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, 2015
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 incorporation or organization)	(I.R.S. Employer Identification No.)
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	¨		Accelerated filer	þ
Non-accelerated filer	¨	(Do not check if a smaller reporting company)	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, 2015
Common Stock, $0.01 par value	183,142,386 shares

DEFINITIONS

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

“ABR” means alternate base rate

“AOCI” means accumulated other comprehensive income

“ASC” means FASB Accounting Standards Codification

“Bbl” or “Bbls” means barrel or barrels

“Bbld” means barrel or barrels per day

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

“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 BTUs

“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

“OCI” means other comprehensive income

“Oil” includes crude oil and condensate

“QRCI” means Quicksilver Resources Canada Inc., our wholly owned subsidiary

“RSU” means restricted stock unit

COMMONLY USED TERMS

Other commonly used terms and abbreviations include:

“Amended and Restated Canadian Credit Facility” means our Canadian senior secured revolving credit facility which was amended and restated, effective December 22, 2011, and as further amended, restated, supplemented or otherwise modified

“Amended and Restated U.S. Credit Facility” means our U.S. senior secured revolving credit facility which was amended and restated, effective December 22, 2011, and as further amended, restated, supplemented or otherwise modified

“Bankruptcy Code” means title 11 of the United States Code

“Bankruptcy Court” means the United States Bankruptcy Court for the District of Delaware

“Bar Date” means the general deadline set by the Bankruptcy Court for the filing of proofs of claim by certain pre-petition creditors to formally assert claims against the U.S. Debtors

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

“CCAA” means the Companies’ Creditors Arrangement Act (Canada)

“Chapter 11” means chapter 11 of the Bankruptcy Code

“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

“Creditors Committee” means the official committee of unsecured creditors appointed by the United States Trustee for Delaware under the Bankruptcy Code

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

“FASB” means the Financial Accounting Standards Board, which promulgates accounting standards in the U.S.

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“Forbearance Agreement” means the Waiver and Forbearance Agreement entered into by us and QRCI on March 16, 2015 with the administrative agents and certain of the lenders under the Combined Credit Agreements

“Fortune Creek” means Fortune Creek Gathering and Processing Partnership, a midstream partnership formed with KKR and 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

“Houlihan Lokey” means Houlihan Lokey Capital, Inc.

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

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

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

“OTC Pink” means OTC Pink, a centralized electronic quotation service for over-the-counter securities, operated by OTC Markets Group Inc.

“Petition Date” means March 17, 2015

“Schedules and Statements” means the schedules of assets and liabilities and statements of financial affairs that will be filed by the U.S. Debtors with the Bankruptcy Court

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

“Second Lien Notes” means our senior secured second lien notes issued June 21, 2013

“Second Lien Term Loan” means our senior secured second lien term loan facility, effective June 21, 2013

“Southwestern” means Southwestern Energy Company

“Southwestern Transaction” means the sale of our Niobrara Asset to Southwestern

“Substantial Equityholder” means all persons or entities who at March 19, 2015 or in the future beneficially own at least 4.75% of our outstanding equity securities

“U.S. Debtors” means us and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC that filed Chapter 11 petitions

“VIE” means variable interest entity

“West Texas Asset” means our operations and our assets in the Delaware basin in West Texas which we believe is prospective for the Bone Springs and Wolfcamp formations, principally concentrated in Pecos County, Texas and to a lesser extent Crockett and Upton Counties, Texas

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INDEX TO QUARTERLY REPORT ON FORM 10-Q

For the Quarter Ended March 31, 2015

PART I. FINANCIAL INFORMATION	7
Item 1. Condensed Consolidated Interim Financial Statements (Unaudited)	7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	35
Item 3. Quantitative and Qualitative Disclosures About Market Risk	51
Item 4. Controls and Procedures	52
PART II. OTHER INFORMATION	53
Item 1. Legal Proceedings	53
Item 1A. Risk Factors	53
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	53
Item 3. Defaults Upon Senior Securities	53
Item 4. Mine Safety Disclosures	53
Item 5. Other Information	53
Item 6. Exhibits	54
Signature	55

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,” “contemplate,” “estimate,” “anticipate,” “believe,” “project,” “target,” “budget,” “potential,” or “continue,” and similar expressions are used to identify forward-looking statements. Forward-looking statements 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:

• risks and uncertainties associated with the Chapter 11 process, including our inability to develop, confirm and consummate a plan under Chapter 11 or an alternative restructuring transaction, including a sale of all or substantially all of our assets, which may be necessary to continue as a going concern;

• inability to maintain relationships with suppliers, customers, employees and other third parties as a result of our Chapter 11 filing;

• a filing by QRCI for creditor protection under the CCAA;

• failure to satisfy our short- or long-term liquidity needs, including our inability to generate sufficient cash flow from operations or to obtain adequate financing to fund our capital expenditures, meet working capital needs, make adequate protection payments and our ability to continue as a going concern;

• domestic and foreign supply and demand for natural gas, NGL and oil and related 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 and operational efficiencies;

• our ability to secure alternative gathering and processing in our Horn River Basin Asset;

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

• our inability to manage our significant exposure to fluctuations in commodity prices as a result of our limited hedge positions;

• 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;

• the volatility and decline in our stock price, and the inability of our common stock to remain quoted on the OTC Pink;

• delays in obtaining oilfield equipment and increases in drilling and completion 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, particularly in entering into and completing a transaction involving the sale of any or all of our Canadian assets, including our Horn River Asset;

• failure to make the necessary expenditures under or related to our contractual commitments, including our spending requirement pursuant to Fortune Creek;

• inability to meet our minimum volume delivery requirements in our gathering, processing, fractionation and transportation agreements or otherwise satisfy minimum volume deficiency payment obligations;

5

• the effects of existing or future litigation;

• changes in general economic conditions; 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, including any amendments thereto. 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.

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PART I    FINANCIAL INFORMATION

ITEM 1. Condensed Consolidated Interim Financial Statements (Unaudited)

QUICKSILVER RESOURCES INC. (DEBTOR IN POSSESSION)

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,
	2015			2014
Revenue
Production	$	60,737		$	115,676
Sales of purchased natural gas	10,771			17,222
Net derivative gains (losses)	27,501			(42,033		)
Other	5,748			921
Total revenue	104,757			91,786
Operating expense
Lease operating	15,461			18,757
Gathering, processing and transportation	28,457			32,783
Production and ad valorem taxes	3,525			4,184
Costs of purchased natural gas	10,783			17,192
Depletion, depreciation and accretion	15,289			13,955
General and administrative	18,856			15,320
Other operating	337			649
Total expense	92,708			102,840
Operating income (loss)	12,049			(11,054		)
Other income (expense) - net	(25,566		)	69
Fortune Creek accretion	(3,228		)	(4,401		)
Interest expense (contractual interest expense equals $39,388 for the three months ended March 31, 2015)	(36,761		)	(40,796		)
Reorganization items, net	(60,645		)	—
Loss before income taxes	(114,151		)	(56,182		)
Income tax expense	(1,536		)	(2,651		)
Net loss	$	(115,687	)	$	(58,833	)
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax	(5,258		)	(7,850		)
Foreign currency translation adjustment	(7,463		)	(4,255		)
Other comprehensive loss	(12,721		)	(12,105		)
Comprehensive loss	$	(128,408	)	$	(70,938	)
Earnings (loss) per common share - basic	$	(0.66	)	$	(0.34	)
Earnings (loss) per common share - diluted	$	(0.66	)	$	(0.34	)

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

7

QUICKSILVER RESOURCES INC. (DEBTOR IN POSSESSION)

CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except for share data – Unaudited

	March 31, 2015			December 31, 2014
ASSETS
Current assets
Cash and cash equivalents	$	291,840		$	223,529
Accounts receivable - net of allowance for doubtful accounts	50,026			65,158
Derivative assets at fair value	7,476			120,176
Other current assets	23,901			14,414
Total current assets	373,243			423,277
Property, plant and equipment - net
Oil and natural gas properties, full cost method (including unevaluated costs of $18,253 and $18,803, respectively)	595,884			614,668
Other property and equipment	108,557			114,112
Property, plant and equipment - net	704,441			728,780
Derivative assets at fair value	—			29,391
Other assets	7,668			32,854
	$	1,085,352		$	1,214,302
LIABILITIES AND EQUITY
Current liabilities
Current portion of long-term debt	$	260,460		$	2,037,305
Accounts payable	10,657			22,586
Accrued liabilities	30,345			81,146
Total current liabilities	301,462			2,141,037
Partnership liability	86,466			91,956
Asset retirement obligations	100,005			104,049
Other liabilities	10,195			15,131
Liabilities subject to compromise	1,851,073			—
Commitments and contingencies (Note 7)
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 191,573,739 and 187,802,994 shares issued, respectively	1,916			1,878
Additional paid in capital	784,176			781,669
Treasury stock of 8,363,784 and 7,444,372 shares, respectively	(53,925		)	(53,810		)
Accumulated other comprehensive income	59,132			71,853
Retained deficit	(2,055,148		)	(1,939,461		)
Total stockholders' equity	(1,263,849		)	(1,137,871		)
	$	1,085,352		$	1,214,302

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

8

QUICKSILVER RESOURCES INC. (DEBTOR IN POSSESSION)

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, 2013	$	1,840	$	770,092	$	(51,422	)	$	109,881		$	(1,836,361	)	$	(1,005,970	)
Net loss	—		—		—			—			(58,833		)	(58,833		)
Hedge derivative contract settlements reclassified into production revenue from AOCI, net of income tax of $2,426	—		—		—			(7,850		)	—			(7,850		)
Foreign currency translation adjustment	—		—		—			(4,255		)	—			(4,255		)
Issuance and vesting of stock compensation	8		3,806		(2,271		)	—			—			1,543
Balances at March 31, 2014	$	1,848	$	773,898	$	(53,693	)	$	97,776		$	(1,895,194	)	$	(1,075,365	)
Balances at December 31, 2014	$	1,878	$	781,669	$	(53,810	)	$	71,853		$	(1,939,461	)	$	(1,137,871	)
Net loss	—		—		—			—			(115,687		)	(115,687		)
Hedge derivative contract settlements reclassified into production revenue from AOCI, net of income tax of $1,536	—		—		—			(5,258		)	—			(5,258		)
Foreign currency translation adjustment	—		—		—			(7,463		)	—			(7,463		)
Issuance and vesting of stock compensation	38		2,507		(115		)	—			—			2,430
Balances at March 31, 2015	$	1,916	$	784,176	$	(53,925	)	$	59,132		$	(2,055,148	)	$	(1,263,849	)

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

9

QUICKSILVER RESOURCES INC. (DEBTOR IN POSSESSION)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands – Unaudited

