 2013 2013 [Member] Lowest [Member] Senior Subordinated Notes [Member]	Mar. 31, 2013 2014 [Member] Equal [Member] Senior Notes Due 2016 [Member]	Mar. 31, 2013 2014 [Member] Equal [Member] Senior Notes Due 2019 [Member]	Mar. 31, 2013 2015 [Member] Equal [Member] Senior Notes Due 2019 [Member]	Mar. 31, 2013 2016 [Member] Equal [Member] Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity		$ 850					$ 850
Principal amount							850	[1]	438		591		298		350
Scheduled maturity date							Sep. 06, 2016	[2]	Aug. 01, 2015	[2]	Jan. 01, 2016	[2]	Aug. 15, 2019	[2]	Apr. 01, 2016	[2]
Interest rate on outstanding borrowings at end of current period							3.28%		8.25%		11.75%		9.125%		7.125%
Base interest rate options							LIBOR, ABR, CDOR	[2],[3],[4]	N/A	[2],[3],[4]	N/A	[2],[3],[4]	N/A	[2],[3],[4]	N/A	[2],[3],[4]
Financial covenants							- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.5 - Maximum senior secured debt leverage ratio of 2.5	[2],[5]	N/A	[2],[5]	N/A	[2],[5]	N/A	[2],[5]	N/A	[2],[5]
Significant restrictive covenants							- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	[2],[5]	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[2],[5]	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[2],[5]	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[2],[5]	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[2],[5]
Optional redemption							Any time	[2],[5]	August 1, 2012: 103.875 2013: 101.938 2014: par	[2],[5]	July 1, 2013: 105.875 2014: 102.938 2015: par	[2],[5]	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	[2],[5]	April 1, 2013: 101.188 2014: par	[2],[5]
Make-whole redemption							N/A	[2],[5]	N/A	[2],[5]	Callable prior to July 1, 2013 at make-whole call price of Treasury +50 bps	[2],[5]	Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps	[2],[5]	N/A	[2],[5]
Change of control							Event of default	[2],[5]	Put at 101% of principal plus accrued interest	[2],[5]	Put at 101% of principal plus accrued interest	[2],[5]	Put at 101% of principal plus accrued interest	[2],[5]	Put at 101% of principal plus accrued interest	[2],[5]
Estimated fair value							$ 433.5		$ 430.3		$ 601.0		$ 274.9		$ 294.4
Equity interests	100.00%		100.00%	65.00%	65.00%
Commitment fee percentage						1.00%
Current ratio							1.0
Minimum EBITDA to cash interest expense ratio							1.5
Redemption percentage of par value																													103.875%	102.375%	101.938%	105.875%	101.188%	102.938%	104.563%	103.042%	101.521%
Applicable margin in addition to interest rate						2.00%					0.50%		0.50%				3.00%	2.00%	1.00%	3.00%	2.00%	2.00%	1.00%	2.00%	1.00%	2.50%	1.50%	0.50%
Percentage of principal plus accrued interest for change of control									101.00%		101.00%		101.00%		101.00%

[1] The principal amount for the Combined Credit Agreements represents the global borrowing base as of March 31, 2013.

[2] Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, Quicksilver Production Partners Operating Ltd., QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) (on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

[3] mounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.00% to 3.00%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.00% to 2.00%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

[4] mounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% and 3.00%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% to 3.00%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

[5] The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.

XML

Crestwood Earn-Out (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Crestwood Earn Out [Abstract]
Crestwood earn-out	$ 0	$ 41,097

XML

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets	$ 147,716	$ 207,513
Property and equipment	1,027,532	1,029,058
Investment in subsidiaries (equity method)	0	0
Other assets	133,961	145,217
Total assets	1,309,209	1,381,788
Current liabilities	124,243	167,791
Long-term liabilities	2,387,898	2,346,794
Stockholders' equity	(1,202,932)	(1,132,797)
Total liabilities and stockholders' equity	1,309,209	1,381,788
Quicksilver Resources Inc. [Member]
Current assets	205,156	261,130
Property and equipment	631,481	621,073
Investment in subsidiaries (equity method)	(199,396)	(191,725)
Other assets	335,598	346,972
Total assets	972,839	1,037,450
Current liabilities	213,212	255,678
Long-term liabilities	1,962,558	1,914,568
Stockholders' equity	(1,202,931)	(1,132,796)
Total liabilities and stockholders' equity	972,839	1,037,450
Restricted Guarantor Subsidiaries [Member]
Current assets	109,951	105,695
Property and equipment	16,314	20,007
Investment in subsidiaries (equity method)	0	0
Other assets	0	0
Total assets	126,265	125,702
Current liabilities	112,512	112,133
Long-term liabilities	19,242	19,242
Stockholders' equity	(5,489)	(5,673)
Total liabilities and stockholders' equity	126,265	125,702
Restricted Non-Guarantor Subsidiaries [Member]
Current assets	67,481	76,088
Property and equipment	291,083	296,462
Investment in subsidiaries (equity method)	(31,143)	(42,883)
Other assets	41,983	41,865
Total assets	369,404	371,532
Current liabilities	32,234	33,475
Long-term liabilities	518,332	524,107
Stockholders' equity	(181,162)	(186,050)
Total liabilities and stockholders' equity	369,404	371,532
Restricted Subsidiary Eliminations [Member]
Current assets	(221,780)	(222,586)
Property and equipment	0	0
Investment in subsidiaries (equity method)	199,396	191,725
Other assets	(243,620)	(243,620)
Total assets	(266,004)	(274,481)
Current liabilities	(221,780)	(222,586)
Long-term liabilities	(243,620)	(243,620)
Stockholders' equity	199,396	191,725
Total liabilities and stockholders' equity	(266,004)	(274,481)
Quicksilver And Restricted Subsidiaries [Member]
Current assets	160,808	220,327
Property and equipment	938,878	937,542
Investment in subsidiaries (equity method)	(31,143)	(42,883)
Other assets	133,961	145,217
Total assets	1,202,504	1,260,203
Current liabilities	136,178	178,700
Long-term liabilities	2,256,512	2,214,297
Stockholders' equity	(1,190,186)	(1,132,794)
Total liabilities and stockholders' equity	1,202,504	1,260,203
Unrestricted Non-Guarantor Subsidiaries [Member]
Current assets	13,962	13,250
Property and equipment	0	0
Investment in subsidiaries (equity method)	(31,143)	(42,905)
Other assets	0	0
Total assets	(17,181)	(29,655)
Current liabilities	13,941	13,230
Long-term liabilities	0	0
Stockholders' equity	(31,122)	(42,885)
Total liabilities and stockholders' equity	(17,181)	(29,655)
Fortune Creek [Member]
Current assets	826	391
Property and equipment	88,654	91,516
Investment in subsidiaries (equity method)	0	0
Other assets	0	0
Total assets	89,480	91,907
Current liabilities	2,004	2,316
Long-term liabilities	1,572	1,585
Stockholders' equity	85,904	88,006
Total liabilities and stockholders' equity	89,480	91,907
Consolidating Eliminations [Member]
Current assets	(27,880)	(26,455)
Property and equipment	0	0
Investment in subsidiaries (equity method)	62,286	85,788
Other assets	0	0
Total assets	34,406	59,333
Current liabilities	(27,880)	(26,455)
Long-term liabilities	129,814	130,912
Stockholders' equity	(67,528)	(45,124)
Total liabilities and stockholders' equity	$ 34,406	$ 59,333

XML

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2013

Long-term Debt, Other Disclosures [Abstract]

Schedule Of Long-Term Debt Instruments

	March 31, 2013		December 31, 2012
Combined Credit Agreements	$	433,475	$	388,150
Senior notes due 2015, net of unamortized discount	436,060		435,851
Senior notes due 2016, net of unamortized discount	580,566		579,795
Senior notes due 2019, net of unamortized discount	292,772		292,622
Senior subordinated notes due 2016	350,000		350,000
Total debt	2,092,873		2,046,418
Unamortized deferred gain-terminated interest rate swaps	15,446		16,788
Current portion of long-term debt	—		—
Long-term debt	$	2,108,319	$	2,063,206

Schedule Of Outstanding Debt

	Priority on Collateral and Structural Seniority (1)
	Highest priority				Lowest priority
	Equal priority	Equal Priority
	Combined Credit Agreements	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	Senior Subordinated Notes
Principal amount (2)	$850 million	$438 million	$591 million	$298 million	$350 million
Scheduled maturity date	September 6, 2016	August 1, 2015	January 1, 2016	August 15, 2019	April 1, 2016
Interest rate on outstanding borrowings at March 31, 2013 (3)	3.28%	8.25%	11.75%	9.125%	7.125%
Base interest rate options (4) (5)	LIBOR, ABR, CDOR	N/A	N/A	N/A	N/A
Financial covenants (6)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.5 - Maximum senior secured debt leverage ratio of 2.5	N/A	N/A	N/A	N/A
Significant restrictive covenants (6)	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions
Optional redemption (6)	Any time	August 1, 2012: 103.875 2013: 101.938 2014: par	July 1, 2013: 105.875 2014: 102.938 2015: par	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	April 1, 2013: 101.188 2014: par
Make-whole redemption (6)	N/A	N/A	Callable prior to July 1, 2013 at make-whole call price of Treasury +50 bps	Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps	N/A
Change of control (6)	Event of default	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest
Estimated fair value (7)	$433.5 million	$430.3 million	$601 million	$274.9 million	$294.4 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, Quicksilver Production Partners Operating Ltd., QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) (on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾  The principal amount for the Combined Credit Agreements represents the global borrowing base as of March 31, 2013.

⁽³⁾  Represents the weighted average borrowing rate payable to lenders.

⁽⁴⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.00% to 3.00%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.00% to 2.00%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁵⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% and 3.00%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% to 3.00%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁶⁾  The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.

⁽⁷⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). We consider debt with variable interest rates to have a fair value equal to its carrying value (“Level 1” input).

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Commitments And Contingencies (Details) In Millions, unless otherwise specified			1 Months Ended		3 Months Ended
	Dec. 31, 2011 CAD	Mar. 31, 2013 NGTL [Member] USD ($)	Dec. 31, 2012 Tarrant County, Texas [Member] wells acre	Mar. 31, 2013 Subsequent Event [Member] CAD	Mar. 31, 2013 Subsequent Event [Member] Tarrant County, Texas [Member] USD ($)
Litigation settlement					$ 0.4
Letters of Credit Outstanding, Amount		14
Early contract termination fees	26.4
Line of Credit Facility, Letters of Credit, Increase, Additional Borrowings				13
Wells			16
Tract			159

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Property, Plant And Equipment (Narrative) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Property, Plant and Equipment [Line Items]
Impairment expense	$ 0	$ 317,928
UNITED STATES
Property, Plant and Equipment [Line Items]
Impairment expense		178,000
CANADA
Property, Plant and Equipment [Line Items]
Impairment expense		$ 139,900

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Derivatives And Fair Value Measurements (Changes In Level 3 Fair Values) (Details) (Fair Value Inputs, Level 3 [Member], USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Balance at beginning of period	$ (4,931)	$ 150,989
Unrealized gain (loss) on derivatives	(18)	328
Transfers out of Level 3	0	(153,418)
Unrealized gains reported in OCI	0	34,302
Balance at end of period	(9,037)	21,587
Total gains or losses included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	(92)	328
Production Revenue [Member]
Settlements	0	(3,738)
Other Revenue [Member]
Settlements	$ (4,088)	$ (6,876)

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Quicksilver Stockholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified			3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2013 Restricted Stock [Member]	Mar. 31, 2012 Restricted Stock [Member]	Mar. 31, 2013 Stock Option [Member]	Mar. 31, 2012 Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, shares authorized	400,000,000	400,000,000
Shares of common stock outstanding	176,593,782	173,100,000
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Preferred stock, par value	$ 0.01	$ 0.01
Options issued, fair value					$ 0.1
Total intrinsic values of options	5,032,001	4,979,980			4,900,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			26.9		5.2
Estimated grant date fair value			19.0
Fair value of RSUs settled in cash			3.9
Allocated Share-based Compensation Expense			4.5	4.0	1.0	1.9
Total fair value of shares vested			$ 4.0
Common stock, shares issued	182,882,012	179,015,118
Treasury stock, shares	6,288,230	5,921,102

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Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest	$ 69,633	$ 66,020
Income taxes	$ 35	$ (2,839)

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Long-Term Debt Long-Term Debt (Minimum Required Interest Coverage Ratio) (Details) (Minimum [Member], Subsequent Event [Member], Combined Credit Agreements [Member])	3 Months Ended
	Mar. 31, 2013
Q2 2013 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.25
Q3 2013 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.25
Q4 2013 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.25
Q1 2014 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.20
Q2 2014 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.15
Q3 2014 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.10
Q4 2014 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.10
Q1 2015 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.10
Q2 2015 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.15
Q3 2015 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.15
Q4 2015 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.20
Q1 2016 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.50
Q2 2016 [Member]
Debt Instrument [Line Items]
Interest coverage ratio	2.0

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Crestwood Earn-Out

3 Months Ended

Mar. 31, 2013

Crestwood Earn Out [Abstract]

Crestwood Earn-Out

DIVESTITURES

In March 2013, we entered into a Purchase and Sale Agreement with TGBR, a subsidiary of Tokyo Gas Co., Ltd., to sell an undivided 25% of our Barnett Shale Asset for a cash purchase price of $485 million. The transaction closed in April 2013, but was effective as of September 1, 2012. The purchase price was subject to customary purchase price adjustments, which resulted in TGBR paying us $463.4 million. We expect to recognize a gain in excess of $300 million before consideration of income taxes as a result of this transaction.