	For the Three Months Ended March 31,
	2015			2014
Operating activities:
Net loss	$	(115,687	)	$	(58,833	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depletion, depreciation and accretion	15,289			13,955
Deferred income tax expense	1,536			2,426
Hedging and derivative activities	131,789			32,555
Stock-based compensation	2,545			3,814
Non-cash interest expense	2,566			2,665
Reorganization items, net	60,615			—
Fortune Creek accretion	3,228			4,401
Other	(261		)	(407		)
Changes in assets and liabilities
Accounts receivable	12,852			(13,220		)
Prepaid expenses and other assets	(11,271		)	518
Accounts payable	(10,617		)	(10,805		)
Income taxes	(36		)	8,221
Accrued and other liabilities	(4,558		)	(5,274		)
Net cash provided by (used in) operating activities	87,990			(19,984		)
Investing activities:
Capital expenditures	(15,187		)	(38,729		)
Proceeds from sale of properties and equipment	1,332			1,026
Purchases of marketable securities	—			(55,682		)
Maturities and sales of marketable securities	—			124,694
Net cash provided by (used in) investing activities	(13,855		)	31,309
Financing activities:
Issuance of debt	26,235			—
Repayments of debt	(36,700		)	—
Debt issuance costs paid	(80		)	(162		)
Distribution of Fortune Creek Partnership funds	(938		)	(29,472		)
Purchase of treasury stock	(115		)	(2,271		)
Net cash used in financing activities	(11,598		)	(31,905		)
Effect of exchange rate changes in cash	5,774			731
Net change in cash and cash equivalents	68,311			(19,849		)
Cash and cash equivalents at beginning of period	223,529			89,103
Cash and cash equivalents at end of period	$	291,840		$	69,254

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

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QUICKSILVER RESOURCES INC. (DEBTOR IN POSSESSION)

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

Unaudited

1. CHAPTER 11 PROCEEDINGS AND ACCOUNTING POLICIES

Chapter 11 Proceedings

On March 17, 2015, the Company and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC each filed a voluntary petition under Chapter 11 in the Bankruptcy Court to restructure our obligations and capital structure. The Chapter 11 cases are being jointly administered for procedural purposes only by the Bankruptcy Court under the caption In re Quicksilver Resources Inc., et. al., Case No. 15-10585 (LSS) (Jointly Administered).

The U.S. Debtors are currently operating our business as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code. Since the Chapter 11 filings, the Bankruptcy Court has entered all orders sufficient to enable the U.S. Debtors to conduct normal business activities, including orders to, among other things and subject to applicable caps for pre-petition items, pay employee wages and benefits, pay certain lienholders and critical vendors, and forward funds belonging to third parties, including royalty holders and partners, as well as the approval of the U.S. Debtors’ use of their secured lenders’ cash collateral and collateral, and the provision of adequate protection related thereto. While the U.S. Debtors are subject to Chapter 11, all transactions outside the ordinary course of their business will require the prior approval of the Bankruptcy Court.

On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements.

Appointment of Creditors Committee. On March 25, 2015, the United States Trustee for Delaware appointed the Creditors Committee. The Creditors Committee and its legal representatives have a right to be heard on all matters that come before the Bankruptcy Court with respect to the U.S. Debtors. There can be no assurance that the Creditors Committee will support the U.S. Debtors’ positions on matters presented to the Bankruptcy Court, including any plan of reorganization. Disagreements between the U.S. Debtors and the Creditors Committee could protract the Chapter 11 proceedings, negatively impact the U.S. Debtors’ ability to operate, and delay the U.S. Debtors’ emergence from the Chapter 11 proceedings.

Rejection of Executory Contracts. Subject to certain exceptions, under the Bankruptcy Code, the U.S. Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. The rejection of an executory contract or unexpired lease is generally treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the U.S. Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to such rejected contracts or leases may assert claims against the applicable U.S. Debtor's estate for such damages. The assumption of an executory contract or unexpired lease generally requires the U.S. Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the U.S. Debtors in this Quarterly Report, including where applicable a quantification of our obligations under any such executory contract or unexpired lease with the U.S. Debtors, is qualified by any overriding rejection rights we have under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the

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rejection of any executory contract or unexpired lease and the U.S. Debtors expressly preserve all of their rights with respect thereto.

The U.S. Debtors’ financial statements include amounts classified as Liabilities Subject to Compromise that the U.S. Debtors believe the Bankruptcy Court will allow as claim amounts resulting from the U.S. Debtors’ rejection of various executory contracts and unexpired leases. Additional amounts may be included in Liabilities Subject to Compromise in future periods if additional executory contracts and unexpired leases are rejected. Conversely, the U.S. Debtors expect that the assumption of certain executory contracts and unexpired leases may convert certain liabilities shown in future financial statements as subject to compromise to post-petition liabilities. Due to the uncertain nature of many of the potential claims, the magnitude of such claims is not reasonably estimable at this time. Such claims may be material (see “Liabilities Subject to Compromise” below).

Magnitude of Potential Claims. The U.S. Debtors will file with the Bankruptcy Court Schedules and Statements setting forth, among other things, the assets and liabilities of the U.S. Debtors, subject to the assumptions filed in connection therewith. The Schedules and Statements may be subject to further amendment or modification after filing.

Certain holders of pre-petition claims are required to file proofs of claim by the Bar Date. The Bankruptcy Court has not yet established the Bar Date.

Differences between amounts scheduled by the U.S. Debtors and claims by creditors will be investigated and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and we expect will continue after our emergence from bankruptcy. Accordingly, the ultimate number and amount of allowed claims is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained.

Costs of Reorganization. The U.S. Debtors have incurred and will continue to incur significant costs associated with the reorganization. The amount of these costs, which are being expensed as incurred, are expected to significantly affect our results of operations. For additional information, see “Reorganization Items, net” below.

Effect of Filing on Creditors and Stockholders. Under the priority scheme established by the Bankruptcy Code, unless creditors agree otherwise, pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock are entitled to receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or stockholders, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. No assurance can be given as to what values, if any, will be ascribed in the Chapter 11 proceedings to each of these constituencies or what types or amounts of distributions, if any, they would receive. A plan of reorganization could result in holders of U.S. Debtors’ liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. We believe that it is highly likely that the shares of our existing common stock will be canceled in the Chapter 11 proceedings and will be entitled to a limited recovery, if any. As discussed below, if certain requirements of the Bankruptcy Code are met, a plan of reorganization can be confirmed notwithstanding its rejection by the holders of our common stock and notwithstanding the fact that such holders do not receive or retain any property on account of their equity interests under the plan. Because of such possibilities, the value of our securities, including our common stock, is highly speculative. We urge that appropriate caution be exercised with respect to existing and future investments in any of the securities of the U.S. Debtors.

Subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically enjoined, or stayed, the continuation of any judicial or administrative proceedings or other actions against the U.S. Debtors or their property to recover on, collect or secure a claim arising prior to the Petition Date. As a result, for example, most creditor actions to obtain possession of property from the U.S. Debtors, or to create, perfect or enforce any lien against the property of the U.S. Debtors, or to collect on or otherwise exercise rights or remedies with respect to a pre-petition claim are enjoined unless and until the Bankruptcy Court lifts the automatic stay.

Notice and Hearing Procedures for Trading in Claims and Equity Securities. The Bankruptcy Court issued a final order pursuant to Sections 105(a), 362(a)(3) and 541 of the Bankruptcy Code to enable the U.S. Debtors to avoid limitations on the use of their tax net operating loss carryforwards and certain other tax attributes by imposing certain notice procedures and transfer restrictions on the trading of our equity securities.

In general, the order applies to any person or entity that, directly or indirectly, beneficially owns (or would beneficially own as a result of a proposed transfer) at least 4.75% of our outstanding equity securities. Substantial

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Equityholders are required to file with the Bankruptcy Court and serve us with notice of such status. In addition, the order provides that a person or entity that would become a Substantial Equityholder by reason of a proposed acquisition of our equity securities is also required to comply with the notice and service provisions before effecting that transaction. The order gives the U.S. Debtors the right to seek an injunction from the Bankruptcy Court to prevent certain acquisitions or sales of our common stock if the acquisition or sale would pose a material risk of adversely affecting our ability to utilize such tax attributes.

Under the order, prior to any proposed acquisition of equity securities that would result in an increase in the amount of our equity securities owned by a Substantial Equityholder, or that would result in a person or entity becoming a Substantial Equityholder, such person, entity or Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Purchase, Acquire or Otherwise Accumulate an Equity Security. In addition, prior to effecting any disposition of our equity securities that would result in a decrease in the amount of our equity securities beneficially owned by a Substantial Equityholder, such Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Sell, Trade or Otherwise Transfer Equity Securities.

Any purchase, sale or other transfer of our equity securities in violation of the restrictions of the order would be null and void ab initio as an act in violation of such order and would therefore confer no rights on a proposed transferee.

Process for Plan of Reorganization. In order to successfully exit bankruptcy, the U.S. Debtors will need to propose, and obtain confirmation by the Bankruptcy Court of, a plan (or plans) of reorganization that satisfies the requirements of the Bankruptcy Code. A plan of reorganization would, among other things, resolve the U.S. Debtors’ pre-petition obligations, set forth the revised capital structure of the newly reorganized entity and provide for corporate governance subsequent to exit from bankruptcy.

The U.S. Debtors have the exclusive right for 120 days after the Petition Date to file a plan of reorganization and, if we do so, 60 additional days to obtain necessary acceptances of our plan. The periods may be extended by the Bankruptcy Court for cause. If the U.S. Debtors’ exclusivity period lapses, any party in interest may file a plan of reorganization for any of the U.S. Debtors. In addition to being voted on by holders of impaired claims and equity interests, a plan of reorganization must satisfy certain requirements of the Bankruptcy Code and must be approved, or confirmed, by the Bankruptcy Court in order to become effective. A plan of reorganization would be accepted by holders of claims against and equity interests in the U.S. Debtors if (i) at least one-half in number and two-thirds in dollar amount of claims actually voting in each class of claims impaired by the plan have voted to accept the plan and (ii) at least two-thirds in amount of equity interests actually voting in each class of equity interests impaired by the plan has voted to accept the plan. A class of claims or equity interests that does not receive or retain any property under the plan on account of such claims or interests is deemed to have voted to reject the plan.

Under certain circumstances set forth in Section 1129(b) of the Bankruptcy Code, the Bankruptcy Court may confirm a plan even if such plan has not been accepted by all impaired classes of claims and equity interests. The precise requirements and evidentiary showing for confirming a plan notwithstanding its rejection by one or more impaired classes of claims or equity interests depends upon a number of factors, including the status and seniority of the claims or equity interests in the rejecting class (i.e., secured claims or unsecured claims, subordinated or senior claims, preferred or common stock). Generally, with respect to common stock interests, a plan may be “crammed down” even if the shareowners receive no recovery if the proponent of the plan demonstrates that (1) no class junior to the common stock is receiving or retaining property under the plan and (2) no class of claims or interests senior to the common stock is being paid more than in full.

The timing of filing a plan of reorganization by the U.S. Debtors will depend on the timing and outcome of numerous other ongoing matters in the Chapter 11 proceedings. Although the U.S. Debtors expect to file a plan of reorganization that provides for our emergence from bankruptcy as a going concern, there can be no assurance at this time that the U.S. Debtors will be able to successfully develop, confirm and consummate one or more plans of reorganization or other alternative restructuring transactions, including a sale of all or substantially all of the U.S. Debtors’ assets, that satisfies the conditions of the Bankruptcy Code and is confirmed by the Bankruptcy Court, or that any such plan will be implemented successfully.

For the duration of our Chapter 11 proceedings, our operations and our ability to develop and execute our business plan are subject to the risks and uncertainties associated with the Chapter 11 process as described in our

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2014 Annual Report on Form 10-K, Item 1A, “Risk Factors.” As a result of these risks and uncertainties, the number of our outstanding shares and our stockholders, assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of our operations, properties and capital plans included in this Quarterly Report may not accurately reflect our operations, properties and capital plans following the Chapter 11 process.

Basis of Presentation

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, 2015 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature unless otherwise noted. 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 2014 Annual Report on Form 10-K.

As a result of sustained losses and our Chapter 11 proceedings, the realization of assets and satisfaction of liabilities, without substantial adjustments and/or changes in ownership, are subject to uncertainty. Given the uncertainty surrounding our Chapter 11 proceedings, there is substantial doubt about our ability to continue as a going concern.

The accompanying condensed consolidated interim financial statements do not purport to reflect or provide for the consequences of our Chapter 11 proceedings. In particular, the financial statements do not purport to show (i) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (ii) as to pre-petition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (iii) as to stockholders’ equity accounts, the effect of any changes that may be made in our capitalization; or (iv) as to operations, the effect of any changes that may be made to our business.

In accordance with GAAP, we have applied ASC 852 “Reorganizations,” in preparing our condensed consolidated interim financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred in the bankruptcy proceedings are recorded in reorganization items, net in the accompanying condensed consolidated statements of income (loss) and comprehensive income (loss). In addition, pre-petition obligations that may be impacted by the bankruptcy reorganization process have been classified on our condensed consolidated balance sheets at March 31, 2015 in Liabilities Subject to Compromise. These liabilities are reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts.

While operating as debtors in possession under Chapter 11 of the Bankruptcy Code, the U.S. Debtors may sell or otherwise dispose of or liquidate assets or settle liabilities in amounts other than those reflected in our condensed consolidated interim financial statements, subject to the approval of the Bankruptcy Court or otherwise as permitted in the ordinary course of business. Further, a plan of reorganization could materially change the amounts and classifications in our historical condensed consolidated interim financial statements.

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Liabilities Subject to Compromise

The following table summarizes the components of liabilities subject to compromise included on our Condensed Consolidated Balance Sheet as of March 31, 2015:

	March 31, 2015
	(in thousands)
Accounts payable	$	1,554
Accrued liabilities	51,519
Debt	1,798,000
Liabilities subject to compromise	$	1,851,073

Liabilities Subject to Compromise refers to pre-petition obligations that may be impacted by the Chapter 11 reorganization process. The amounts represent our current estimate of known or potential obligations to be resolved in connection with our Chapter 11 proceedings. Accrued liabilities in the line item above primarily includes previously accrued and unpaid interest that is associated with the debt that we believe may be impacted by the bankruptcy reorganization process.

Differences between liabilities we have estimated and the claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. We will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material.

Reorganization Items, net

The following table summarizes the components included in Reorganization Items, net in our condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended March 31, 2015:

	For the Three Months Ended March 31, 2015
	(in thousands)
Professional fees	$	2,041
Deferred financing costs and unamortized discounts	59,983
Deferred interest rate swap gains	(2,314		)
Terminated contracts	935
Reorganization items, net	$	60,645

Professional fees included in Reorganization Items, net are for post-petition expenses. Deferred financing costs and unamortized discounts are included for the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes as we believe these debt instruments may be impacted by the bankruptcy reorganization process. The terminated contracts represent the estimated claims related to contracts that were not previously included on the balance sheet as the liability was contingent or an executory contract included in commitments and contingencies.

Recently Issued Accounting Standards

In February 2015, the FASB issued accounting guidance, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” requiring reporting entities to evaluate whether they should consolidate certain legal entities. The standard is effective for us in the first quarter of 2016 with early adoption permitted. We are currently evaluating the new guidance and have not determined the impact this standard may have on our financial statements.

In April 2015, the FASB issued accounting guidance, “Interest - Imputation of Interest” that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for us in the first quarter of 2016. We are currently evaluating the timing of adoption and the impact that the adoption will have on our consolidated financial statements.

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No other pronouncements materially affecting our financial statements have been issued since the filing of our 2014 Annual Report on Form 10-K.

2. DIVESTITURES

In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company. The purchase price was subject to customary purchase price adjustments, which resulted in Southwestern paying us $95.6 million. We determined that the Southwestern Transaction did not represent a significant disposal of reserves under GAAP, therefore we reduced the balance of U.S. oil and gas properties by the amount of these proceeds and we did not recognize a gain or loss.

Note 3 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on other divestitures.

3. DERIVATIVES AND FAIR VALUE MEASUREMENTS

The following table categorizes our commodity derivative instruments based upon the level of the inputs used in estimating the fair value:

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Level 2 derivative instruments	$	7,476	$	104,608	$	—	$	—
Level 3 derivative instruments	—		44,959		—		—
Total	$	7,476	$	149,567	$	—	$	—

The fair value of “Level 2” derivative instruments included in these disclosures was estimated using inputs quoted in active markets for the periods covered by the derivatives. The fair value of derivative instruments designated as “Level 3” at December 31, 2014, was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. At December 31, 2014, only our natural gas derivatives with an original tenure of 10 years utilized “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 the derivatives, and the credit adjusted risk-free interest rates. The “Level 3” unobservable input at December 31, 2014 was the market prices for natural gas for the period from 2019 to 2021, as there is not an active market for that period of time. These unobservable inputs included within the fair value calculation range at December 31, 2014 from $2.88 to $4.60 and are based upon prices quoted in active markets for the period of time available. A decrease of these unobservable inputs would increase the fair value, while an increase would decrease the fair value.

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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,
	2015			2014
	(in thousands)
Balance at beginning of period	$	44,959		$	23,485
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(109,240		)	(17,883		)
Settlements in net derivative gains (losses)	64,281			1,599
Balance at end of period	$	—		$	7,201
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	—		$	(15,576	)

Commodity Price Derivatives

Between January and March 2015, substantially all of our derivatives were restructured or terminated either by us or the counterparties to such derivatives in anticipation or as a result of our Chapter 11 filings. These restructured and terminated derivatives reduced our daily production volume of natural gas economically hedged to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015. The cash proceeds and related receivables from derivatives terminated in 2015 were $135.7 million.

Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date are 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 is being released into revenue from natural gas, NGL and oil production over the original term of the hedging relationship (through 2021). Gains from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months will result in production revenue of $19.6 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. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain as a reduction of interest expense over the lives of the respective notes. During the three months endedMarch 31, 2015 and 2014, we recognized $0.5 million and $0.5 million, respectively, of those deferred gains as a reduction of interest expense. As a result of the Chapter 11 proceedings, the remainder of the deferred gains related to these interest rate swaps were included in Reorganization Items, net.

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Fair Value Disclosures

The estimated fair value of our derivative instruments at March 31, 2015 and December 31, 2014 were as follows:

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	7,476	$	120,176	$	—	$	—
Noncurrent derivative assets	—		81,187		—		51,796
Total derivatives not designated as hedges	$	7,476	$	201,363	$	—	$	51,796

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 presentation 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, 2014 principally resulted from the termination of the majority of our derivatives.

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 sheets as of March 31, 2015 and December 31, 2014 are included in Note 5.

4. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31, 2015			December 31, 2014
	(in thousands)
Oil and gas properties
Subject to depletion	$	5,735,822		$	5,821,167
Unevaluated costs	18,253			18,803
Accumulated depletion	(5,158,191		)	(5,225,302		)
Net oil and gas properties	595,884			614,668
Other property and equipment
Pipelines and processing facilities	304,502			316,013
General properties	63,717			66,455
Accumulated depreciation	(259,662		)	(268,356		)
Net other property and equipment	108,557			114,112
Property, plant and equipment, net of accumulated depletion and depreciation	$	704,441		$	728,780

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5. DEBT

Debt consisted of the following:

	March 31, 2015			December 31, 2014
	(in thousands)
Combined Credit Agreements	$	260,460		$	274,514
Second Lien Term Loan, net of unamortized discount (1)	—			610,242
Second Lien Notes due 2019, net of unamortized discount (1)	—			195,277
Senior notes due 2019, net of unamortized discount (1)	—			293,919
Senior notes due 2021, net of unamortized discount (1)	—			310,590
Senior subordinated notes due 2016 (1)	—			350,000
Total debt	260,460			2,034,542
Unamortized deferred gain-terminated interest rate swaps	—			2,763
Current portion of long-term debt (2)	(260,460		)	(2,037,305		)
Long-term debt (2)	$	—		$	—

⁽¹⁾  Classified as Liability Subject to Compromise as of March 31, 2015

⁽²⁾  As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015

On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and certain of the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements.

In March 2015, a third-party service provider drew down the full face amount of a C$33 million letter of credit in connection with the termination of a Canadian gathering and processing contract. See additional discussion in Note 7.

As of March 31, 2015, $260.5 million in loans ($137.3 million and $123.2 million in the U.S. and Canada, respectively) and $11.9 million ($9.8 million and $2.1 million in the U.S. and Canada, respectively) in letters of credit were outstanding under our Combined Credit Agreements. Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements and all borrowings and other fees under the Combined Credit Agreements became immediately due and payable. As a result, we no longer have any liquidity available to us under the Combined Credit Agreements. The ability of the lenders under the Combined Credit Agreements to seek remedies to enforce their rights under the agreements against the U.S. Debtors was automatically stayed as a result of the Chapter 11 filings, and the lenders’ rights of enforcement against the U.S. Debtors are subject to the applicable provisions of the Bankruptcy Code. Amounts outstanding under the Combined Credit Agreements have not been included in Liabilities Subject to Compromise because we believe the secured debt will not be impacted by the bankruptcy reorganization process. We continue to accrue and pay interest on the Combined Credit Agreements in accordance with the Forbearance Agreement and the Bankruptcy Court’s cash collateral order. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly for the Amended and Restated U.S. Credit Facility at a specified rate of ABR plus the applicable margin and for the Amended and Restated Canadian Credit Facility at a specified rate of Canadian prime plus the default rate plus the applicable margin for Canadian dollar denominated borrowings, and U.S. prime plus the default rate plus the applicable margin, for U.S. dollar denominated borrowings. Subsequent to the Forbearance Agreement, we agreed in connection with the adequate protection package, which allowed for the use of cash collateral and collateral, to fix the applicable margin for loans under the Amended and Restated U.S. Credit Facility to 2.5%. We also agreed with the administrative agent of the Amended and Restated Canadian Credit Facility to set the applicable margin

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for loans under the Amended and Restated Canadian Credit Facility to 2.75%. At March 31, 2015, the weighted average interest rate for amounts outstanding under the Combined Credit Agreement was 5.11%. In April 2015, we repaid $88.0 million ($46.5 million and $41.5 million in the U.S. and Canada, respectively) of outstanding amounts under our Combined Credit Agreements with proceeds from terminated derivative positions.