In October 2010, we completed the sale of all of our interests in KGS to Crestwood. As part of the sale, we had the right to collect future earn-out payments through 2013. In February 2012, we collected $41 million of these earn-out payments which is presented as “Crestwood earn-out” in the condensed consolidated statement of income. We will not receive additional earn-out payments in 2013.

Note 3 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information regarding the Crestwood Transaction.

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Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Supplemental Cash Flow Information [Abstract]
Working capital related to capital expenditures	$ 8,964	$ 69,983

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Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Property, Plant and Equipment [Abstract]
Subject to depletion	$ 5,772,071	$ 5,770,913
Unevaluated costs	304,340	307,267
Accumulated depletion	(5,287,511)	(5,297,220)
Net oil and gas properties	788,900	780,960
Pipelines and processing facilities	370,219	375,248
General properties	74,432	75,147
Accumulated depreciation	(206,019)	(202,297)
Net other property and equipment	238,632	248,098
Property, plant and equipment, net of accumulated depletion and depreciation	$ 1,027,532	$ 1,029,058

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Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheets

	March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	205,156		$	109,951		$	67,481		$	(221,780	)	$	160,808		$	13,962		$	826	$	(27,880	)	$	147,716
Property and equipment	631,481			16,314			291,083			—			938,878			—			88,654		—			1,027,532
Investment in subsidiaries (equity method)	(199,396		)	—			(31,143		)	199,396			(31,143		)	(31,143		)	—		62,286			—
Other assets	335,598			—			41,983			(243,620		)	133,961			—			—		—			133,961
Total assets	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209
LIABILITIES AND EQUITY
Current liabilities	$	213,212		$	112,512		$	32,234		$	(221,780	)	$	136,178		$	13,941		$	2,004	$	(27,880	)	$	124,243
Long-term liabilities	1,962,558			19,242			518,332			(243,620		)	2,256,512			—			1,572		129,814			2,387,898
Stockholders' equity	(1,202,931		)	(5,489		)	(181,162		)	199,396			(1,190,186		)	(31,122		)	85,904		(67,528		)	(1,202,932		)
Total liabilities and equity	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209

	December 31, 2012
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	261,130		$	105,695		$	76,088		$	(222,586	)	$	220,327		$	13,250		$	391	$	(26,455	)	$	207,513
Property and equipment	621,073			20,007			296,462			—			937,542			—			91,516		—			1,029,058
Investment in subsidiaries (equity method)	(191,725		)	—			(42,883		)	191,725			(42,883		)	(42,905		)	—		85,788			—
Other assets	346,972			—			41,865			(243,620		)	145,217			—			—		—			145,217
Total assets	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788
LIABILITIES AND EQUITY
Current liabilities	$	255,678		$	112,133		$	33,475		$	(222,586	)	$	178,700		$	13,230		$	2,316	$	(26,455	)	$	167,791
Long-term liabilities	1,914,568			19,242			524,107			(243,620		)	2,214,297			—			1,585		130,912			2,346,794
Stockholders' equity	(1,132,796		)	(5,673		)	(186,050		)	191,725			(1,132,794		)	(42,885		)	88,006		(45,124		)	(1,132,797		)
Total liabilities and equity	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788

Condensed Consolidating Statements Of Income

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations		Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	88,900		$	214	$	29,589		$	—	$	118,703		$	—	$	5,325	$	(5,325	)	$	118,703
Operating expenses	97,024			30		28,459			—		125,513			—		2,389		(5,325		)	122,577
Equity in net earnings of subsidiaries	(4,191		)	—		(1,908		)	4,191		(1,908		)	2,937		—		(1,029		)	—
Operating income (loss)	(12,315		)	184		(778		)	4,191		(8,718		)	2,937		2,936		(1,029		)	(3,874		)
Fortune Creek accretion	—			—		—			—		—			—		—		(4,845		)	(4,845		)
Interest expense and other	(41,168		)	—		(2,925		)	—		(44,093		)	—		1		—			(44,092		)
Income tax (expense) benefit	(6,224		)	—		(672		)	—		(6,896		)	—		—		—			(6,896		)
Net income (loss)	$	(59,707	)	$	184	$	(4,375	)	$	4,191	$	(59,707	)	$	2,937	$	2,937	$	(5,874	)	$	(59,707	)
Other comprehensive income (loss)	(11,003		)	—		(3,451		)	3,451		(11,003		)	—		—		—			(11,003		)
Equity in OCI of subsidiaries	(3,451		)	—		—			—		(3,451		)	—		—		—			(3,451		)
Comprehensive income (loss)	$	(74,161	)	$	184	$	(7,826	)	$	7,642	$	(74,161	)	$	2,937	$	2,937	$	(5,874	)	$	(74,161	)

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	148,590		$	1,130		$	24,049		$	(903	)	$	172,866		$	—	$	2,397	$	(2,397	)	$	172,866
Operating expenses	315,612			909			167,460			(903		)	483,078			—		1,267		(2,397		)	481,948
Crestwood earn-out	41,097			—			—			—			41,097			—		—		—			41,097
Equity in net earnings of subsidiaries	(110,342		)	—			(3,611		)	110,342			(3,611		)	1,130		—		2,481			—
Operating income (loss)	(236,267		)	221			(147,022		)	110,342			(272,726		)	1,130		1,130		2,481			(267,985		)
Fortune Creek accretion	—			—			—			—			—			—		—		(4,741		)	(4,741		)
Interest expense and other	(38,643		)	—			(1,434		)	—			(40,077		)	—		—		—			(40,077		)
Income tax (expense) benefit	63,345			(77		)	37,970			—			101,238			—		—		—			101,238
Net income	$	(211,565	)	$	144		$	(110,486	)	$	110,342		$	(211,565	)	$	1,130	$	1,130	$	(2,260	)	$	(211,565	)
Other comprehensive income (loss)	21,759			—			12,390			(12,390		)	21,759			—		—		—			21,759
Equity in OCI of subsidiaries	12,390			—			—			—			12,390			—		—		—			12,390
Comprehensive income (loss)	$	(177,416	)	$	144		$	(98,096	)	$	97,952		$	(177,416	)	$	1,130	$	1,130	$	(2,260	)	$	(177,416	)

Condensed Consolidating Statements Of Cash Flows

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries		Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(27,331	)	$	4		$	10,648		$	(16,679	)	$	—	$	2,285		$	(14,394	)
Purchases of property, plant and equipment	(18,824		)	(4		)	(8,110		)	(26,938		)	—		(504		)	(27,442		)
Proceeds from Crestood earn-out	—			—			—			—			—		—			—
Proceeds from sale of properties and equipment	591			—			17			608			—		—			608
Net cash flow used by investing activities	(18,233		)	(4		)	(8,093		)	(26,330		)	—		(504		)	(26,834		)
Issuance of debt	51,000			—			3,040			54,040			—		—			54,040
Repayments of debt	—			—			(4,011		)	(4,011		)	—		—			(4,011		)
Distribution of Fortune Creek Partnership funds	—			—			—			—			—		(3,198		)	(3,198		)
Purchase of treasury stock	(1,007		)	—			—			(1,007		)	—		—			(1,007		)
Net cash flow provided (used) by financing activities	49,993			—			(971		)	49,022			—		(3,198		)	45,824
Effect of exchange rates on cash	—			—			(1,584		)	(1,584		)	—		1,887			303
Net increase (decrease) in cash and equivalents	4,429			—			—			4,429			—		470			4,899
Cash and equivalents at beginning of period	4,618			—			—			4,618			—		333			4,951
Cash and equivalents at end of period	$	9,047		$	—		$	—		$	9,047		$	—	$	803		$	9,850

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(3,195	)	$	438		$	27,099		$	24,342		$	3,028		$	27,370
Purchases of property, plant and equipment	(95,994		)	(438		)	(77,304		)	(173,736		)	(1,186		)	(174,922		)
Proceeds from Crestood earn-out	41,097			—			—			41,097			—			41,097
Proceeds from sale of properties and equipment	269			—			191			460			—			460
Net cash flow used by investing activities	(54,628		)	(438		)	(77,113		)	(132,179		)	(1,186		)	(133,365		)
Issuance of debt	100,000			—			61,658			161,658			—			161,658
Repayments of debt	(40,018		)	—			(13,097		)	(53,115		)	—			(53,115		)
Debt issuance costs	(191		)	—			—			(191		)	—			(191		)
Proceeds from exercise of stock options	10			—			—			10			—			10
Purchase of treasury stock	(2,341		)	—			—			(2,341		)	—			(2,341		)
Net cash flow provided (used) by financing activities	57,460			—			48,561			106,021			—			106,021
Effect of exchange rates on cash	—			—			1,453			1,453			(1,593		)	(140		)
Net increase (decrease) in cash and equivalents	(363		)	—			—			(363		)	249			(114		)
Cash and equivalents at beginning of period	363			—			—			363			12,783			13,146
Cash and equivalents at end of period	$	—		$	—		$	—		$	—		$	13,032		$	13,032

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Reconciliation Of Components Used To Compute Basic And Diluted Earnings (Loss) Per Common Share

	For the Three Months Ended March 31,
	2013			2012
				(Restated)
	(In thousands, except per share data)
Net loss attributable to Quicksilver	$	(59,707	)	$	(211,565	)
Basic income allocable to participating securities (1)	—			—
Loss available to shareholders	$	(59,707	)	$	(211,565	)
Weighted average common shares – basic	171,826			169,939
Effect of dilutive securities (2)	—			—
Weighted average common shares – diluted	171,826			169,939
Earnings (loss) per common share – basic	$	(0.35	)	$	(1.24	)
Earnings (loss) per common share – diluted	$	(0.35	)	$	(1.24	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so.

⁽²⁾  For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

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Earnings Per Share (Reconciliation Of Components Used To Compute Basic And Diluted Net Income Per Common Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Quicksilver	$ (59,707)		$ (211,565)
Basic income allocable to participating securities (1)	0	[1]	0	[1]
Loss available to shareholders	$ (59,707)		$ (211,565)
Weighted average common shares - basic	171,826,000		169,939,000
Weighted average common shares - diluted	171,826,000	[2]	169,939,000	[2]
Earnings (loss) per common share - basic	$ (0.35)	[2]	$ (1.24)	[2]
Earnings (loss) per common share - diluted	$ (0.35)	[2]	$ (1.24)	[2]
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation	5,000,000		5,500,000
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation	900,000		300,000

[1] Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so.

[2] For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

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Long-Term Debt (Narrative) (Details) (USD $) In Millions, unless otherwise specified				0 Months Ended	3 Months Ended		3 Months Ended								3 Months Ended			3 Months Ended
	Mar. 31, 2013	Mar. 31, 2013 Combined Credit Agreements [Member]	Mar. 31, 2013 Canadian Credit Facility [Member]	Aug. 09, 2012 Combined Credit Agreements [Member]	Mar. 31, 2013 Combined Credit Agreements [Member]	Mar. 31, 2013 Global Letter Of Credit [Member]	Sep. 30, 2012 Scenario, Forecast [Member] Combined Credit Agreements [Member]	Mar. 31, 2013 Maximum [Member] U.S. Credit Facility [Member]	Mar. 31, 2013 Maximum [Member] Combined Credit Agreements [Member]	Mar. 31, 2013 Minimum [Member]	Mar. 31, 2013 Multiple Subsidiaries Set Two [Member] U.S. Credit Facility [Member]	Dec. 31, 2012 Multiple Subsidiaries Set Two [Member] Canadian Credit Facility [Member]	Mar. 31, 2013 Subsequent Event [Member] Combined Credit Agreements [Member]	Mar. 28, 2013 Barnett Shale [Member] TG Barnett Resources, LP [Member]	Mar. 31, 2013 Barnett Shale [Member] Subsequent Event [Member]	Mar. 28, 2013 Barnett Shale [Member] Subsequent Event [Member]	Mar. 31, 2013 Barnett Shale [Member] Subsequent Event [Member] Second Lien Debt [Member]	Mar. 31, 2013 Barnett Shale [Member] Subsequent Event [Member] TG Barnett Resources, LP [Member]	Mar. 28, 2013 Barnett Shale [Member] Subsequent Event [Member] TG Barnett Resources, LP [Member]
Debt Instrument [Line Items]
Percentage of ownership interest			100.00%								65.00%	65.00%		25.00%					25.00%
Use of proceeds from sale of productive assets															$ 250
Borrowing capacity		850				240							350
Borrowing capacity, Long-term debt																	800
Debt Instrument, Covenant, Maximum Global Borrowing Base																75.00%
Available borrowing under combined credit agreements					372.5
Commitment fee percentage					0.50%			1.00%	0.50%
Senior secured debt leverage ratio							2.0
Increase Decrease In Applicable Margin On Loans				0.75%
EBITDA to interest expense										2.25
Minimum mortgage properties requirement	80.00%																87.50%
Cash received from sale of productive assets																		$ 463.4

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Operating Income And Property And Equipment Costs Incurred

	Exploration & Production														Quicksilver Consolidated
	U.S.			Canada			Midstream		Corporate			Elimination
For the Three Months Ended March 31:	(In thousands)
2013
Revenue	$	81,553		$	36,260		$	6,215	$	—		$	(5,325	)	$	118,703
DD&A	13,128			3,190			1,340		598			—			18,256
Operating income (loss)	6,922			2,841			3,124		(16,761		)	—			(3,874		)
Property and equipment costs incurred	20,553			3,064			80		640			—			24,337
2012 (Restated)
Revenue	$	141,774		$	30,134		$	4,258	$	—		$	(3,300	)	$	172,866
DD&A	41,823			10,815			1,201		600			—			54,439
Impairment expense	178,039			139,889			—		—			—			317,928
Operating income (loss)	(107,312		)	(141,201		)	222		(19,694		)	—			(267,985		)
Property and equipment costs incurred	72,431			53,623			5,980		3,533			—			135,567
Property, plant and equipment-net
March 31, 2013	$	625,024		$	289,573		$	104,968	$	7,967		$	—		$	1,027,532
December 31, 2012	614,071			294,921			111,523		8,543			—			1,029,058
Total assets
March 31, 2013	716,093			369,404			215,745		7,967			—			$	1,309,209
December 31, 2012	784,104			371,532			217,609		8,543			—			1,381,788

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2013

Supplemental Cash Flow Information [Abstract]

Cash Paid Or Received For Interest And Income Taxes

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Interest, net of capitalized interest	$	69,633	$	66,020
Income taxes	35		(2,839		)

Other Significant Non-cash Transactions

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Working capital related to capital expenditures	$	8,964	$	69,983

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Accounting Policies And Disclosures

3 Months Ended

Mar. 31, 2013

Accounting Policies [Abstract]

Accounting Policies And Disclosures

ACCOUNTING POLICIES AND DISCLOSURES

The accompanying condensed consolidated interim financial statements have not been audited. In management’s opinion, the accompanying condensed consolidated interim financial statements contain all adjustments necessary to fairly present our financial position as of March 31, 2013 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature. The results for interim periods are not necessarily indicative of annual results.

The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during each reporting period. We believe our estimates and assumptions are reasonable; however, such estimates and assumptions are subject to a number of risks and uncertainties, which may cause actual results to differ materially from management’s estimates.

Certain disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted. Accordingly, these financial statements should be read in conjunction with our consolidated financial statements and notes thereto included in our 2012 Annual Report on Form 10-K.

Restatement of Previously Issued Unaudited Financial Statements

The consolidated financial statements as of and for the three months ended March 31, 2012 were restated as more fully disclosed within Item 8, Note 2 and the Supplemental Selected Quarterly Financial Data in the 2012 Annual Report on Form 10-K. The restatement is the result of our documentation failing to give consideration to all sources of ineffectiveness for derivatives entered into during 2012 that had fair value on the dates they were initially designated as hedges. These derivatives did not qualify for hedge accounting in 2012 and their changes in value required recognition in earnings. Because the derivatives did not qualify for hedge accounting, their inclusion in the U.S. and Canadian full cost ceiling was inappropriate. Thus, our full cost ceiling calculations were revised and resulted in restatements to increase impairment expense recognized. Also, we determined that the deferred taxes used in our Canadian ceiling test included temporary differences for non-property related items. Income taxes have also been restated to reflect the foregoing restated items.

The derivative restatement decreased production revenue by $3.6 million and $1.8 million for the U.S. and Canada, respectively, while derivative gains increased $20.7 million and $12.0 million for the U.S. and Canada, respectively. Impairment expense increased as the result of these derivatives no longer being included in the cost center ceiling by $115.7 million and $139.5 million for the U.S. and Canada, respectively. The income tax impact of these adjustments resulted in an increase to the tax benefit of $41.9 million and $34.2 million for the U.S. and Canada, respectively. Our consolidated net loss increased $151.6 million, which decreased our retained earnings by the same amount. Other comprehensive income and AOCI decreased $33.0 million as a result of these adjustments. The restatement increased diluted net loss per share by $0.89, from diluted net loss per share of $0.35 as previously reported, to diluted net loss per share of $1.24.

Recently Issued Accounting Standards

Accounting standards-setting organizations frequently issue new or revised accounting rules. We regularly review all new pronouncements to determine their impact, if any, on our financial statements. No pronouncements materially affecting our financial statements have been issued since the filing of our 2012 Annual Report on Form 10-K.

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Accounting Policies And Disclosures (Details) (USD $)	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012		Dec. 31, 2012	Dec. 31, 2011
Significant Accounting Policies [Line Items]
Production	$ 132,614,000		$ 166,454,000
Impairment of Oil and Gas Properties	0		317,928,000
Income tax (expense) benefit	(6,896,000)		101,238,000
Net income (loss)	(59,707,000)		(211,565,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent	(14,454,000)		34,149,000
Earnings (loss) per common share - diluted	$ (0.35)	[1]	$ (1.24)	[1]
Retained Earnings [Member]
Significant Accounting Policies [Line Items]
Shareholders Equity	(2,057,686,000)		143,062,000	[2]	(1,997,979,000)	354,627,000
Net income (loss)	(59,707,000)		(211,565,000)
Restatement Adjustment [Member]
Significant Accounting Policies [Line Items]
Net income (loss)			(151,600,000)
Other Comprehensive Income (Loss), Net of Tax, Portion Attributable to Parent			(33,000,000)
Earnings (loss) per common share - diluted			$ (0.89)
Scenario, Previously Reported [Member]
Significant Accounting Policies [Line Items]
Earnings (loss) per common share - diluted			$ (0.35)
Scenario, Restated [Member]
Significant Accounting Policies [Line Items]
Earnings (loss) per common share - diluted			$ (1.24)
UNITED STATES
Significant Accounting Policies [Line Items]
Impairment of Oil and Gas Properties			178,000,000
UNITED STATES | Restatement Adjustment [Member]
Significant Accounting Policies [Line Items]
Production			(3,600,000)
Gain (Loss) on Derivative Instruments, Net, Pretax			20,700,000
Impairment of Oil and Gas Properties			115,700,000
Income tax (expense) benefit			41,900,000
CANADA
Significant Accounting Policies [Line Items]
Impairment of Oil and Gas Properties			139,900,000
CANADA | Restatement Adjustment [Member]
Significant Accounting Policies [Line Items]
Production			(1,800,000)
Gain (Loss) on Derivative Instruments, Net, Pretax			12,000,000
Impairment of Oil and Gas Properties			139,500,000
Income tax (expense) benefit			$ 34,200,000

[1] For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

[2] (1) Note 1 contains additional information

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Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 54,566	$ 113,367
Noncurrent derivative assets	96,314	105,270
Current derivative liabilities	532	0
Noncurrent derivative liabilities	14,858	17,485
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets	154,464	221,001
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative liabilities	18,974	19,849
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	56,935	113,367
Noncurrent derivative assets	97,529	107,542
Current derivative liabilities	0	0
Noncurrent derivative liabilities	0	92
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	2,369	0
Noncurrent derivative assets	1,215	2,272
Current derivative liabilities	532	0
Noncurrent derivative liabilities	$ 14,858	$ 17,577

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Quicksilver Stockholders' Equity (Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued) (Details) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]
Weighted avg grant date fair value	$ 1.81	$ 4.25
Weighted avg risk-free interest rate	0.76%	1.15%
Expected life (in years)	5 years 3 months	6 years
Wtd avg volatility	75.00%	68.20%
Expected dividends	0.00%	0.00%

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Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2013		Mar. 31, 2012
Revenue
Production	$ 132,614		$ 166,454
Sales of purchased natural gas	16,558		12,086
Net derivative gains (losses) (including realized gains of $9,596 and $5,583 respectively)	(31,369)		(6,664)
Other	900		990
Total revenue	118,703		172,866
Operating expense
Lease operating	24,895		28,691
Gathering, processing and transportation	39,824		43,077
Production and ad valorem taxes	5,484		6,763
Costs of purchased natural gas	16,518		11,937
Depletion, depreciation and accretion	18,256		54,439
Impairment	0		317,928
General and administrative	16,163		19,095
Other operating	1,437		18
Total expense	122,577		481,948
Crestwood earn-out	0		41,097
Operating income (loss)	(3,874)		(267,985)
Other income - net	(150)		93
Fortune Creek accretion	(4,845)		(4,741)
Interest expense	(43,942)		(40,170)
Income (loss) before income taxes	(52,811)		(312,803)
Income tax (expense) benefit	(6,896)		101,238
Net income (loss)	(59,707)		(211,565)
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax	(14,755)		(28,589)
Net change in derivative fair value - net of income tax	0		61,287
Foreign currency translation adjustment	301		1,451
Other comprehensive income (loss)	(14,454)		34,149
Comprehensive income (loss)	$ (74,161)		$ (177,416)
Earnings (loss) per common share - basic	$ (0.35)	[1]	$ (1.24)	[1]
Earnings (loss) per common share - diluted	$ (0.35)	[1]	$ (1.24)	[1]

[1] For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

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Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total debt	$ 2,092,873	$ 2,046,418
Unamortized deferred gain - terminated interest rate swaps	15,446	16,788
Current portion of long-term debt	0	0
Long-term debt	2,108,319	2,063,206
Combined Credit Agreements [Member]
Debt Instrument [Line Items]
Combined Credit Agreements	433,475	388,150
Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Senior notes	436,060	435,851
Senior notes maturity period	2015
Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Senior notes	580,566	579,795
Senior notes maturity period	2016
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Senior notes	292,772	292,622
Senior notes maturity period	2019
Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Senior notes	$ 350,000	$ 350,000

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Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Statement of Stockholders' Equity [Abstract]
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income	$ (6,944)	$ (14,928)
Income tax effect related to net change in derivative fair value	$ 0	$ 33,802