Our Chapter 11 filings also constituted an event of default under the Second Lien Term Loan, the Second Lien Notes, the Senior Notes due 2019, the Senior Notes due 2021, and the Senior Subordinated Notes. All principal, interest and other amounts under each of these debt instruments became immediately due and payable. The ability of the lenders and noteholders to seek remedies to enforce their rights under the applicable debt instruments was automatically stayed as a result of the Chapter 11 filings, and the lenders’ and noteholders’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. Amounts outstanding under the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes have been reclassified as Liabilities Subject to Compromise. We discontinued the accrual of interest on the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes from and after the Petition Date. However, we are making adequate protection payments to the lenders under the Second Lien Term Loan and the holders of the Second Lien Notes, in each case in an amount equal to all accrued and unpaid post-petition interest (at a rate of 7.00% as of March 31, 2015), fees and costs due and payable on a monthly basis under the Second Lien Term Loan and the indenture for the Second Lien Notes, respectively, in accordance with the Bankruptcy Court’s cash collateral order. As the Bankruptcy Court will ultimately determine the treatment of all amounts subject to compromise and our Second Lien Term Loan and Second Lien Notes may be impacted by the bankruptcy reorganization process, the adequate protection payments are treated as a principal payment rather than as interest expense. The Bankruptcy Court could recharacterize these payments as diminution in value claims or interest payments or find that additional amounts are due, which in each case could require us to expense these payments.

Summary of All Outstanding Debt

Except where otherwise noted, the following table summarizes certain significant aspects of our long-term debt outstanding immediately prior to the Chapter 11 filings. Upon the Chapter 11 filings, all principal, interest and other amounts under each of the debt instruments governing the long-term debt set forth in the table below was accelerated and became immediately due and payable. The information in the table below is presented without regard to the effect of the Chapter 11 filings, except where otherwise noted, and therefore does not take into account the acceleration of the listed debt instruments and other impacts of the Chapter 11 filings.

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	Priority on Collateral and Structural Seniority (1)
	Highest priority						Lowest priority
	First Lien		Second Lien		Senior Unsecured		Senior Subordinated
	Combined Credit Agreements		Second Lien Term Loan	Second Lien Notes	2019 Senior Notes	2021 Senior Notes	Senior Subordinated Notes
Principal amount (1) (2)	$325 million		$625 million	$200 million	$298 million	$325 million	$350 million
Scheduled maturity date prior to acceleration (3)	September 6, 2016		June 21, 2019	June 21, 2019	August 15, 2019	July 1, 2021	April 1, 2016
Springing maturity date prior to acceleration (3)	October 2, 2015		January 1, 2016	January 1, 2016	N/A	N/A	N/A
Interest rate on outstanding borrowings at March 31, 2015 (4)	5.11%		7.00%	7.00%	9.125%	11.00%	7.125%
Base interest rate options prior to acceleration (5) (6)	LIBOR, ABR, CDOR		LIBOR floor of 1.25%; ABR floor of 2.25%	LIBOR floor of 1.25%	N/A	N/A	N/A
Financial covenants (7) (9)	- Minimum current ratio of 1.0 - Minimum EBITDAX or EBITDA to cash interest expense - Maximum senior secured debt leverage ratio of 2.0		N/A	N/A	N/A	N/A	N/A
Significant restrictive covenants (7)(8)(9)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments		- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens and 1st lien cap -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 prior to acceleration (9)	Any time		Any time, subject to re-pricing event June 21, 2015: 101	Any time, subject to re-pricing event June 21, 2015: 101	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	July 1, 2019: 102.000 2020: par	Any time
Make-whole redemption prior to acceleration (9)	N/A		N/A	N/A	N/A	Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps	N/A
Change of control prior to acceleration (9)	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	Put at 101% of principal plus accrued interest
Equity clawback prior to acceleration (9)	N/A		N/A	N/A	N/A	Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35%	N/A
Estimated fair value as of March 31, 2015 (10)	$260.5 million		$353.1 million	$113.0 million	$53.3 million	$55.3 million	$3.5 million

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⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) 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, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, 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 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. 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 included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings.

⁽³⁾  Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were required to be repaid 91 days prior to the maturity of the Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes would have been due on January 1, 2016.

⁽⁴⁾  Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015.

⁽⁵⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, or (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 1.75% and 2.75%. 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁶⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also pay a per annum fee on the LC Exposure (as defined in the Amended and Restated Canadian Credit Facility) of all

22

letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin with respect to Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁷⁾  The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement.

The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility:

	Minimum EBITDAX Covenant
	(in millions)
Six months ending March 31, 2015	$	59.0
Nine months ending June 30, 2015	87.25
Twelve months ending September 30, 2015	120.5
Twelve months ending December 31, 2015	122.0

Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively.

⁽⁸⁾  Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year.

⁽⁹⁾  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.

⁽¹⁰⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input).

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Quicksilver Resources Inc. and its Restricted Subsidiaries

The following tables, required under our indentures, provide information about Quicksilver Resources Inc. and the entities designated as restricted subsidiaries under the indentures for our Second Lien Notes, Senior Notes and Senior Subordinated Notes. Eliminations between Quicksilver Resources Inc., the related restricted guarantor subsidiaries and restricted non-guarantor subsidiaries are included in the tables below as necessary.

Condensed Consolidating Balance Sheets

	March 31, 2015			December 31, 2014
	(in thousands)
ASSETS
Current assets	$	373,012		$	421,533
Property and equipment	692,938			715,931
Investment in subsidiaries (equity method)	(86,091		)	(82,360		)
Other assets	7,668			62,245
Total assets	$	987,527		$	1,117,349
LIABILITIES AND EQUITY
Current liabilities	301,099			2,137,532
Long-term liabilities	108,816			117,688
Liabilities subject to compromise	1,851,073			—
Stockholders’ equity	(1,273,461		)	(1,137,871		)
Total liabilities and equity	$	987,527		$	1,117,349

Condensed Consolidating Statements of Income

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Revenue	$	104,757		$	91,786
Operating expenses	94,868			105,957
Equity in net earnings of subsidiaries	(1,067		)	(1,282		)
Operating income (loss)	8,822			(15,453		)
Interest expense and other	(62,328		)	(40,729		)
Reorganization items, net	(60,645		)	—
Income tax expense	(1,536		)	(2,651		)
Net loss	$	(115,687	)	$	(58,833	)
Other comprehensive loss	(12,721		)	(12,105		)
Comprehensive loss	$	(128,408	)	$	(70,938	)

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Condensed Consolidating Statements of Cash Flow

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Net cash flow provided by (used in) operating activities	$	89,209		$	(20,109	)
Capital expenditures	(15,187		)	(38,720		)
Investment in subsidiary	—			(26,395		)
Proceeds from sale of properties and equipment	1,332			1,026
Purchases of marketable securities	—			(55,682		)
Maturities and sales of marketable securities	—			124,694
Net cash flow provided by (used in) investing activities	(13,855		)	4,923
Issuance of debt	26,235			—
Repayments of debt	(36,700		)	—
Debt issuance costs paid	(80		)	(162		)
Purchase of treasury stock	(115		)	(2,271		)
Net cash flow used in financing activities	(10,660		)	(2,433		)
Effect of exchange rates on cash	4,699			(2,357		)
Net change in cash and equivalents	69,393			(19,976		)
Cash and equivalents at beginning of period	221,838			88,028
Cash and equivalents at end of period	$	291,231		$	68,052

6. INCOME TAXES

Note 12 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information about our income taxes. At March 31, 2015, our U.S. and Canadian valuation allowances are $398.1 million and $66.9 million, respectively, which reduce our net deferred tax assets to a zero value as we continue to believe that it is not more likely than not that we will realize the deferred tax assets primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2015 is a result of hedge gains previously deferred in AOCI being realized during the periods.

7. COMMITMENTS AND CONTINGENCIES

QRCI did not pay an uneconomic Canadian gathering and processing commitment, which included significant unused firm capacity, due in late February 2015. In early March 2015, the third-party service provider issued a demand letter regarding the missed payment and suspended service resulting in our Horn River Asset production being shut-in. Further, a termination notice was issued by the third-party service provider effective March 19, 2015. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in.

In connection with this Canadian gathering and processing contract, we had previously issued a letter of credit in the amount of C$33 million. Upon termination, the third party drew down the full face amount of the letter of credit. We do not believe the third party was legally entitled to draw down the entire amount of the letter of credit and we have reserved all of our rights, entitlements and remedies in that regard. The C$33 million draw is shown as a reduction to amounts outstanding under the contract for services provided prior to the termination and the remainder is recognized as Other Expense. At the present time, we cannot predict the ultimate outcome of this matter, including whether some or all of the C$33 million drawn on the letter of credit will be payable to us or whether any additional amounts will have to be paid related to the termination of the contract.

We expect that we and the third party will disagree as to what are the remaining obligations under the relevant agreement and the length of the remaining term of the agreement and as to the remedies and defenses

25

available to the parties. While we expect to vigorously dispute the amount, we expect that the third party will claim to be entitled to up to approximately C$126 million (including the proceeds of the letter of credit) as the aggregate of the monthly tolls for firm capacity for the alleged remainder of the term of the relevant agreement.

Additionally, on April 15 and May 8, 2015, the Bankruptcy Court issued orders allowing us to reject certain executory contracts with uneconomic terms having an effective date of April 1, 2015. In the second quarter of 2015, we expect to recognize a reorganization item expense of $67.5 million and a corresponding Liability Subject to Compromise for these rejected executory contracts.

Note 13 to the consolidated financial statements in our 2014 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, 2015.

8. FORTUNE CREEK

Note 14 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on Fortune Creek. We do not expect to be able to satisfy the capital expenditure or equipment purchase requirements described in our 2014 Annual Report on Form 10-K with our cash on hand, committed financing or cash flow from operations and will need to obtain additional debt or equity financing or sell assets, which we may not be able to do on satisfactory terms, or at all.

We committed gas production from our Horn River Asset for ten years beginning 2012. KKR contributed C$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.

The firm gathering agreement with Fortune Creek is guaranteed by us. If our subsidiary does not pay its minimum volume obligations under the gathering agreement or meet the capital expenditure requirements, 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. Fortune Creek has made cash distributions to KKR, which are reported as cash used in financing activities.

We continue to make the required payments under this agreement notwithstanding that our Horn River Basin production has been shut-in by another third-party service provider.

Based on a quarterly 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. We will continue to evaluate this assessment in light of our bankruptcy filings in the U.S. and our liquidity constraints in Canada.

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9. 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, 2015 and December 31, 2014, we had 183.2 million and 180.4 million shares of common stock outstanding, respectively.

Stock Options

No options have been granted during 2015 or 2014.

The following table summarizes our stock option activity for the three months endedMarch 31, 2015:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
					(in years)	(in thousands)
Outstanding at January 1, 2015	6,590,773		$	7.83
Expired	(152,366	)	11.39
Outstanding at March 31, 2015	6,438,407		$	7.74	4.9	$	—
Exercisable at March 31, 2015	5,334,087		$	9.00	4.3	$	—

As of March 31, 2015, we estimate that a total of 6.1 million stock options will vest including those options already exercisable. As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested stock options was $0.4 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $0.2 million and $0.5 million was recognized for the three months endedMarch 31, 2015 and 2014, respectively.