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Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	$ (14,394)	$ 27,370
Purchases of property, plant and equipment	(27,442)	(174,922)
Proceeds from Crestwood earn-out	0	41,097
Proceeds from sale of properties and equipment	608	460
Net cash used by investing activities	(26,834)	(133,365)
Issuance of debt	54,040	161,658
Repayments of debt	(4,011)	(53,115)
Debt issuance costs	0	(191)
Distribution of Fortune Creek Partnership funds	(3,198)	0
Proceeds from exercise of stock options	0	10
Purchase of treasury stock	(1,007)	(2,341)
Net cash flow provided (used) by financing activities	45,824	106,021
Effect of exchange rates on cash	303	(140)
Net increase (decrease) in cash and equivalents	4,899	(114)
Cash and cash equivalents at beginning of period	4,951	13,146
Cash and cash equivalents at end of period	9,850	13,032
Quicksilver Resources Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	(27,331)	(3,195)
Purchases of property, plant and equipment	(18,824)	(95,994)
Proceeds from Crestwood earn-out	0	41,097
Proceeds from sale of properties and equipment	591	269
Net cash used by investing activities	(18,233)	(54,628)
Issuance of debt	51,000	100,000
Repayments of debt	0	(40,018)
Debt issuance costs		(191)
Distribution of Fortune Creek Partnership funds	0
Proceeds from exercise of stock options		10
Purchase of treasury stock	(1,007)	(2,341)
Net cash flow provided (used) by financing activities	49,993	57,460
Effect of exchange rates on cash	0	0
Net increase (decrease) in cash and equivalents	4,429	(363)
Cash and cash equivalents at beginning of period	4,618	363
Cash and cash equivalents at end of period	9,047	0
Restricted Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	4	438
Purchases of property, plant and equipment	(4)	(438)
Proceeds from Crestwood earn-out	0	0
Proceeds from sale of properties and equipment	0	0
Net cash used by investing activities	(4)	(438)
Issuance of debt	0	0
Repayments of debt	0	0
Debt issuance costs		0
Distribution of Fortune Creek Partnership funds	0
Proceeds from exercise of stock options		0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	0	0
Effect of exchange rates on cash	0	0
Net increase (decrease) in cash and equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Restricted Non-Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	10,648	27,099
Purchases of property, plant and equipment	(8,110)	(77,304)
Proceeds from Crestwood earn-out	0	0
Proceeds from sale of properties and equipment	17	191
Net cash used by investing activities	(8,093)	(77,113)
Issuance of debt	3,040	61,658
Repayments of debt	(4,011)	(13,097)
Debt issuance costs		0
Distribution of Fortune Creek Partnership funds	0
Proceeds from exercise of stock options		0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	(971)	48,561
Effect of exchange rates on cash	(1,584)	1,453
Net increase (decrease) in cash and equivalents	0	0
Cash and cash equivalents at beginning of period	0	0
Cash and cash equivalents at end of period	0	0
Quicksilver And Restricted Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	(16,679)	24,342
Purchases of property, plant and equipment	(26,938)	(173,736)
Proceeds from Crestwood earn-out	0	41,097
Proceeds from sale of properties and equipment	608	460
Net cash used by investing activities	(26,330)	(132,179)
Issuance of debt	54,040	161,658
Repayments of debt	(4,011)	(53,115)
Debt issuance costs		(191)
Distribution of Fortune Creek Partnership funds	0
Proceeds from exercise of stock options		10
Purchase of treasury stock	(1,007)	(2,341)
Net cash flow provided (used) by financing activities	49,022	106,021
Effect of exchange rates on cash	(1,584)	1,453
Net increase (decrease) in cash and equivalents	4,429	(363)
Cash and cash equivalents at beginning of period	4,618	363
Cash and cash equivalents at end of period	9,047	0
Unrestricted Non-Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	0
Purchases of property, plant and equipment	0
Proceeds from Crestwood earn-out	0
Proceeds from sale of properties and equipment	0
Net cash used by investing activities	0
Issuance of debt	0
Repayments of debt	0
Distribution of Fortune Creek Partnership funds	0
Purchase of treasury stock	0
Net cash flow provided (used) by financing activities	0
Effect of exchange rates on cash	0
Net increase (decrease) in cash and equivalents	0
Cash and cash equivalents at beginning of period	0
Cash and cash equivalents at end of period	0
Fortune Creek [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided (used) by operating activities	2,285	3,028
Purchases of property, plant and equipment	(504)	(1,186)
Proceeds from Crestwood earn-out	0	0
Proceeds from sale of properties and equipment	0	0
Net cash used by investing activities	(504)	(1,186)
Issuance of debt	0	0
Repayments of debt	0	0
Debt issuance costs		0
Distribution of Fortune Creek Partnership funds	(3,198)
Proceeds from exercise of stock options		0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	(3,198)	0
Effect of exchange rates on cash	1,887	(1,593)
Net increase (decrease) in cash and equivalents	470	249
Cash and cash equivalents at beginning of period	333	12,783
Cash and cash equivalents at end of period	$ 803	$ 13,032

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Derivatives And Fair Value Measurements (Narrative) (Details) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2013 MMcf	Mar. 31, 2012	Dec. 31, 2010
Realized Gain on Derivative Instruments, Gross, Pretax	$ 9,596,000	$ 5,583,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year One	50,420,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Two	37,084,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Three	33,191,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Four	13,476,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Year Five	12,531,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings Thereafter	41,443,000
Net Deferred Hedge Gain in AOCI to be Released into Earnings	188,145,000
Natural gas hedges original tenure	10 years
Cash received in settlement of hedge			41,500,000
Interest previously accrued and earned			10,700,000
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss)			30,800,000
Senior notes maturity			2015
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	1,300,000	1,200,000
Remaining deferred gains on early settlements from interest rate swaps	15,400,000
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings	60,000,000
Net gains resulting from derivative hedge ineffectiveness		$ 5,200,000
Term of derivative instrument	10 years
Gas 2013, MMcfd	200
Gas 2014, MMcfd	170
Gas 2015, MMcfd	150
Gas 2016-2021, MMcfd	40
Fair Value Inputs, Level 3 [Member] | Maximum [Member]
Unobservable inputs included within the fair value calculation	5.79
Fair Value Inputs, Level 3 [Member] | Minimum [Member]
Unobservable inputs included within the fair value calculation	4.02

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Transactions With Related Parties

3 Months Ended

Mar. 31, 2013

Related Party Transactions [Abstract]

Transactions With Related Parties

TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES

As of March 31, 2013, members of the Darden family and entities controlled by them beneficially owned approximately 30% of our outstanding common stock. Thomas Darden, Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

During the first three months of 2013 and 2012, we paid $0.3 million and $0.1 million, respectively, for use of an airplane owned by an entity controlled by members of the Darden family. Usage rates were determined based upon comparable rates charged by third parties.

Payments received from Mercury, a company owned by members of the Darden family, for sublease rentals, employee insurance coverage and administrative services were less than $0.1 million for the first three months of 2013 and 2012.

We hired a consulting firm to conduct an independent review of our business strategy and to evaluate alternative strategies and options. In connection with their strategic review, Mr. Thomas Darden has offered to retire as an executive officer of the Company, but remain a member of the board of directors. Negotiations are ongoing regarding the terms of the retirement but to date have not been concluded. If the continuing negotiations are not concluded, our operations and ability to raise financing may be adversely affected.

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Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	$ 150,880	$ 218,637
Asset Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	146,686	207,042
Asset Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	4,194	11,595
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	15,390	17,485
Liability Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	2,159	959
Liability Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	$ 13,231	$ 16,526

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Property, Plant And Equipment (Tables)

3 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Schedule of Public Utility Property, Plant, and Equipment [Table Text Block]

	March 31, 2013			December 31, 2012
	(In thousands)
Oil and gas properties
Subject to depletion	$	5,772,071		$	5,770,913
Unevaluated costs	304,340			307,267
Accumulated depletion	(5,287,511		)	(5,297,220		)
Net oil and gas properties	788,900			780,960
Other plant and equipment
Pipelines and processing facilities	370,219			375,248
General properties	74,432			75,147
Accumulated depreciation	(206,019		)	(202,297		)
Net other property and equipment	238,632			248,098
Property, plant and equipment, net of accumulated depletion and depreciation	$	1,027,532		$	1,029,058

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Operating activities:
Net income (loss)	$ (59,707)	$ (211,565)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	18,256	54,439
Impairment expense	0	317,928
Crestwood earn-out	0	(41,097)
Deferred income tax expense (benefit)	6,596	(101,586)
Non-cash loss from hedging and derivative activities	43,920	18,251
Stock-based compensation	5,033	5,630
Non-cash interest expense	1,858	1,742
Fortune Creek accretion	4,845	4,741
Other	925	(29)
Changes in assets and liabilities
Accounts receivable	6,730	32,612
Prepaid expenses and other assets	(190)	(1,874)
Accounts payable	(17,299)	(16,319)
Accrued and other liabilities	(25,361)	(35,503)
Net cash provided by operating activities	(14,394)	27,370
Investing activities:
Purchases of property, plant and equipment	(27,442)	(174,922)
Proceeds from Crestwood earn-out	0	41,097
Proceeds from sale of properties and equipment	608	460
Net cash used by investing activities	(26,834)	(133,365)
Financing activities:
Issuance of debt	54,040	161,658
Repayments of debt	(4,011)	(53,115)
Debt issuance costs paid	0	(191)
Distribution of Fortune Creek Partnership funds	(3,198)	0
Proceeds from exercise of stock options	0	10
Purchase of treasury stock	(1,007)	(2,341)
Net cash provided by financing activities	45,824	106,021
Effect of exchange rate changes in cash	303	(140)
Net increase (decrease) in cash	4,899	(114)
Cash at beginning of period	4,951	13,146
Cash at end of period	$ 9,850	$ 13,032

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Current assets
Cash	$ 9,850	$ 4,951
Accounts receivable - net of allowance for doubtful accounts	57,419	64,149
Derivative assets at fair value	54,566	113,367
Other current assets	25,881	25,046
Total current assets	147,716	207,513
Property, plant and equipment - net
Oil and gas properties, full cost method (including unevaluated costs of $304,340 and $307,267, respectively)	788,900	780,960
Property, Plant and Equipment, Other, Net	238,632	248,098
Property, plant and equipment - net	1,027,532	1,029,058
Derivative assets at fair value	96,314	105,270
Other assets	37,647	39,947
Total assets	1,309,209	1,381,788
Current liabilities
Current portion of long-term debt	0	0
Accounts payable	17,857	37,131
Accrued liabilities	105,854	130,660
Derivative liabilities at fair value	532	0
Total current liabilities	124,243	167,791
Long-term debt	2,108,319	2,063,206
Partnership liability	129,814	130,912
Asset retirement obligations	115,665	115,949
Derivative liabilities at fair value	14,858	17,485
Other liabilities	19,242	19,242
Commitments and contingencies (Note 8)
Stockholders' equity
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding	0	0
Common stock, $0.01 par value, 400,000,000 shares authorized, and 182,882,012 and 179,015,118 shares issued, respectively	1,829	1,790
Paid in capital in excess of par value	756,388	751,394
Treasury stock of 6,288,230 and 5,921,102 shares, respectively	(50,502)	(49,495)
Accumulated other comprehensive income	147,039	161,493
Retained deficit	(2,057,686)	(1,997,979)
Total stockholders' equity	(1,202,932)	(1,132,797)
Total liabilities and stockholders' equity	$ 1,309,209	$ 1,381,788

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Quicksilver Stockholders' Equity

3 Months Ended

Mar. 31, 2013

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Quicksilver Stockholders' Equity

QUICKSILVER STOCKHOLDERS’ EQUITY

Common Stock, Preferred Stock and Treasury Stock

We are authorized to issue 400 million shares of common stock with a $0.01 par value per share and 10 million shares of preferred stock with a $0.01 par value per share. At March 31, 2013 and December 31, 2012, we had 176.6 million and 173.1 million shares of common stock outstanding, respectively.

Note 17 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains additional information about our equity-based compensation plan.