Restricted Stock and Stock Units

The following table summarizes our restricted stock and stock unit activity for the three months endedMarch 31, 2015:

	Payable in shares				Payable in cash
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	8,056,265		$	2.54	863,975		$	3.33
Granted	3,124,674		0.19		—		—
Vested	(3,137,665	)	3.15		(422,562	)	3.82
Forfeited	(73,007	)	2.64		(3,859	)	2.93
Outstanding at March 31, 2015	7,970,267		$	1.38	437,554		$	2.86

As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested restricted stock was $8.9 million, which is expected to be recognized in expense through January 2018. Grants of restricted stock and RSUs during the three months endedMarch 31, 2015 had an estimated grant date fair value of $0.6 million. The fair value of outstanding RSUs to be settled in cash was less than $0.1 million at March 31, 2015. For the three months endedMarch 31, 2015 and 2014, compensation expense related to restricted stock and RSUs of $2.4 million and $3.7 million, respectively, was recognized. The total fair value of shares vested during the three months endedMarch 31, 2015 was $0.5 million.

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10.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,
	2015			2014
	(in thousands, except per share data)
Net income (loss) attributable to Quicksilver	$	(115,687	)	$	(58,833	)
Basic income allocable to participating securities (1)	—			—
Income (loss) available to shareholders	$	(115,687	)	$	(58,833	)
Weighted average common shares – basic	175,657			173,497
Effect of dilutive securities (2)
Share-based compensation awards	—			—
Weighted average common shares – diluted	175,657			173,497
Earnings (loss) per common share – basic	$	(0.66	)	$	(0.34	)
Earnings (loss) per common share – diluted	$	(0.66	)	$	(0.34	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share 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, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations.

11. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Note 17 to the consolidated financial statements in our 2014 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 periods covered by the condensed consolidated financial statements. Under the indentures for our Second Lien Notes, 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.

The activity and balances included in the Quicksilver Resources Inc. and the Restricted Guarantor Subsidiaries columns represent the U.S. Debtors’ financial information. Cowtown Drilling Inc., a U.S. Debtor, is included in the Restricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below. Additionally, Makarios Resources International Holdings LLC, Makarios Resources International Inc., Quicksilver Production Partners GP LLC and Quicksilver Production Partners LP, all of which are U.S. Debtors, are included in the Unrestricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below.

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Condensed Consolidating Balance Sheets

	March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	288,398		$	707	$	83,907		$	49		$	182	$	—		$	373,243
Property and equipment	427,038			14,086		251,814			—			11,503		—			704,441
Investment in subsidiaries (equity method)	(355,074		)	—		(86,091		)	(84,576		)	—		525,741			—
Other assets	415,891			—		5,059			—			—		(413,282		)	7,668
Total assets	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352
LIABILITIES AND EQUITY
Current liabilities	$	170,996		$	197	$	543,188		$	30		$	333	$	(413,282	)	$	301,462
Long-term liabilities	45,011			10,195		53,610			—			1,384		86,466			196,666
Liabilities subject to compromise	1,851,073			—		—			—			—		—			1,851,073
Stockholders' equity	(1,290,827		)	4,401		(342,109		)	(84,557		)	9,968		439,275			(1,263,849		)
Total liabilities and equity	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352

	December 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	774,287		$	13,909		$	68,513		$	82		$	1,742	$	(435,256	)	$	423,277
Property and equipment	420,744			14,357			280,830			—			12,849		—			728,780
Investment in subsidiaries (equity method)	(293,312		)	—			(82,360		)	(82,379		)	—		458,051			—
Other assets	43,533			—			18,712			—			—		—			62,245
Total assets	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302
LIABILITIES AND EQUITY
Current liabilities	$	2,038,575		$	13,837		$	520,296		$	63		$	3,522	$	(435,256	)	$	2,141,037
Long-term liabilities	44,548			15,131			58,009			—			1,492		91,956			211,136
Stockholders' equity	(1,137,871		)	(702		)	(292,610		)	(82,360		)	9,577		366,095			(1,137,871		)
Total liabilities and equity	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302

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Condensed Consolidating Statements of Income

	For the Three Months Ended March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	74,473		$	5,707	$	24,960		$	—	$	2,888	$	(3,271	)	$	104,757
Operating expenses	68,966			605		25,680			—		728		(3,271		)	92,708
Equity in net earnings of subsidiaries	(25,716		)	—		(1,067		)	2,161		—		24,622			—
Operating income (loss)	(20,209		)	5,102		(1,787		)	2,161		2,160		24,622			12,049
Fortune Creek accretion	—			—		—			—		—		(3,228		)	(3,228		)
Interest expense and other	(32,867		)	—		(29,461		)	—		1		—			(62,327		)
Reorganization items, net	(60,645		)	—		—			—		—		—			(60,645		)
Income tax (expense) benefit	(1,966		)	—		430			—		—		—			(1,536		)
Net income (loss)	$	(115,687	)	$	5,102	$	(30,818	)	$	2,161	$	2,161	$	21,394		$	(115,687	)
Other comprehensive loss	(11,115		)	—		(1,606		)	—		—		—			(12,721		)
Equity in OCI of subsidiaries	(1,606		)	—		—			—		—		1,606			—
Comprehensive income (loss)	$	(128,408	)	$	5,102	$	(32,424	)	$	2,161	$	2,161	$	23,000		$	(128,408	)

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	62,910		$	374		$	28,502		$	—	$	4,942	$	(4,942	)	$	91,786
Operating expenses	75,401			291			30,265			—		1,825		(4,942		)	102,840
Equity in net earnings of subsidiaries	(5,689		)	—			(1,282		)	3,119		—		3,852			—
Operating income (loss)	(18,180		)	83			(3,045		)	3,119		3,117		3,852			(11,054		)
Fortune Creek accretion	—			—			—			—		—		(4,401		)	(4,401		)
Interest expense and other	(38,011		)	—			(2,718		)	—		2		—			(40,727		)
Income tax (expense) benefit	(2,642		)	(29		)	20			—		—		—			(2,651		)
Net income (loss)	$	(58,833	)	$	54		$	(5,743	)	$	3,119	$	3,119	$	(549	)	$	(58,833	)
Other comprehensive loss	(8,798		)	—			(3,307		)	—		—		—			(12,105		)
Equity in OCI of subsidiaries	(3,307		)	—			—			—		—		3,307			—
Comprehensive income (loss)	$	(70,938	)	$	54		$	(9,050	)	$	3,119	$	3,119	$	2,758		$	(70,938	)

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Condensed Consolidating Statements of Cash Flows

	For the Three Months Ended March 31, 2015
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	66,401		$	(166	)	$	22,974		$	(2	)	$	(1,217	)	$	—		$	87,990
Purchases of property, plant and equipment	(13,479		)	—			(1,708		)	—			—			—			(15,187		)
Investment in subsidiary	(3,479		)	—			—			—			—			3,479			—
Proceeds from sale of properties and equipment	1,325			—			7			—			—			—			1,332
Net cash flow provided by (used in) investing activities	(15,633		)	—			(1,701		)	—			—			3,479			(13,855		)
Issuance of debt	—			—			26,235			—			—			—			26,235
Repayments of debt	(36,700		)	—			—			—			—			—			(36,700		)
Debt issuance costs paid	(80		)	—			—			—			—			—			(80		)
Intercompany note	—			—			—			—			—			—			—
Intercompany financing	—			166			3,313			—			—			(3,479		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(938		)	—			(938		)
Purchase of treasury stock	(115		)	—			—			—			—			—			(115		)
Net cash flow provided by (used in) financing activities	(36,895		)	166			29,548			—			(938		)	(3,479		)	(11,598		)
Effect of exchange rates on cash	—			—			4,699			—			1,075			—			5,774
Net increase (decrease) in cash and equivalents	13,873			—			55,520			(2		)	(1,080		)	—			68,311
Cash and equivalents at beginning of period	211,656			—			10,182			20			1,671			—			223,529
Cash and equivalents at end of period	$	225,529		$	—		$	65,702		$	18		$	591		$	—		$	291,840

31

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	(29,198	)	$	14		$	9,075		$	—		$	125		$	—		$	(19,984	)
Purchases of property, plant and equipment	(28,772		)	(14		)	(9,934		)	—			(9		)	—			(38,729		)
Investment in subsidiary	(7,385		)	—			(26,395		)	(26,395		)	—			60,175			—
Proceeds from sale of properties and equipment	910			—			116			—			—			—			1,026
Purchases of marketable securities	(55,682		)	—			—			—			—			—			(55,682		)
Maturities and sales of marketable securities	124,694			—			—			—			—			—			124,694
Net cash flow provided by (used in) investing activities	33,765			(14		)	(36,213		)	(26,395		)	(9		)	60,175			31,309
Debt issuance costs paid	(162		)	—			—			—			—			—			(162		)
Intercompany note	(22,559		)	—			22,559			—			—			—			—
Intercompany financing	—			—			7,385			—			—			(7,385		)	—
Contribution received	—			—			—			26,395			26,395			(52,790		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(29,472		)	—			(29,472		)
Purchase of treasury stock	(2,271		)	—			—			—			—			—			(2,271		)
Net cash flow provided by (used in) financing activities	(24,992		)	—			29,944			26,395			(3,077		)	(60,175		)	(31,905		)
Effect of exchange rates on cash	—			—			(2,357		)	(1		)	3,089			—			731
Net increase (decrease) in cash and equivalents	(20,425		)	—			449			(1		)	128			—			(19,849		)
Cash and equivalents at beginning of period	83,893			—			4,135			22			1,053			—			89,103
Cash and equivalents at end of period	$	63,468		$	—		$	4,584		$	21		$	1,181		$	—		$	69,254

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12. SEGMENT INFORMATION

We operate in two geographic areas, 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. In Canada, our midstream operation is the Fortune Creek partnership. 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)
2015
Revenue	$	74,473	$	24,536		$	8,636	$	—		$	(2,888	)	$	104,757
DD&A	6,932		7,358			558		441			—			15,289
Operating income (loss)	23,550		534			7,262		(19,297		)	—			12,049
Property and equipment costs incurred	13,268		976			43		111			—			14,398
2014
Revenue	$	62,903	$	27,962		$	5,863	$	—		$	(4,942	)	$	91,786
DD&A	7,379		4,827			1,243		506			—			13,955
Operating income (loss)	2,181		(611		)	3,201		(15,825		)	—			(11,054		)
Property and equipment costs incurred	33,216		8,954			11		91			—			42,272
Property, plant and equipment-net
March 31, 2015	$	423,583	$	251,814		$	25,590	$	3,454		$	—		$	704,441
December 31, 2014	416,901		280,830			27,205		3,844			—			728,780
Total assets
March 31, 2015	$	800,731	$	254,689		$	26,478	$	3,454		$	—		$	1,085,352
December 31, 2014	881,906		285,695			42,857		3,844			—			1,214,302

13. SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid (received) for interest, income taxes and reorganization items is as follows:

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Interest, net of capitalized interest	$	20,769	$	49,103
Income taxes	36		(7,951		)
Reorganization items	30		—

Other significant non-cash transactions are as follows:

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Working capital related to capital expenditures	$	2,981	$	13,128

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14. TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES

As of March 31, 2015, members of the Darden family and entities controlled by them beneficially owned approximately 25% of our outstanding common stock. Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

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 2015 and 2014.