Stock Options

Options to purchase shares of common stock were granted in 2013 with an estimated fair value of $0.1 million. The following summarizes the values from and assumptions for the Black-Scholes option pricing model for stock options issued during the three months ended March 31:

	2013	2012
Weighted avg grant date fair value	$1.81	$4.25
Weighted avg risk-free interest rate	0.76%	1.15%
Expected life	5.3 years	6.0 years
Wtd avg volatility	75.0%	68.2%
Expected dividends	—	—

The following table summarizes our stock option activity for the three months endedMarch 31, 2013:

	Shares		Wtd Avg Exercise Price		Wtd Avg Remaining Contractual Life	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2013	4,979,980		$	10.23
Granted	58,576		2.93
Expired	(6,555	)	9.33
Outstanding at March 31, 2013	5,032,001		$	10.15	6.2	$	—
Exercisable at March 31, 2013	3,780,023		$	10.86	6.8	$	—

As of March 31, 2013, we estimate that a total of 4.9 million stock options will become vested including those options already exercisable. As of March 31, 2013, the unrecognized compensation cost related to outstanding unvested stock options was $5.2 million, which is expected to be recognized in expense through June 2015. Compensation expense related to stock options of $1.0 million and $1.9 million was recognized for each of the three months endedMarch 31, 2013 and 2012, respectively.

Restricted Stock

The following table summarizes our restricted stock and stock unit activity for the three months endedMarch 31, 2013:

	Payable in shares				Payable in cash
	Shares		Wtd Avg Grant Date Fair Value		Shares		Wtd Avg Grant Date Fair Value
Outstanding at January 1, 2013	3,099,135		$	8.48	678,217		$	7.71
Granted	5,093,626		2.96		1,322,352		2.97
Vested	(1,270,222	)	9.75		(201,878	)	9.69
Forfeited	(511,314	)	3.98		(73,700	)	4.41
Outstanding at March 31, 2013	6,411,225		$	4.21	1,724,991		$	3.98

As of March 31, 2013, the unrecognized compensation cost related to outstanding unvested restricted stock was $26.9 million, which is expected to be recognized in expense through March 2016. Grants of restricted stock and RSUs during the three months endedMarch 31, 2013 had an estimated grant date fair value of $19.0 million. The fair value of outstanding RSUs to be settled in cash is $3.9 million at March 31, 2013. For the three months endedMarch 31, 2013 and 2012, compensation expense of $4.5 million and $4.0 million, respectively, was recognized. The total fair value of shares vested during the three months endedMarch 31, 2013 was $4.0 million.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2013	Apr. 30, 2013
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Entity Registrant Name	QUICKSILVER RESOURCES INC
Entity Central Index Key	0001060990
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		176,523,091

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Earnings Per Share

3 Months Ended

Mar. 31, 2013

Earnings Per Share [Abstract]

Earnings Per Share

EARNINGS PER SHARE

The following is a reconciliation of the numerator and denominator used for the computation of basic and diluted net income (loss) per common share.

	For the Three Months Ended March 31,
	2013			2012
				(Restated)
	(In thousands, except per share data)
Net loss attributable to Quicksilver	$	(59,707	)	$	(211,565	)
Basic income allocable to participating securities (1)	—			—
Loss available to shareholders	$	(59,707	)	$	(211,565	)
Weighted average common shares – basic	171,826			169,939
Effect of dilutive securities (2)	—			—
Weighted average common shares – diluted	171,826			169,939
Earnings (loss) per common share – basic	$	(0.35	)	$	(1.24	)
Earnings (loss) per common share – diluted	$	(0.35	)	$	(1.24	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, should be included in computing earnings using the two-class method. Participating securities, however, do not participate in undistributed net losses because there is no contractual obligation to do so.

⁽²⁾  For the three months ended March 31, 2013, 5.0 million shares associated with our stock options and 0.9 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation. For the three months ended March 31, 2012, 5.5 million shares associated with our stock options and 0.3 million shares associated with our unvested restricted stock units were antidilutive; therefore, excluded from the diluted share calculation.

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2013	Dec. 31, 2012
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, par value	$ 0.01	$ 0.01
Unevaluated costs of oil and gas properties	$ 304,340	$ 307,267
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	182,882,012	179,015,118
Treasury stock, shares	6,288,230	5,921,102

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Long-Term Debt

3 Months Ended

Mar. 31, 2013

Long-term Debt, Other Disclosures [Abstract]

Long-Term Debt

LONG-TERM DEBT

Long-term debt consisted of the following:

	March 31, 2013		December 31, 2012
Combined Credit Agreements	$	433,475	$	388,150
Senior notes due 2015, net of unamortized discount	436,060		435,851
Senior notes due 2016, net of unamortized discount	580,566		579,795
Senior notes due 2019, net of unamortized discount	292,772		292,622
Senior subordinated notes due 2016	350,000		350,000
Total debt	2,092,873		2,046,418
Unamortized deferred gain-terminated interest rate swaps	15,446		16,788
Current portion of long-term debt	—		—
Long-term debt	$	2,108,319	$	2,063,206

Credit Facilities

The Combined Credit Agreements’ global borrowing base was $850 million and the global letter of credit capacity was $240 million as of March 31, 2013. At March 31, 2013, we had $372.5 million available under the Combined Credit Agreements.

We amended our Combined Credit Agreements in April 2013, which amendment provided for certain changes to the Combined Credit Agreements, including the following:

• Permit the sale and transfer of a 25% interest in Quicksilver’s Barnett Shale assets to TGBR

• Reduce the global borrowing base to $350 million from $850 million, including a reduction due to the Tokyo Gas Transaction

• Reduce the minimum required interest coverage ratio to the following:

Period	Interest Coverage Ratio	Period	Interest Coverage Ratio
Q2 2013	1.25	Q1 2015	1.10
Q3 2013	1.25	Q2 2015	1.15
Q4 2013	1.25	Q3 2015	1.15
Q1 2014	1.20	Q4 2015	1.20
Q2 2014	1.15	Q1 2016	1.50
Q3 2014	1.10	Q2 2016	2.00
Q4 2014	1.10

• Permit up to $800 million of second lien debt, subject to customary intercreditor terms

• Permit redemption of existing notes or permitted additional debt with the proceeds from certain asset sales and permitted second lien debt, provided utilization under the global borrowing base after giving effect to such transactions is less than 75% and compliance with other customary conditions

• Reduce the maximum senior secured debt leverage ratio to 2.0 and exclude permitted second lien debt from the senior secured debt definition

• Increase the applicable margin by 0.75% for each type of loan and issued letters of credit

• Increase the minimum mortgage properties requirement to 87.5% from 80% of proved hydrocarbon interests evaluated in the then most recent reserve report.

In April 2013, we received net cash proceeds of $463.4 million for the sale of 25% of the company's Barnett Shale assets to TGBR. The proceeds were used to reduce outstanding borrowings under the Combined Credit Agreements by approximately $250 million, with the remainder retained in cash.

Indenture Restrictions

We have an incurrence test under our indentures that requires EBITDA to exceed interest expense by 2.25 times. At March 31, 2013, we did not meet this test and, as a result, we are limited in our ability to, among other things, incur additional debt, except for specific baskets. We do retain, however, the ability to utilize the full borrowing capacity under our Combined Credit Agreements and to refinance existing debt. Not meeting this ratio does not represent an event of default under our indentures. We are presently unable to predict when or if we will meet the incurrence test.

Summary of All Outstanding Debt

The following table summarizes certain significant aspects of our long-term debt outstanding at March 31, 2013.

	Priority on Collateral and Structural Seniority (1)
	Highest priority				Lowest priority
	Equal priority	Equal Priority
	Combined Credit Agreements	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	Senior Subordinated Notes
Principal amount (2)	$850 million	$438 million	$591 million	$298 million	$350 million
Scheduled maturity date	September 6, 2016	August 1, 2015	January 1, 2016	August 15, 2019	April 1, 2016
Interest rate on outstanding borrowings at March 31, 2013 (3)	3.28%	8.25%	11.75%	9.125%	7.125%
Base interest rate options (4) (5)	LIBOR, ABR, CDOR	N/A	N/A	N/A	N/A
Financial covenants (6)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 1.5 - Maximum senior secured debt leverage ratio of 2.5	N/A	N/A	N/A	N/A
Significant restrictive covenants (6)	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions
Optional redemption (6)	Any time	August 1, 2012: 103.875 2013: 101.938 2014: par	July 1, 2013: 105.875 2014: 102.938 2015: par	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	April 1, 2013: 101.188 2014: par
Make-whole redemption (6)	N/A	N/A	Callable prior to July 1, 2013 at make-whole call price of Treasury +50 bps	Callable prior to August 15, 2014 at make-whole call price of Treasury +50 bps	N/A
Change of control (6)	Event of default	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest
Estimated fair value (7)	$433.5 million	$430.3 million	$601 million	$274.9 million	$294.4 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., Barnett Shale Operating LLC, Silver Stream Pipeline Company LLC, Quicksilver Production Partners Operating Ltd., QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) (on a ratable basis with borrowings under the Amended and Restated Canadian Credit Facility) and the majority of Quicksilver's domestic proved oil and gas properties and related assets, (the “Domestic Pledged Property”). Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by the Domestic Pledged Equity, the Domestic Pledged Property, 100% of the equity interests of Quicksilver Canada (65% of which is on a ratable basis with the borrowings under the Amended and Restated U.S. Credit Facility) and any Canadian restricted subsidiaries, under the Amended and Restated Canadian Credit Facility and the majority of Quicksilver Canada's oil and gas properties and related assets. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾  The principal amount for the Combined Credit Agreements represents the global borrowing base as of March 31, 2013.

⁽³⁾  Represents the weighted average borrowing rate payable to lenders.

⁽⁴⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.00% to 3.00%, (ii) ABR (as defined in the Amended and Restated U.S. Credit Facility), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR for an interest period of one month plus 1.00%, plus, in each case under scenario (ii), an applicable margin between 1.00% to 2.00%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated U.S. Credit Facility) of all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁵⁾  As of March 31, 2013, amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% and 3.00%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.00% and 2.00% and (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.00% to 3.00%. We pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin, with respect to adjusted LIBOR loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁶⁾  The information presented in this table is qualified in all respects by reference to the full text of the covenants, provisions and related definitions contained in the documents governing the various components of our debt.

⁽⁷⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). We consider debt with variable interest rates to have a fair value equal to its carrying value (“Level 1” input).

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Property, Plant And Equipment

3 Months Ended

Mar. 31, 2013

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31, 2013			December 31, 2012
	(In thousands)
Oil and gas properties
Subject to depletion	$	5,772,071		$	5,770,913
Unevaluated costs	304,340			307,267
Accumulated depletion	(5,287,511		)	(5,297,220		)
Net oil and gas properties	788,900			780,960
Other plant and equipment
Pipelines and processing facilities	370,219			375,248
General properties	74,432			75,147
Accumulated depreciation	(206,019		)	(202,297		)
Net other property and equipment	238,632			248,098
Property, plant and equipment, net of accumulated depletion and depreciation	$	1,027,532		$	1,029,058

Ceiling Test Analysis and Impairment

For the quarter ended March 31, 2012, we recorded impairment expense of $178.0 million and $139.9 million for our U.S. and Canadian oil and gas properties, respectively.

Notes 2 and 8 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contain additional information regarding our property, plant and equipment and our quarterly ceiling test analysis.