In May 2013, we entered into an agreement with Thomas F. Darden, brother of Glenn Darden and Anne Darden Self, with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. Mr. Darden retired as an employee on December 31, 2013, and resigned from the board of directors effective September 1, 2014. During the first three months of 2015, consulting fee payments of $45,000 and office allowance payments of $12,500 were made to Mr. Darden. During the first three months of 2014, consulting fee payments of $135,000, office allowance payments of $37,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement, and following the execution and non-revocation of a release agreement satisfactory to us, in March 2014, we paid Mr. Darden a cash bonus of $286,650 and an equity bonus in the form of 72,662 fully vested shares having a grant date fair value equal to $191,100. We did not make consulting fee payments of $90,000 or office allowance payments of $25,000 for February or March 2015 and, on April 15, 2015, the Bankruptcy Court entered an order authorizing our rejection of the agreement effective as of March 17, 2015. The remaining amount owed under the agreement was $1.2 million. These amounts are included in Liabilities Subject to Compromise on the balance sheet as of March 31, 2015.

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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 2014 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:

• Chapter 11 Filings – a description of our recent events and our Chapter 11 filings

• 2015 Capital Program – a summary of our planned capital expenditures during 2015

• Results of Operations – an analysis of our consolidated results of operations for the three-month period 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

CHAPTER 11 FILINGS

During the third quarter of 2014, we launched a formal marketing process, led by Houlihan Lokey, covering any and all of our operating assets. During the formal marketing process, we also received additional amendments to the financial covenants to our Combined Credit Agreements. These amendments, which included the replacement of the minimum interest coverage ratio with a minimum EBITDAX requirement, provided relief from the continued pressure on our cash flows relative to our obligations, which in turn allowed time for the formal marketing process. Bids were initially due in December 2014, but the bid deadline was subsequently extended to late January 2015. After the bid deadline passed, we evaluated the bids that were received with our advisors. Following discussions with various bidders, we concluded that the marketing process had not yet produced any viable options for asset sales or other strategic alternatives that would likely have a material impact on our capital structure or liquidity.

In February 2015, in light of (a) not yet having identified a transaction that would have a material impact on our capital structure or liquidity, (b) the potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, and (c) other potential defaults, we elected not to make the approximately $13.6 million interest payment on our Senior Notes due 2019, which was due on February 17, 2015. During the 30-day grace period provided for in the Senior Notes due 2019 Indenture, we continued discussions with our creditors. The discussions with our creditors did not produce an agreement that would enable us to effectively address, in a holistic manner, the impending issues adversely impacting our business, including (i) potential springing maturities under our Combined Credit Agreements, the Second Lien Term Loan and the Second Lien Notes, (ii) potential near-term liquidity shortfalls due to the springing maturities, (iii) potential near-term breaches of certain financial covenants resulting from sharp declines in natural gas and NGL prices, and (iv) certain other potential defaults under our Combined Credit Agreements and the Second Lien Term Loan.

Accordingly, on March 17, 2015, the Company and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC each filed a voluntary petition under Chapter 11 in the Bankruptcy Court to restructure our obligations and capital structure. The Chapter 11 cases are being jointly administered for procedural purposes only by the Bankruptcy Court under the caption In re Quicksilver Resources Inc., et. al., Case No. 15-10585 (LSS) (Jointly Administered).

The U.S. Debtors are currently operating our business as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code. Since the Chapter 11 filings, the Bankruptcy Court has entered all orders sufficient to enable the U.S. Debtors to conduct normal business activities, including orders to, among other things and subject to applicable caps for pre-petition items, pay employee wages and benefits, pay certain

35

lienholders and critical vendors, and forward funds belonging to third parties, including royalty holders and other partners, as well as the approval of the U.S. Debtors’ use of their secured lenders’ cash collateral and collateral, and the provision of adequate protection related thereto. While the U.S. Debtors are subject to Chapter 11, all transactions outside the ordinary course of their business will require the prior approval of the Bankruptcy Court.

On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements.

For the duration of our Chapter 11 proceedings, our operations and our ability to develop and execute our business plan are subject to the risks and uncertainties associated with the Chapter 11 process as described in our 2014 Annual Report on Form 10-K Item 1A, “Risk Factors.” As a result of these risks and uncertainties, the number of our outstanding shares and our shareholders, assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of our operations, properties and capital plans included in this Quarterly Report may not accurately reflect our operations, properties and capital plans following the Chapter 11 process.

In particular, subject to certain exceptions, under the Bankruptcy Code, the U.S. Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. The rejection of an executory contract or unexpired lease is generally treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the U.S. Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to such rejected contracts or leases may assert claims against the applicable U.S. Debtor’s estate for such damages. The assumption of an executory contract or unexpired lease generally requires the U.S. Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the U.S. Debtors in this Quarterly Report, including where applicable a quantification of our obligations under any such executory contract or unexpired lease with the U.S. Debtors, is qualified by any overriding rejection rights we have under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the rejection of any executory contract or unexpired lease and the U.S. Debtors expressly preserve all of their rights with respect thereto.

There can be no assurances regarding our ability to successfully develop, confirm and consummate one or more plans of reorganization or other alternative restructuring transactions, including a sale of all or substantially all of our assets, that satisfies the conditions of the Bankruptcy Code and is authorized by the Bankruptcy Court.

2015 CAPITAL PROGRAM

We incurred costs related to our capital program of $14.4 million for the first three months of 2015. Our Board approved a capital program of $44 million through September 2015 and we expect spending to be in line with this.

In April 2015, pursuant to an amendment of our joint venture exploration agreement with Eni and with approval of the Bankruptcy Court, the U.S. Debtors agreed to drill and complete four additional wells in our West Texas Asset at a reduced working interest of approximately 35%. Substantially all of our costs to drill and complete these wells are included in our 2015 capital program.

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RESULTS OF OPERATIONS

Three Months EndedMarch 31, 2015 and 2014

The following discussion compares the results of operations for the three months ended March 31, 2015 and 2014, or the 2015 period and 2014 period, respectively. “Other U.S.” refers to the combined amounts for our operations in our Niobrara Asset and West Texas Asset. The impact of the Southwestern Transaction was immaterial for further disaggregation.

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. Combining these items mirrors our view of the derivatives' usefulness, provides more comparability and is consistent with how management views and evaluates operating results.

Production Revenue and Realized Cash Gains (Losses) on Derivatives by Operating Area:

	Natural Gas					NGL					Oil				Total
	2015		2014			2015		2014			2015		2014		2015		2014
	(in millions)
Barnett Shale	$	30.0	$	48.3		$	7.0	$	18.2		$	0.5	$	1.4	$	37.5	$	67.9
Other U.S.	0.1		—			—		—			0.5		0.5		0.6		0.5
Hedging	5.7		7.1			—		—			—		—		5.7		7.1
U.S.	35.8		55.4			7.0		18.2			1.0		1.9		43.8		75.5
Horseshoe Canyon	9.8		19.1			—		—			—		—		9.8		19.1
Horn River	4.9		18.7			—		—			—		—		4.9		18.7
Hedging	2.2		2.4			—		—			—		—		2.2		2.4
Canada	16.9		40.2			—		—			—		—		16.9		40.2
Consolidated production revenue	$	52.7	$	95.6		$	7.0	$	18.2		$	1.0	$	1.9	$	60.7	$	115.7
U.S. realized cash derivative gains (losses)	$	111.2	$	(7.8	)	$	—	$	(1.9	)	$	—	$	—	$	111.2	$	(9.7	)
Canada realized cash derivative gains (losses)	49.3		(0.7		)	—		—			—		—		49.3		(0.7		)
Consolidated realized cash derivative gains (losses)	160.5		(8.5		)	—		(1.9		)	—		—		160.5		(10.4		)
Consolidated production revenue and realized cash derivative gains (losses) (1)	$	213.2	$	87.1		$	7.0	$	16.3		$	1.0	$	1.9	$	221.2	$	105.3

⁽¹⁾  Realized cash derivative gains (losses) from derivatives not treated as hedges are included in net derivative losses. Unrealized derivative gains (losses) 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 operations. Total revenue is comprised of production revenue, net derivative gains (losses), sales of purchased natural gas and other revenue. See additional discussion below in Net Derivative Gains (Losses).

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Average Daily Production Volume by Operating Area:

	Natural Gas		NGL		Oil		Equivalent Total
	2015	2014	2015	2014	2015	2014	2015	2014
	(MMcfd)		(Bbld)		(Bbld)		(MMcfed)
Barnett Shale	119.0	112.6	5,005	6,303	146	165	149.9	151.4
Other U.S.	0.3	—	—	—	127	57	1.0	0.3
U.S.	119.3	112.6	5,005	6,303	273	222	150.9	151.7
Horseshoe Canyon	46.2	48.1	2	5	—	—	46.2	48.1
Horn River	24.7	46.1	—	—	—	—	24.7	46.1
Canada	70.9	94.2	2	5	—	—	70.9	94.2
Consolidated	190.2	206.8	5,007	6,308	273	222	221.8	245.9

Average Realized Price by Operating Area:

	Natural Gas					NGL					Oil				Equivalent Total
	2015		2014			2015		2014			2015		2014		2015		2014
	(per Mcf)					(per Bbl)					(per Bbl)				(per Mcfe)
Barnett Shale	$	2.79	$	4.76		$	15.54	$	32.16		$	42.69	$	93.75	$	2.78	$	4.99
Other U.S.	—		3.78			—		—			42.98		89.31		6.22		13.32
Hedging	0.53		0.70			—		—			—		—		0.42		0.52
U.S.	$	3.34	$	5.47		$	15.54	$	32.16		$	42.83	$	92.61	$	3.23	$	5.53
Horseshoe Canyon	$	2.35	$	4.40		$	—	$	52.23		$	—	$	—	$	2.35	$	4.41
Horn River	2.21		4.50			—		—			—		—		2.21		4.50
Hedging	0.35		0.29			—		—			—		—		0.35		0.29
Canada	$	2.65	$	4.74		$	—	$	52.23		$	—	$	—	$	2.65	$	4.74
Consolidated production revenue	$	3.08	$	5.14		$	15.54	$	32.18		$	42.83	$	92.61	$	3.04	$	5.23
U.S. realized cash derivative gains (losses)	$	10.37	$	(0.77	)	$	—	$	(3.29	)	$	—	$	—	$	8.19	$	(0.71	)
Canada realized cash derivative gains (losses)	7.73		(0.09		)	—		—			—		—		7.73		(0.09		)
Consolidated realized cash derivative gains (losses)	$	9.39	$	(0.46	)	$	—	$	(3.28	)	$	—	$	—	$	8.04	$	(0.47	)
Consolidated production revenue and realized cash derivative gains (losses)	$	12.47	$	4.68		$	15.54	$	28.90		$	42.83	$	92.61	$	11.08	$	4.76

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The following table summarizes the changes in our natural gas, NGL and oil production revenue and realized cash derivative gains (losses):

	Natural Gas			NGL			Oil			Total
	(in thousands)
Consolidated production revenue and realized cash derivative gains for the 2014 period	$	87,031		$	16,404		$	1,855		$	105,290
Volume variances	(6,917		)	(3,768		)	419			(10,266		)
Hedge revenue variances	(1,618		)	—			—			(1,618		)
Realized cash derivative variance (1)	169,107			1,865			—			170,972
Price variances	(34,328		)	(7,502		)	(1,225		)	(43,055		)
Consolidated production revenue and realized cash derivative gains for the 2015 period	$	213,275		$	6,999		$	1,049		$	221,323

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

Our natural gas revenue, without the effects of realized cash derivative gains/losses or hedge revenue, decreased for the 2015 period from the 2014 period primarily due to a decrease in our realized price. Lower production volumes, primarily attributable to shut-in volumes in our Horn River Asset and natural well declines in our Barnett Shale Asset, partially offset by new well production in our Barnett Shale Asset, also contributed to reduced natural gas revenue. Our realized cash derivative variance is due to the receipt of cash related to our gas swaps terminated during the 2015 period. Consolidated production revenue and realized cash derivative gains from NGL revenue for the 2015 period decreased from the 2014 period due to lower realized prices and declining well production, partially offset by the 2014 period including a realized cash derivative loss. Our oil revenue decreased for the 2015 period from the 2014 period due to lower realized prices partially offset by new well production.

Our production revenue for the 2015 period and 2014 period was higher by $7.9 million and $9.5 million, respectively, because of our hedging activities. Substantially all of our derivatives were terminated in the 2015 period, which will result in a substantial reduction in our revenue for future periods.

We expect our remaining 2015 production volumes to decline across all assets due to our limited 2015 capital program. Additionally, we are actively managing our current wells in this commodity price environment. We have shut-in wells in our Barnett Shale Asset that are not economic at current commodity prices and our current cost structure, which will impact the variable components of our operating costs and our unit costs as fixed costs are allocated over lower production. We may, through the Chapter 11 process, improve our fixed and variable cost structure through renegotiation of certain contracts or other workaround solutions, which if successful, could lead to a restart of some or all of this production. However, if we are unsuccessful, we could shut-in additional wells, causing a potentially material portion of our production to remain off-line for an extended period.

In early March 2015, a third-party gathering and processing provider terminated service resulting in our Horn River Asset production being shut-in. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in.

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Sales of Purchased Natural Gas and Costs of Purchased Natural Gas

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Sales of purchased natural gas
Purchases from Eni	$	10,156		$	16,397
Purchases from others	615			825
Total	10,771			17,222
Costs of purchased natural gas sold
Purchases from Eni	10,155			16,375
Purchases from others	628			817
Total	10,783			17,192
Net sales and purchases of natural gas	$	(12	)	$	30

Net Derivative Gains (Losses)

The following table summarizes our net derivative gains and losses:

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Changes in unrealized fair value of natural gas derivatives (1)	$	(133,085	)	$	(32,418	)
Realized cash settlements of natural gas derivative gains (losses)	160,586			(8,521		)
Unrealized mark-to-market changes in fair value of NGL derivative gains (1)	—			771
Realized cash settlements of NGL derivative losses	—			(1,865		)
Derivative gains (losses), net	$	27,501		$	(42,033	)

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

Certain of our derivative positions were restructured or terminated in January and March 2015 prior to our Chapter 11 filings. Additionally, our Chapter 11 filings in March 2015 represented an event of default under our derivative agreements resulting in a termination right by counterparties on the remaining derivative position at March 17, 2015. The resulting terminations resulted in settlements of $96.2 million and $39.5 million for the U.S. and Canada, respectively, during the 2015 period. As a result, our daily production volume of natural gas economically hedged has been reduced to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015.

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Other Revenue

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Midstream revenue from third parties
Canada	$	424	$	540
Texas	5,324		381
Total	$	5,748	$	921

In the 2015 period, we recognized previously deferred midstream revenue of $4.9 million related to funds received from a third party in prior years in exchange for a preferential gathering rate. We will recognize the remaining $10.2 million between 2016 and 2018. The amounts to be recognized in each period are dependent on the estimated volumes remaining to be delivered under the terms of the contract.

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Operating Expense

Lease Operating

	For the Three Months Ended March 31,
	2015				2014
	(in thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Barnett Shale
Expense	$	7,870	$	0.58	$	10,099	$	0.74
Equity compensation expense	143		0.01		135		0.01
	$	8,013	$	0.59	$	10,234	$	0.75
Other U.S.
Expense	$	583	$	6.24	$	440	$	14.12
Equity compensation expense	24		0.26		31		0.99
	$	607	$	6.50	$	471	$	15.11
Total U.S.
Expense	$	8,453	$	0.62	$	10,539	$	0.77
Equity compensation expense	167		0.01		166		0.01
	$	8,620	$	0.63	$	10,705	$	0.78
Horseshoe Canyon
Expense	$	6,006	$	1.45	$	6,400	$	1.48
Equity compensation expense	268		0.06		616		0.14
	$	6,274	$	1.51	$	7,016	$	1.62
Horn River
Expense	$	567	$	0.25	$	1,036	$	0.25
Equity compensation expense	—		—		—		—
	$	567	$	0.25	$	1,036	$	0.25
Total Canada
Expense	$	6,573	$	1.03	$	7,436	$	0.88
Equity compensation expense	268		0.04		616		0.07
	$	6,841	$	1.07	$	8,052	$	0.95
Total Company
Expense	$	15,026	$	0.75	$	17,975	$	0.81
Equity compensation expense	435		0.02		782		0.04
	$	15,461	$	0.77	$	18,757	$	0.85

Lease operating expense for the 2015 period in the Barnett Shale decreased in total primarily due to reduced gas lift expense resulting from the receipt of a payment in respect of gas lift services from a partner as well as a reduction in gas lift rates from a third-party service provider.

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Gathering, Processing and Transportation

	For the Three Months Ended March 31,
	2015				2014
	(in thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Barnett Shale	$	21,512	$	1.59	$	21,259	$	1.56
Other U.S.	16		0.17		—		0.01
Total U.S.	21,528		1.59		21,259		1.56
Horseshoe Canyon	789		0.19		879		0.20
Horn River	6,140		2.76		10,645		2.57
Total Canada	6,929		1.09		11,524		1.36
Total	$	28,457	$	1.43	$	32,783	$	1.48

Our Horn River Asset GPT decreased in total for the 2015 period as compared to the 2014 period as a result of lower exchange rates between Canada and the U.S. and the termination of a gathering and processing agreement in March 2015. After the termination date, expenses related to this contract are recognized in Other Expense. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in. On a unit basis, the increase is primarily due to lower volume in the 2015 period compared to the 2014 period. Our Horn River Asset GPT includes payments made for unused firm capacity of $3.0 million and $3.1 million for the 2015 period and the 2014 period, respectively. We expect our future GPT expense will decrease as we rejected certain transportation contracts in the U.S.

Production and Ad Valorem Taxes

	For the Three Months Ended March 31,
	2015				2014
	(in thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Production taxes
Barnett Shale	$	461	$	0.03	$	955	$	0.07
Other U.S.	24		0.26		6		0.20
Total U.S.	485		0.04		961		0.07
Horseshoe Canyon	15		0.00		61		0.01
Horn River	—		—		9		—
Total Canada	15		0.00		70		0.01
Total production taxes	$	500	$	0.03	$	1,031	$	0.05
Ad valorem taxes
Barnett Shale	$	2,080	$	0.15	$	2,133	$	0.16
Other U.S.	79		0.85		90		2.90
Total U.S.	2,159		0.16		2,223		0.16
Horseshoe Canyon	692		0.17		741		0.17
Horn River	174		0.08		189		0.05
Total Canada	866		0.14		930		0.11
Total ad valorem taxes	3,025		0.15		3,153		0.14
Total	$	3,525	$	0.18	$	4,184	$	0.19

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Production taxes in our Barnett Shale Asset decreased primarily due to lower commodity pricing during the 2015 period.

Depletion, Depreciation and Accretion

	For the Three Months Ended March 31,
	2015				2014
	(in thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Depletion
U.S.	$	5,847	$	0.43	$	6,887	$	0.50
Canada	5,228		0.82		1,795		0.21
Total depletion	11,075		0.55		8,682		0.39
Depreciation of other fixed assets
U.S.	$	1,479	$	0.11	$	1,651	$	0.12
Canada	1,403		0.22		2,239		0.26
Total depreciation	2,882		0.14		3,890		0.18
Accretion	1,332		0.07		1,383		0.06
Total	$	15,289	$	0.76	$	13,955	$	0.63

The U.S. depletion rate decreased as we reduced the depletable base due to a decrease in proved undeveloped reserves and related capital costs in light of our liquidity position and the uncertainty of sources of capital to fund a drilling and completions program at December 31, 2014. Canadian depletion for the 2015 period, when compared to the 2014 period, reflects an increase in the depletion rate primarily due to an increased depletable asset base partially offset by a decrease in production. The decrease in Canadian depreciation is primarily due to impairments taken in 2014 on the Fortune Creek gathering system.

We may experience a reduction in our depletion rates in future periods as it is reasonably possible we may incur impairment expense due to prevailing prices subsequent to March 31, 2015 when compared to prices in the corresponding period of the prior year.

General and Administrative

	For the Three Months Ended March 31,
	2015				2014
	(in thousands, except per unit amounts)
			Per Mcfe				Per Mcfe
Expense	$	9,282	$	0.46	$	8,399	$	0.38
Audit and accounting fees	824		0.04		1,115		0.05
Strategic transaction costs	6,641		0.33		2,775		0.12
Equity compensation	2,109		0.11		3,031		0.14
Total	$	18,856	$	0.94	$	15,320	$	0.69

The increase in general and administrative expense is primarily due to one-time costs associated with a reduction in force during the 2015 period. Strategic transaction costs relating to asset marketing and organizational alternatives have increased for the 2015 period as activity has increased compared to the 2014 period. The decrease in equity compensation is primarily due to the 2014 period including stock-based executive incentive compensation payments.

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Other Income (Expense)

QRCI did not pay an uneconomic Canadian gathering and processing commitment, which included significant unused firm capacity, due in late February 2015. In early March 2015, the third-party service provider issued a demand letter regarding the missed payment and suspended service resulting in our production in our Horn River Asset being shut-in. Further, a termination notice was issued effective March 19, 2015. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in.

In connection with this Canadian gathering and processing contract, we had previously issued a letter of credit in the amount of C$33 million. Upon termination, the third party drew down the full face amount of the letter of credit. We do not believe the third party was legally entitled to draw down the entire amount of the letter of credit and we have reserved all of our rights, entitlements and remedies in that regard. The C$33 million draw is shown as a reduction to amounts outstanding under the contract for services provided prior to the termination and the remainder is recognized as Other Expense.

In the 2015 period and 2014 period, the Canadian foreign currency exchange rate resulted in recognized losses of $3.9 million and $0.3 million, respectively.

Fortune Creek Accretion

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. The decrease in Fortune Creek accretion is primarily due to a contribution made to Fortune Creek in the 2014 period, which reduced the partnership liability and related accretion expense.

Interest Expense

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Interest costs on debt outstanding	$	34,375		$	39,375
Add:
Fees paid on letters of credit outstanding	104			65
Non-cash interest (1)	2,566			2,665
Total interest costs incurred	37,045			42,105
Less:
Interest capitalized	(284		)	(1,309		)
Interest expense	$	36,761		$	40,796

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

Interest costs incurred for the 2015 period were lower when compared to the 2014 period primarily because we discontinued the accrual of interest on the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes from and after the Petition Date.