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Derivatives And Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2013

Credit Risk Derivatives, at Fair Value, Net [Abstract]

Estimated Fair Value Of Derivative Instruments Under Input Levels

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(in thousands)				(in thousands)
Level 2 inputs	$	146,686	$	207,042	$	2,159	$	959
Level 3 inputs	4,194		11,595		13,231		16,526
Total	$	150,880	$	218,637	$	15,390	$	17,485

Changes In Level 3 Fair Values

	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Balance at beginning of period	$	(4,931	)	$	150,989
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(18		)	328
Transfers out of Level 3	—			(153,418		)
Settlements in production revenue	—			(3,738		)
Settlements in net derivative gains (losses)	(4,088		)	(6,876		)
Unrealized gains reported in OCI	—			34,302
Balance at end of period	$	(9,037	)	$	21,587
Total gains or losses included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	(92	)	$	328

Price Collars And Swaps For Anticipated Natural Gas And NGL Production

Production Year	Daily Production Volume
	MMcfd
2013	200
2014	170
2015	150
2016-2021	40

Reduction Of Interest Expense Over The Life Of The Debt Instruments

	(In thousands)
Remainder of 2013	$	4,197
2014	6,012
2015	4,669
2016	568
	$	15,446

Estimated Fair Value Of Derivative Instruments

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In thousands)				(In thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	56,935	$	113,367	$	2,369	$	—
Noncurrent derivative assets	97,529		107,542		1,215		2,272
Current derivative liabilities	—		—		532		—
Noncurrent derivative liabilities	—		92		14,858		17,577
Total derivatives not designated as hedges	$	154,464	$	221,001	$	18,974	$	19,849

Carrying Value Of Derivatives

	For the Three Months Ended March 31,
	2012
	Commodity Hedges
	(In thousands)
Derivative fair value at beginning of period	$	342,799
Settlements in production revenue	(41,737		)
Settlements in net derivative (gains) losses	(3,820		)
Ineffectiveness reported in net derivative gains (losses)	(5,241		)
Unrealized gains (losses) reported in OCI	99,894
Derecognition of hedge	(180,732		)
Derivative fair value at end of period	$	211,163

Net Deferred Hedge Gain in AOCI to be Released into Earnings in a Future Period [Table Text Block]

	(In thousands)
Remainder of 2013	$	50,420
2014	37,084
2015	33,191
2016	13,476
2017	12,531
2018 and thereafter	41,443
	$	188,145

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Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2013

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Note 19 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our guarantor, non-guarantor, restricted and unrestricted subsidiaries under the indentures for our senior notes and senior subordinated notes.

The following tables present financial information about Quicksilver and our restricted subsidiaries for the three-month period covered by the consolidated financial statements. Under the indentures for our senior notes and senior subordinated notes, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes.

Condensed Consolidating Balance Sheets

	March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	205,156		$	109,951		$	67,481		$	(221,780	)	$	160,808		$	13,962		$	826	$	(27,880	)	$	147,716
Property and equipment	631,481			16,314			291,083			—			938,878			—			88,654		—			1,027,532
Investment in subsidiaries (equity method)	(199,396		)	—			(31,143		)	199,396			(31,143		)	(31,143		)	—		62,286			—
Other assets	335,598			—			41,983			(243,620		)	133,961			—			—		—			133,961
Total assets	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209
LIABILITIES AND EQUITY
Current liabilities	$	213,212		$	112,512		$	32,234		$	(221,780	)	$	136,178		$	13,941		$	2,004	$	(27,880	)	$	124,243
Long-term liabilities	1,962,558			19,242			518,332			(243,620		)	2,256,512			—			1,572		129,814			2,387,898
Stockholders' equity	(1,202,931		)	(5,489		)	(181,162		)	199,396			(1,190,186		)	(31,122		)	85,904		(67,528		)	(1,202,932		)
Total liabilities and equity	$	972,839		$	126,265		$	369,404		$	(266,004	)	$	1,202,504		$	(17,181	)	$	89,480	$	34,406		$	1,309,209

	December 31, 2012
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	261,130		$	105,695		$	76,088		$	(222,586	)	$	220,327		$	13,250		$	391	$	(26,455	)	$	207,513
Property and equipment	621,073			20,007			296,462			—			937,542			—			91,516		—			1,029,058
Investment in subsidiaries (equity method)	(191,725		)	—			(42,883		)	191,725			(42,883		)	(42,905		)	—		85,788			—
Other assets	346,972			—			41,865			(243,620		)	145,217			—			—		—			145,217
Total assets	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788
LIABILITIES AND EQUITY
Current liabilities	$	255,678		$	112,133		$	33,475		$	(222,586	)	$	178,700		$	13,230		$	2,316	$	(26,455	)	$	167,791
Long-term liabilities	1,914,568			19,242			524,107			(243,620		)	2,214,297			—			1,585		130,912			2,346,794
Stockholders' equity	(1,132,796		)	(5,673		)	(186,050		)	191,725			(1,132,794		)	(42,885		)	88,006		(45,124		)	(1,132,797		)
Total liabilities and equity	$	1,037,450		$	125,702		$	371,532		$	(274,481	)	$	1,260,203		$	(29,655	)	$	91,907	$	59,333		$	1,381,788

Condensed Consolidating Statements of Income

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations		Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	88,900		$	214	$	29,589		$	—	$	118,703		$	—	$	5,325	$	(5,325	)	$	118,703
Operating expenses	97,024			30		28,459			—		125,513			—		2,389		(5,325		)	122,577
Equity in net earnings of subsidiaries	(4,191		)	—		(1,908		)	4,191		(1,908		)	2,937		—		(1,029		)	—
Operating income (loss)	(12,315		)	184		(778		)	4,191		(8,718		)	2,937		2,936		(1,029		)	(3,874		)
Fortune Creek accretion	—			—		—			—		—			—		—		(4,845		)	(4,845		)
Interest expense and other	(41,168		)	—		(2,925		)	—		(44,093		)	—		1		—			(44,092		)
Income tax (expense) benefit	(6,224		)	—		(672		)	—		(6,896		)	—		—		—			(6,896		)
Net income (loss)	$	(59,707	)	$	184	$	(4,375	)	$	4,191	$	(59,707	)	$	2,937	$	2,937	$	(5,874	)	$	(59,707	)
Other comprehensive income (loss)	(11,003		)	—		(3,451		)	3,451		(11,003		)	—		—		—			(11,003		)
Equity in OCI of subsidiaries	(3,451		)	—		—			—		(3,451		)	—		—		—			(3,451		)
Comprehensive income (loss)	$	(74,161	)	$	184	$	(7,826	)	$	7,642	$	(74,161	)	$	2,937	$	2,937	$	(5,874	)	$	(74,161	)

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	148,590		$	1,130		$	24,049		$	(903	)	$	172,866		$	—	$	2,397	$	(2,397	)	$	172,866
Operating expenses	315,612			909			167,460			(903		)	483,078			—		1,267		(2,397		)	481,948
Crestwood earn-out	41,097			—			—			—			41,097			—		—		—			41,097
Equity in net earnings of subsidiaries	(110,342		)	—			(3,611		)	110,342			(3,611		)	1,130		—		2,481			—
Operating income (loss)	(236,267		)	221			(147,022		)	110,342			(272,726		)	1,130		1,130		2,481			(267,985		)
Fortune Creek accretion	—			—			—			—			—			—		—		(4,741		)	(4,741		)
Interest expense and other	(38,643		)	—			(1,434		)	—			(40,077		)	—		—		—			(40,077		)
Income tax (expense) benefit	63,345			(77		)	37,970			—			101,238			—		—		—			101,238
Net income	$	(211,565	)	$	144		$	(110,486	)	$	110,342		$	(211,565	)	$	1,130	$	1,130	$	(2,260	)	$	(211,565	)
Other comprehensive income (loss)	21,759			—			12,390			(12,390		)	21,759			—		—		—			21,759
Equity in OCI of subsidiaries	12,390			—			—			—			12,390			—		—		—			12,390
Comprehensive income (loss)	$	(177,416	)	$	144		$	(98,096	)	$	97,952		$	(177,416	)	$	1,130	$	1,130	$	(2,260	)	$	(177,416	)

Condensed Consolidating Statements of Cash Flows

	For the Three Months Ended March 31, 2013
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries		Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(27,331	)	$	4		$	10,648		$	(16,679	)	$	—	$	2,285		$	(14,394	)
Purchases of property, plant and equipment	(18,824		)	(4		)	(8,110		)	(26,938		)	—		(504		)	(27,442		)
Proceeds from Crestood earn-out	—			—			—			—			—		—			—
Proceeds from sale of properties and equipment	591			—			17			608			—		—			608
Net cash flow used by investing activities	(18,233		)	(4		)	(8,093		)	(26,330		)	—		(504		)	(26,834		)
Issuance of debt	51,000			—			3,040			54,040			—		—			54,040
Repayments of debt	—			—			(4,011		)	(4,011		)	—		—			(4,011		)
Distribution of Fortune Creek Partnership funds	—			—			—			—			—		(3,198		)	(3,198		)
Purchase of treasury stock	(1,007		)	—			—			(1,007		)	—		—			(1,007		)
Net cash flow provided (used) by financing activities	49,993			—			(971		)	49,022			—		(3,198		)	45,824
Effect of exchange rates on cash	—			—			(1,584		)	(1,584		)	—		1,887			303
Net increase (decrease) in cash and equivalents	4,429			—			—			4,429			—		470			4,899
Cash and equivalents at beginning of period	4,618			—			—			4,618			—		333			4,951
Cash and equivalents at end of period	$	9,047		$	—		$	—		$	9,047		$	—	$	803		$	9,850

	For the Three Months Ended March 31, 2012 (Restated)
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Quicksilver and Restricted Subsidiaries			Fortune Creek			Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided (used) by operating activities	$	(3,195	)	$	438		$	27,099		$	24,342		$	3,028		$	27,370
Purchases of property, plant and equipment	(95,994		)	(438		)	(77,304		)	(173,736		)	(1,186		)	(174,922		)
Proceeds from Crestood earn-out	41,097			—			—			41,097			—			41,097
Proceeds from sale of properties and equipment	269			—			191			460			—			460
Net cash flow used by investing activities	(54,628		)	(438		)	(77,113		)	(132,179		)	(1,186		)	(133,365		)
Issuance of debt	100,000			—			61,658			161,658			—			161,658
Repayments of debt	(40,018		)	—			(13,097		)	(53,115		)	—			(53,115		)
Debt issuance costs	(191		)	—			—			(191		)	—			(191		)
Proceeds from exercise of stock options	10			—			—			10			—			10
Purchase of treasury stock	(2,341		)	—			—			(2,341		)	—			(2,341		)
Net cash flow provided (used) by financing activities	57,460			—			48,561			106,021			—			106,021
Effect of exchange rates on cash	—			—			1,453			1,453			(1,593		)	(140		)
Net increase (decrease) in cash and equivalents	(363		)	—			—			(363		)	249			(114		)
Cash and equivalents at beginning of period	363			—			—			363			12,783			13,146
Cash and equivalents at end of period	$	—		$	—		$	—		$	—		$	13,032		$	13,032

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2013

Loss Contingency [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

Contractual Obligations, Commitments and Contingencies

In March 2013, NGTL agreed to reduce our letter of credit for the Komie North Project to $14 million subsequent to the NEB recommendation against the Komie North Project. Based on discussions with NGTL we believe that NGTL will re-submit its application within the allowed time period, and is not requiring the C$26.4 million termination payment at this time. In pursuing the application, NGTL will solicit the participation of other producers in the area to address the issues raised by the NEB. Accordingly, no amounts have been recognized on our consolidated balance sheet as of March 31, 2013. Upon completion of the project, all construction-related financial assurances will expire.

In April 2013, we increased our outstanding letters of credit by C$13 million for the step-up of treating volumes in the Horn River Basin.

In December 2012, Vantage Fort Worth Energy LLC (“Plaintiff”) served a lawsuit against us and others in the 352nd Judicial District Court of Texas in Tarrant County asserting claims for trespass to try title, suit to quiet title, trespass and conversion in connection with 16 wells located on a 158.75 acre tract located in Tarrant County, Texas. On May 8, 2013, all parties to the suit entered into a settlement agreement, effective April 1, 2013, whereby we assigned to Plaintiff various property and equipment and Plaintiff agreed to non-suit all of the Defendants in the matter. The court entered its Order of Dismissal with prejudice on May 13, 2013. We recognized an expense of $0.4 million in connection with this settlement.

In July 2011, we received a subpoena duces tecum from the SEC requesting certain documents. The SEC has informed us that their investigation arises out of press releases in 2011 questioning the projected decline curves and economics of shale gas wells. In June 2012, we received an additional request from the SEC for certain information regarding our assessment for impairment of unevaluated properties and plans for development of unevaluated properties. We provided responsive information and in February 2013 we met with the SEC.

Note 14 to the consolidated financial statements in our 2012 Annual Report on Form 10-K contains a more complete description of our contractual obligations, commitments and contingencies for which there are no other significant updates during the quarter ended March 31, 2013.

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Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Dec. 31, 2012
Segment Reporting Information [Line Items]
Number of geographical segments	2
Revenue	$ 118,703	$ 172,866
Depletion, depreciation and accretion	18,256	54,439
Impairment expense	0	317,928
Operating income (loss)	(3,874)	(267,985)
Property and equipment costs incurred	24,337	135,567
Property, plant and equipment - net	1,027,532		1,029,058
Total assets	1,309,209		1,381,788
U.S. [Member]
Segment Reporting Information [Line Items]
Revenue	81,553	141,774
Depletion, depreciation and accretion	13,128	41,823
Operating income (loss)	6,922	(107,312)
Property and equipment costs incurred	20,553	72,431
Property, plant and equipment - net	625,024		614,071
Total assets	716,093		784,104
Canada [Member]
Segment Reporting Information [Line Items]
Revenue	36,260	30,134
Depletion, depreciation and accretion	3,190	10,815
Operating income (loss)	2,841	(141,201)
Property and equipment costs incurred	3,064	53,623
Property, plant and equipment - net	289,573		294,921
Total assets	369,404		371,532
Midstream [Member]
Segment Reporting Information [Line Items]
Revenue	6,215	4,258
Depletion, depreciation and accretion	1,340	1,201
Operating income (loss)	3,124	222
Property and equipment costs incurred	80	5,980
Property, plant and equipment - net	104,968		111,523
Total assets	215,745		217,609
Corporate [Member]
Segment Reporting Information [Line Items]
Revenue	0	0
Depletion, depreciation and accretion	598	600
Operating income (loss)	(16,761)	(19,694)
Property and equipment costs incurred	640	3,533
Property, plant and equipment - net	7,967		8,543
Total assets	7,967		8,543
Elimination [Member]
Segment Reporting Information [Line Items]
Revenue	(5,325)	(3,300)
Depletion, depreciation and accretion	0	0
Operating income (loss)	0	0
Property and equipment costs incurred	0	0
Property, plant and equipment - net	0		0
Total assets	0		0
Restricted Non-Guarantor Subsidiaries [Member]
Segment Reporting Information [Line Items]
Operating income (loss)	(778)	(147,022)
Property, plant and equipment - net	291,083		296,462
Total assets	$ 369,404		$ 371,532

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Asset Retirement Obligations

3 Months Ended

Mar. 31, 2013

Asset Retirement Obligation [Abstract]

Asset Retirement Obligations

ASSET RETIREMENT OBLIGATIONS

The following table provides a reconciliation of the changes in the estimated asset retirement obligation for the three months endedMarch 31, 2013.

	(In thousands)
Beginning asset retirement obligations	$	116,526
Additional liability incurred	103
Change in estimates	(92		)
Accretion expense	1,370
Asset retirement costs incurred	(556		)
Settlement of liability in excess of obligation recorded	56
Currency translation adjustment	(1,165		)
Ending asset retirement obligations	116,242
Less current portion	(577		)
Long-term asset retirement obligation	$	115,665

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Income Taxes

3 Months Ended

Mar. 31, 2013

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must be adjusted to reflect tax rates that we expect will be in effect during years in which we expect the temporary differences will reverse. Net operating loss carry-forwards and other deferred tax assets are reviewed for recoverability, and if necessary, are recorded net of a valuation allowance. At March 31, 2013, our U.S. and Canadian valuation allowances are $557.1 million and $62.1 million, respectively, as we continue to believe that it is not more likely than not that we will realize the deferred tax benefits primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2013 is a result of hedge gains previously deferred in AOCI being realized during the quarter and the net tax impact being recognized without a corresponding valuation allowance.

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Fortune Creek

3 Months Ended

Mar. 31, 2013

Equity Method Investments and Joint Ventures [Abstract]

Fortune Creek

FORTUNE CREEK

We are partners with KKR in Fortune Creek, which operates midstream assets for natural gas produced by us and others primarily in British Columbia. The partnership established an area of mutual interest for the midstream business covering approximately 30 million potential acres which includes transportation and processing infrastructure and agreements.

In forming Fortune Creek, our Canadian subsidiary contributed an existing 20-mile, 20-inch gathering line and its related compression facilities, committed to minimum expenditures of $300 million for drilling and completion activities in our Horn River Asset between 2012 and 2014, of which we incurred $148.3 million as of March 31, 2013, and pursuant to the partnership agreement will be required to incur an additional $31.7 million by December 31, 2013, with the balance of the $300 million to be incurred by December 31, 2014. Additionally, we committed gas production from our Horn River Asset for ten years beginning 2012, as more fully described below. KKR contributed $125 million cash in exchange for a 50% interest in Fortune Creek. Our Canadian subsidiary has responsibility for the day-to-day operations of Fortune Creek.

Our Canadian subsidiary entered into a firm gathering agreement with Fortune Creek which is guaranteed by us. At our election, KKR has the responsibility to fund up to C$130 million of the capital required for construction of a new gas treatment facility in exchange for preferential cash flow distributions. If our subsidiary does not meet its obligations under the gathering agreement, KKR has the right to liquidate the partnership and consequently we have recorded the funds contributed by KKR as a liability in our consolidated financial statements. We recognize accretion expense to reflect the rate of return earned by KKR via its investment. Beginning in May 2012, Fortune Creek made cash distributions to KKR, which is reported as cash used by financing activities.

Based on an analysis of the partners’ equity at risk, we have determined the partnership to be a VIE. Further, based on our ability to direct the activities surrounding the production of natural gas and our direct management of the operations of the Fortune Creek facilities, we have determined we are the primary beneficiary and, therefore, we consolidate Fortune Creek.

Note 12 contains financial information for Fortune Creek in our condensed consolidating financial statements.

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Transactions With Related Parties (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Mercury Exploration Company [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties		$ 0.1
Darden Family [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest	30.00%
Use Of Airplane [Member] | Darden Family [Member]
Related Party Transaction [Line Items]
Payments to related parties	$ 0.3	$ 0.1

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TG Barnett Sale TG Barnett Sale(Details) (USD $)	3 Months Ended				3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012	Mar. 31, 2013 TG Barnett Resources, LP [Member] Barnett Shale [Member]	Mar. 28, 2013 TG Barnett Resources, LP [Member] Barnett Shale [Member]	Mar. 31, 2013 Subsequent Event [Member] TG Barnett Resources, LP [Member] Barnett Shale [Member]	Mar. 28, 2013 Subsequent Event [Member] TG Barnett Resources, LP [Member] Barnett Shale [Member]
Significant Acquisitions and Disposals [Line Items]
Proceeds from Sale of Productive Assets			$ 485,000,000
Percentage of ownership interest				25.00%		25.00%
Cash received from sale of productive assets					463,400,000
Recognized gain	$ 0	$ 41,097,000			$ 300,000,000

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Fortune Creek (Details) In Millions, unless otherwise specified	3 Months Ended			15 Months Ended
	Mar. 31, 2013 acre	Mar. 31, 2013 KKR [Member] USD ($) in mi Y	Mar. 31, 2013 KKR [Member] CAD Y	Mar. 31, 2013 KKR [Member] USD ($) Y
Area of business, acres	30,000,000
Length of gathering line contributed to partnership, miles		20	20
Diameter of gathering line contributed to partnership, inches		20	20
Minimum capital expenditures		$ 300.0		$ 148.3
Expenditures Required to Acquire Productive Assets Within the Next Twelve Months		31.7
Dedicated years for gas production		10	10	10
Payments to acquire interest in joint venture		125
Percentage of interest by parent in the partnership		50.00%	50.00%	50.00%
Maximum construction project contributions			130

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2013

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid (received) for interest and income taxes was as follows:

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Interest, net of capitalized interest	$	69,633	$	66,020
Income taxes	35		(2,839		)

Other significant non-cash transactions were as follows:

	For the Three Months Ended March 31,
	2013		2012
	(In thousands)
Working capital related to capital expenditures	$	8,964	$	69,983

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Asset Retirement Obligations (Tables)

3 Months Ended

Mar. 31, 2013

Asset Retirement Obligation [Abstract]

Estimated Asset Retirement Obligation Activity

	(In thousands)
Beginning asset retirement obligations	$	116,526
Additional liability incurred	103
Change in estimates	(92		)
Accretion expense	1,370
Asset retirement costs incurred	(556		)
Settlement of liability in excess of obligation recorded	56
Currency translation adjustment	(1,165		)
Ending asset retirement obligations	116,242
Less current portion	(577		)
Long-term asset retirement obligation	$	115,665

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Income Taxes Valuation Allowance (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013
UNITED STATES
Valuation Allowance [Line Items]
Tax Valuation Allowance Expense, Federal	$ 557,087
CANADA
Valuation Allowance [Line Items]
Tax Valuation Allowance Expense, Federal	$ 62,117

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Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Derivatives, Fair Value [Line Items]
Settlements in production revenue	$ (14,755)	$ (28,589)
Cash Flow Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative fair value at beginning of period		342,799
Ineffectiveness reported in net derivative gains (losses)		(5,241)
Unrealized gains (losses) reported in OCI		99,894
Derecognition of hedges		(180,732)
Derivative fair value at end of period		211,163
Production Revenue [Member] | Cash Flow Derivatives [Member]
Derivatives, Fair Value [Line Items]
Settlements in production revenue		(41,737)
Derivative gains (losses) [Member] | Cash Flow Derivatives [Member]
Derivatives, Fair Value [Line Items]
Settlements in net derivative (gains) losses		$ (3,820)

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Condensed Consolidated Statements Of Equity (USD $)		Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings (Defecit) [Member]	Total [Member]	Restricted Stock [Member]
Balances at Dec. 31, 2011			$ 1,770,000	$ 737,015,000	$ (46,351,000)	$ 214,858,000	$ 354,627,000	$ 1,261,919,000
Net income (loss)		(211,565,000)					(211,565,000)	(211,565,000)
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax						(28,589,000)		(28,589,000)
Net change in derivative fair value, net of income tax		61,287,000				61,287,000		61,287,000
Foreign currency translation adjustment		1,451,000				1,451,000		1,451,000
Issuance and vesting of stock compensation			19,000	5,610,000	(2,341,000)			3,288,000
Stock option exercises			1,000	10,000				11,000
Balances at Mar. 31, 2012	[1]		1,790,000	742,635,000	(48,692,000)	249,007,000	143,062,000	1,087,802,000
Balances at Dec. 31, 2012			1,790,000	751,394,000	(49,495,000)	161,493,000	(1,997,979,000)	(1,132,797,000)
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized									26,900,000
Net income (loss)		(59,707,000)					(59,707,000)	(59,707,000)
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax						(14,755,000)		(14,755,000)
Net change in derivative fair value, net of income tax		0
Foreign currency translation adjustment		301,000				301,000		301,000
Issuance and vesting of stock compensation			39,000	4,994,000	(1,007,000)			4,026,000
Balances at Mar. 31, 2013			$ 1,829,000	$ 756,388,000	$ (50,502,000)	$ 147,039,000	$ (2,057,686,000)	$ (1,202,932,000)

[1] (1) Note 1 contains additional information

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Derivatives And Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Credit Risk Derivatives, at Fair Value, Net [Abstract]

Derivatives And Fair Value Measurements

DERIVATIVES AND FAIR VALUE MEASUREMENTS

The following table categorizes our commodity derivative instruments based upon the use of input levels:

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(in thousands)				(in thousands)
Level 2 inputs	$	146,686	$	207,042	$	2,159	$	959
Level 3 inputs	4,194		11,595		13,231		16,526
Total	$	150,880	$	218,637	$	15,390	$	17,485

The fair value of “Level 2” derivative instruments included in these disclosures was estimated using prices quoted in active markets for the periods covered by the derivatives and the value reported by counterparties. The fair value of derivative instruments designated “Level 3” was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. Currently, only our natural gas derivatives with an original tenure of 10 years utilize “Level 3” inputs, primarily due to comparatively less market data available for the later portion of their term compared with our other shorter term derivatives. The fair value of both the “Level 2” and the “Level 3” assets and liabilities are determined using a discounted cash flow model using the terms of the derivative instrument, market prices for the periods covered by thederivatives, and the credit adjusted risk-free interest rates. The “Level 3” unobservable inputs are the market prices for the latter half of the 10-year term as there is not an active market for that period of time. These unobservable inputs included within the fair value calculation range from $4.02 to $5.79 and are based upon prices quoted in active markets for the period of time available and applying the differential from this period of time to the market prices for the later years in the term.

The following table identifies the changes in “Level 3” net asset derivative fair values for the periods indicated:

	For the Three Months Ended March 31,
	2013			2012
	(In thousands)
Balance at beginning of period	$	(4,931	)	$	150,989
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(18		)	328
Transfers out of Level 3	—			(153,418		)
Settlements in production revenue	—			(3,738		)
Settlements in net derivative gains (losses)	(4,088		)	(6,876		)
Unrealized gains reported in OCI	—			34,302
Balance at end of period	$	(9,037	)	$	21,587
Total gains or losses included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	(92	)	$	328

In 2012, transfers from Level 3 to Level 2 represent our ten-year derivative instruments that were exchanged in January and February 2012 for derivative instruments with shorter durations and are valued on the date of the transfer.

Commodity Price Derivatives

As of March 31, 2013, we had natural gas swaps as follows:

Production Year	Daily Production Volume
	MMcfd
2013	200
2014	170
2015	150
2016-2021	40

Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date will be recognized in net derivative gains (losses) in the period in which they occur. The net deferred hedge gain that was included in AOCI as of December 31, 2012 will be released into revenue from natural gas, NGL and oil production during the following periods in which we expect the underlying production to occur as follows:

	(In thousands)
Remainder of 2013	$	50,420
2014	37,084
2015	33,191
2016	13,476
2017	12,531
2018 and thereafter	41,443
	$	188,145

Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months would result in a gain of $60.0 million net of income taxes.

Interest Rate Derivatives

In 2010, we executed early settlements of our interest rate swaps that were designated as fair value hedges of our senior notes due 2015 and our senior subordinated notes. We received cash of $41.5 million in the settlements, including $10.7 million for interest previously accrued and earned. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain of $30.8 million as a reduction of interest expense over the lives of our senior notes due 2015 and our senior subordinated notes.

During the three months endedMarch 31, 2013 and 2012, we recognized $1.3 million and $1.2 million, respectively, of those deferred gains as a reduction of interest expense. The remaining $15.4 million deferral of the 2010 early settlements from all interest rate swaps will continue to be recognized as a reduction of interest expense over the life of the associated underlying debt instruments currently scheduled as follows:

	(In thousands)
Remainder of 2013	$	4,197
2014	6,012
2015	4,669
2016	568
	$	15,446

Fair Value Disclosures

The estimated fair value of our derivative instruments at March 31, 2013 and December 31, 2012 were as follows:

	Asset Derivatives				Liability Derivatives
	March 31, 2013		December 31, 2012		March 31, 2013		December 31, 2012
	(In thousands)				(In thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	56,935	$	113,367	$	2,369	$	—
Noncurrent derivative assets	97,529		107,542		1,215		2,272
Current derivative liabilities	—		—		532		—
Noncurrent derivative liabilities	—		92		14,858		17,577
Total derivatives not designated as hedges	$	154,464	$	221,001	$	18,974	$	19,849

Derivative assets and liabilities shown in the table above are presented as gross assets and liabilities, without regard to master netting arrangements which are considered in the presentations of derivative assets and liabilities in the accompanying condensed consolidated balance sheets. The change in carrying value of our commodity price derivatives since December 31, 2012 principally resulted from the overall increase in market prices for natural gas relative to the prices in our open derivative instruments, offset by settlements during the period.

The changes in the carrying value of our derivatives accounted for as hedges for the three months ended March 31, 2012 are presented below:

	For the Three Months Ended March 31,
	2012
	Commodity Hedges
	(In thousands)
Derivative fair value at beginning of period	$	342,799
Settlements in production revenue	(41,737		)
Settlements in net derivative (gains) losses	(3,820		)
Ineffectiveness reported in net derivative gains (losses)	(5,241		)
Unrealized gains (losses) reported in OCI	99,894
Derecognition of hedge	(180,732		)
Derivative fair value at end of period	$	211,163

Hedge derivative ineffectiveness resulted in gains of $5.2 million for the three months ended March 31, 2012 which is included in net derivative gains (losses).

Financial instruments not carried at fair value

Carrying values and fair values of financial instruments that are not carried at fair value in the consolidated balance sheet as of March 31, 2013 and December 31, 2012 are included in Note 5.

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Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenue	$ 118,703	$ 172,866
Operating expenses	122,577	481,948
Crestwood earn-out	0	41,097
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	(3,874)	(267,985)
Fortune Creek accretion	(4,845)	(4,741)
Interest expense and other	(44,092)	40,077
Income tax (expense) benefit	(6,896)	101,238
Net income (loss)	(59,707)	(211,565)
Other comprehensive income (loss)	(11,003)	21,759
Equity in OCI of subsidiaries	(3,451)	12,390
Comprehensive income (loss)	(74,161)	(177,416)
Quicksilver Resources Inc. [Member]
Revenue	88,900	148,590
Operating expenses	97,024	315,612
Crestwood earn-out		41,097
Equity in net earnings of subsidiaries	(4,191)	(110,342)
Operating income (loss)	(12,315)	(236,267)
Fortune Creek accretion	0	0
Interest expense and other	(41,168)	(38,643)
Income tax (expense) benefit	(6,224)	(63,345)
Net income (loss)	(59,707)	(211,565)
Other comprehensive income (loss)	(11,003)	21,759
Equity in OCI of subsidiaries	(3,451)	12,390
Comprehensive income (loss)	(74,161)	(177,416)
Restricted Guarantor Subsidiaries [Member]
Revenue	214	1,130
Operating expenses	30	909
Crestwood earn-out		0
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	184	221
Fortune Creek accretion	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	77
Net income (loss)	184	144
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	184	144
Restricted Non-Guarantor Subsidiaries [Member]
Revenue	29,589	24,049
Operating expenses	28,459	167,460
Crestwood earn-out		0
Equity in net earnings of subsidiaries	(1,908)	(3,611)
Operating income (loss)	(778)	(147,022)
Fortune Creek accretion	0	0
Interest expense and other	(2,925)	(1,434)
Income tax (expense) benefit	(672)	(37,970)
Net income (loss)	(4,375)	(110,486)
Other comprehensive income (loss)	(3,451)	12,390
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	(7,826)	(98,096)
Restricted Subsidiary Eliminations [Member]
Revenue	0	(903)
Operating expenses	0	(903)
Crestwood earn-out		0
Equity in net earnings of subsidiaries	4,191	110,342
Operating income (loss)	4,191	110,342
Fortune Creek accretion	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	4,191	110,342
Other comprehensive income (loss)	3,451	(12,390)
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	7,642	97,952
Quicksilver And Restricted Subsidiaries [Member]
Revenue	118,703	172,866
Operating expenses	125,513	483,078
Equity in net earnings of subsidiaries	(1,908)	(3,611)
Operating income (loss)	(8,718)	(272,726)
Fortune Creek accretion	0	0
Interest expense and other	(44,093)	(40,077)
Income tax (expense) benefit	(6,896)	101,238
Net income (loss)	(59,707)	(211,565)
Other comprehensive income (loss)	(11,003)	21,759
Equity in OCI of subsidiaries	(3,451)	12,390
Comprehensive income (loss)	(74,161)	(177,416)
Unrestricted Non-Guarantor Subsidiaries [Member]
Revenue	0	0
Operating expenses	0	0
Crestwood earn-out		0
Equity in net earnings of subsidiaries	2,937	1,130
Operating income (loss)	2,937	1,130
Fortune Creek accretion	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	2,937	1,130
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	2,937	1,130
Fortune Creek [Member]
Revenue	5,325	2,397
Operating expenses	2,389	1,267
Crestwood earn-out		0
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	2,936	1,130
Fortune Creek accretion	0	0
Interest expense and other	1	0
Income tax (expense) benefit	0	0
Net income (loss)	2,937	1,130
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	2,937	1,130
Consolidating Eliminations [Member]
Revenue	(5,325)	(2,397)
Operating expenses	(5,325)	(2,397)
Crestwood earn-out		0
Equity in net earnings of subsidiaries	(1,029)	2,481
Operating income (loss)	(1,029)	2,481
Fortune Creek accretion	(4,845)	4,741
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	(5,874)	(2,260)
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	$ (5,874)	$ (2,260)

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Quicksilver Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2013

Share-based Compensation, Allocation and Classification in Financial Statements [Abstract]

Assumptions For The Black-Scholes Option Pricing Model For Stock Options Issued

	2013	2012
Weighted avg grant date fair value	$1.81	$4.25
Weighted avg risk-free interest rate	0.76%	1.15%
Expected life	5.3 years	6.0 years
Wtd avg volatility	75.0%	68.2%
Expected dividends	—	—

Stock Option Activity

	Shares		Wtd Avg Exercise Price		Wtd Avg Remaining Contractual Life	Aggregate Intrinsic Value
					(In years)	(In thousands)
Outstanding at January 1, 2013	4,979,980		$	10.23
Granted	58,576		2.93
Expired	(6,555	)	9.33
Outstanding at March 31, 2013	5,032,001		$	10.15	6.2	$	—
Exercisable at March 31, 2013	3,780,023		$	10.86	6.8	$	—

Restricted Stock And Stock Unit Activity

	Payable in shares				Payable in cash
	Shares		Wtd Avg Grant Date Fair Value		Shares		Wtd Avg Grant Date Fair Value
Outstanding at January 1, 2013	3,099,135		$	8.48	678,217		$	7.71
Granted	5,093,626		2.96		1,322,352		2.97
Vested	(1,270,222	)	9.75		(201,878	)	9.69
Forfeited	(511,314	)	3.98		(73,700	)	4.41
Outstanding at March 31, 2013	6,411,225		$	4.21	1,724,991		$	3.98

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Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details)	3 Months Ended
	Mar. 31, 2013 MMcf
Credit Risk Derivatives, at Fair Value, Net [Abstract]
Gas 2013, MMcfd	200
Gas 2014, MMcfd	170
Gas 2016-2021, MMcfd	40

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Segment Information

3 Months Ended

Mar. 31, 2013

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, we operate a significantly smaller midstream segment in the U.S. and Canada, where we provide natural gas gathering and processing services, primarily to our U.S. and Canadian exploration and production segments. Following the formation of our partnership with KKR, beginning in January 2012, we have additional midstream operations in Canada through Fortune Creek. Revenue earned by Fortune Creek for the gathering and processing of our gas is eliminated on a consolidated basis as is the GPT recognized by our producing properties. Based on the immateriality of our midstream segment, we have combined our U.S. and Canadian midstream information. We evaluate performance based on operating income and property and equipment costs incurred.

	Exploration & Production														Quicksilver Consolidated
	U.S.			Canada			Midstream		Corporate			Elimination
For the Three Months Ended March 31:	(In thousands)
2013
Revenue	$	81,553		$	36,260		$	6,215	$	—		$	(5,325	)	$	118,703
DD&A	13,128			3,190			1,340		598			—			18,256
Operating income (loss)	6,922			2,841			3,124		(16,761		)	—			(3,874		)
Property and equipment costs incurred	20,553			3,064			80		640			—			24,337
2012 (Restated)
Revenue	$	141,774		$	30,134		$	4,258	$	—		$	(3,300	)	$	172,866
DD&A	41,823			10,815			1,201		600			—			54,439
Impairment expense	178,039			139,889			—		—			—			317,928
Operating income (loss)	(107,312		)	(141,201		)	222		(19,694		)	—			(267,985		)
Property and equipment costs incurred	72,431			53,623			5,980		3,533			—			135,567
Property, plant and equipment-net
March 31, 2013	$	625,024		$	289,573		$	104,968	$	7,967		$	—		$	1,027,532
December 31, 2012	614,071			294,921			111,523		8,543			—			1,029,058
Total assets
March 31, 2013	716,093			369,404			215,745		7,967			—			$	1,309,209
December 31, 2012	784,104			371,532			217,609		8,543			—			1,381,788