Capitalized interest has decreased for the 2015 period when compared to the 2014 period as our unevaluated oil and natural gas property balances have decreased due to movement into the respective country cost center as areas become evaluated and proved reserves established or impairment determined.

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Reorganization Items, Net

	For the Three Months Ended March 31, 2015
	(in thousands)
Professional fees	$	2,041
Deferred financing costs and unamortized discounts	59,983
Deferred interest rate swap gains	(2,314		)
Terminated contracts	935
Reorganization items, net	$	60,645

Professional fees included in Reorganization Items, net are for post-petition expenses. Deferred financing costs and unamortized discounts are included for the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes as we believe these debt instruments may be impacted by the bankruptcy reorganization process. The terminated contracts represent the estimated claims related to contracts that were not previously included on the consolidated balance sheet as the liability was contingent in nature or an executory contract included in commitments and contingencies.

Income Taxes

The effective tax rates for the three months ended March 31, 2015 and 2014 are as follows:

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Income tax (benefit) expense - U.S.	$	1,966		$	2,671
Effective tax rate - U.S.	(2.4		)%	(5.3		)%
Income tax (benefit) expense - Canada	$	(430	)	$	(20	)
Effective tax rate - Canada	1.4		%	0.3		%
Income tax (benefit) expense - total	$	1,536		$	2,651
Effective tax rate - total	(1.3		)%	(4.7		)%

Income tax expense for the 2015 period included an increase in the U.S. and Canadian valuation allowances of $27.7 million and $4.1 million, respectively. We have a full valuation allowance in both the U.S. and Canada. Deferred income tax recognized for the 2015 and 2014 periods is a result of hedge gains previously deferred in AOCI being realized during the period and the net tax impact being recognized.

Quicksilver Resources Inc. and its Restricted Subsidiaries

Information about Quicksilver and our restricted and unrestricted subsidiaries is included in Note 5 to our condensed consolidated interim financial statements included in Item 1 of this Quarterly Report.

The combined results of operations for Quicksilver and our restricted subsidiaries are substantially similar to our consolidated results of operations, which are discussed above under “Results of Operations,” except for Fortune Creek accretion expense. The combined financial position of Quicksilver and our restricted subsidiaries and our consolidated financial position are materially the same except for balances related to Fortune Creek which were included in the consolidated financial position as of March 31, 2015. The combined operating cash flows, financing cash flows and investing cash flows for Quicksilver and our restricted subsidiaries are substantially similar to our consolidated operating cash flows, financing cash flows and investing cash flows, which are discussed below in “Cash Flow Activity,” except for cash flows associated with the operations and development of Fortune Creek.

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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.

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 multiple factors discussed further in the Liquidity and Capital Resources section below.

Between January and March 2015, substantially all of our derivatives were restructured or terminated. These restructured and terminated derivatives reduced our daily production volume of natural gas economically hedged at March 31, 2015 to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015. The proceeds of the 2015 terminated derivatives were $135.7 million. We have used substantially all of the proceeds from these terminated derivatives to pay down amounts outstanding under our Combined Credit Agreements.

The following summarizes our cash flow activity for the 2015 period and 2014 period:

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Net cash provided by (used in) operating activities	$	87,990		$	(19,984	)
Net cash provided by (used in) investing activities	(13,855		)	31,309
Net cash provided by (used in) financing activities	(11,598		)	(31,905		)

Operating Cash Flows

Net cash provided by operating activities for the 2015 period increased from the 2014 period primarily due to the terminated derivatives.

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Investing Cash Flows

Costs incurred for property, plant and equipment for the 2015 period and 2014 period were as follows:

	United States		Canada		Consolidated
	(in thousands)
For the Three Months Ended March 31, 2015
Exploration and development	$	13,268	$	976	$	14,244
Midstream	—		43		43
Administrative	94		17		111
Total	$	13,362	$	1,036	$	14,398
For the Three Months Ended March 31, 2014
Exploration and development	$	33,216	$	8,954	$	42,170
Midstream	11		—		11
Administrative	14		77		91
Total	$	33,241	$	9,031	$	42,272

Costs incurred reflect the activity of the 2015 capital program, while capital expenditures shown in the condensed consolidated statement of cash flows also reflect the related changes in working capital. Changes in working capital are driven by changes in accounts payable from prior year activities.

Financing Cash Flows

In March 2015, a third-party service provider drew down the full face amount of a C$33 million letter of credit in connection with their termination of a Canadian gathering and processing contract, see additional discussion below in “Contractual Obligations and Commercial Commitments.”Additionally, we had repayments of debt in the 2015 period as we used proceeds from derivative terminations prior to filing Chapter 11 to reduce outstanding amounts under our Combined Credit Agreements. Distributions of Fortune Creek partnership funds of $0.9 million and $29.5 million were paid in the 2015 period and the 2014 period, respectively, to our partner based on our partner's preferential distribution rights.

Liquidity and Borrowing Capacity

Our sources of liquidity and capital resources historically have been cash flow from operations, proceeds from sales of oil and natural gas properties, borrowings under the Combined Credit Agreements, and issuances of debt securities. Between January and March 2015, substantially all of our derivative positions were terminated, which will significantly reduce our operating cash flow in future periods given current commodity prices. Proceeds from these terminated derivative positions of $36.7 million were used to reduce amounts outstanding under our Combined Credit Agreements prior to March 31, 2015. Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements and all borrowings and other fees under the Combined Credit Agreements became immediately due and payable. As a result, we no longer have any liquidity available to us under the Combined Credit Agreements. The ability of the lenders under the Combined Credit Agreements to seek remedies to enforce their rights under the agreements against the U.S. Debtors was automatically stayed as a result of the Chapter 11 filings, and the lenders’ rights of enforcement against the U.S. Debtors are subject to the applicable provisions of the Bankruptcy Code.

Since the Chapter 11 filings, our principal sources of liquidity have been limited to cash flow from operations and cash on hand. As of March 31, 2015, we held cash and cash equivalents of $291.8 million, which was reduced by $88.0 million in April 2015 as we continued to apply proceeds from terminated derivatives to reduce amounts outstanding under our Combined Credit Agreements. Although we believe our cash flow from operations and cash on hand will be adequate to meet the short‑term operating costs of our existing business, there are no assurances that our cash flow from operations and cash on hand will be sufficient to continue to fund our operations or to allow us to continue as a going concern until a Chapter 11 plan is confirmed by the Bankruptcy Court or other alternative restructuring transaction is approved by the Bankruptcy Court and consummated. Our long-term liquidity requirements, the adequacy of our capital resources and our ability to continue as a going concern are difficult to predict at this time and ultimately cannot be determined until a Chapter

48

11 plan has been confirmed, if at all, by the Bankruptcy Court. In addition to the cash requirements necessary to fund ongoing operations, we have incurred and expect that we will continue to incur significant professional fees and other costs in connection with the administration of the Chapter 11 proceedings.

If our future sources of liquidity are insufficient, we could face substantial liquidity constraints and be unable to continue as a going concern and will likely be required to significantly reduce, delay or eliminate capital expenditures, implement further cost reductions, seek other financing alternatives or seek the sale of some or all of our assets. If we limit, defer or eliminate our 2015 capital expenditure plan or are unsuccessful in developing reserves and adding production through our capital program or our cost-cutting efforts are too overreaching, the value of our oil and natural gas properties and our financial condition and results of operations could be adversely affected.

Financial Position

The following impacted our balance sheet as of March 31, 2015, as compared to our balance sheet as of December 31, 2014:

• Cash, cash equivalents and marketable securities increased $68.3 million as derivative positions were terminated during the 2015 period.

• The valuation of our current and non-current derivative assets was $142.1 million lower on a net basis, which was primarily due to the termination of substantially all of our derivative positions between January and March 2015.

• Our net property, plant and equipment balance decreased $24.3 million from December 31, 2014 to March 31, 2015. Decreases were primarily due to DD&A incurred of $14.0 million and $24.6 million related to U.S.-Canadian exchange rate changes. Offsetting these decreases, we incurred capital costs of $14.4 million during 2015.

• Our accrued liabilities decreased $50.8 million, primarily due to the reclassification of the majority of our previously accrued interest to Liabilities Subject to Compromise.

• Current portion of long-term debt decreased $1,776.8 million primarily from the reclassification of the majority of our debt to Liabilities Subject to Compromise. The remainder of the decrease was due to net payments under the Combined Credit Agreements of $10.5 million, changes to the U.S.-Canadian exchange rate resulting in a decrease of $3.6 million and recognition of $0.5 million of interest rate swaps, partially offset by $1.3 million of amortized discounts.

• Partnership liability decreased $5.5 million primarily due to periodic distributions of $0.9 million distributed to KKR based on their preferential rights, and foreign exchange rate changes of $7.8 million, partially offset by accretion of $3.2 million.

Contractual Obligations and Commercial Commitments

QRCI did not pay an uneconomic Canadian gathering and processing commitment, which included significant unused firm capacity, due in late February 2015. In early March 2015, the third-party service provider issued a demand letter regarding the missed payment and suspended service resulting in our Horn River Asset production being shut-in. Further, a termination notice was issued by the third-party service provider effective March 19, 2015. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in.

In connection with this Canadian gathering and processing contract, we had previously issued a letter of credit in the amount of C$33 million. Upon termination, the third party drew down the full face amount of the letter of credit. We do not believe the third party was legally entitled to draw down the entire amount of the letter of credit and we have reserved all of our rights, entitlements and remedies in that regard. The C$33 million draw is shown as a reduction to amounts outstanding under the contract for services provided prior to the termination and the remainder is recognized as Other Expense. At the present time, we cannot predict the ultimate outcome of this matter, including whether some or all of the C$33 million drawn on the letter of credit will be payable to us or whether any additional amounts will have to be paid related to the termination of the contract.

We expect that we and the third party will disagree as to what are the remaining obligations under the relevant agreement and the length of the remaining term of the agreement and as to the remedies and defenses

49

available to the parties. While we expect to vigorously dispute the amount, we expect that the third party will claim to be entitled to up to approximately C$126 million (including the proceeds of the letter of credit) as the aggregate of the monthly tolls for firm capacity for the alleged remainder of the term of the relevant agreement.

Additionally, on April 15 and May 8, 2015, the Bankruptcy Court issued orders allowing us to reject certain executory contracts with uneconomic terms having an effective date of April 1, 2015. In the second quarter of 2015, we expect to recognize a reorganization item expense of $67.5 million and a corresponding liability subject to compromise for these rejected executory contracts.

Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements, Second Lien Term Loan, the Second Lien Notes, the Senior Notes due 2019, the Senior Notes due 2021, and the Senior Subordinated Notes. All principal, interest and other amounts under each of these debt instruments became immediately due and payable at that time.

Certain other contracts were rejected by the Bankruptcy Court effective March 17, 2015 and the total estimated allowable claim under these contracts has been included in Liabilities Subject to Compromise and Reorganization Items, net as appropriate.

As of March 31, 2015, other than the changes discussed above, there have been no significant changes to our contractual obligations and commitments as reported in our 2014 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 2014 Annual Report on Form 10-K. These critical estimates, for which no significant changes, other than those discussed in the results of operations, occurred during the three months ended March 31, 2015, include estimates and assumptions for:

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

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

We have no off-balance sheet arrangements within the meaning of Item 303(a)(4) of SEC Regulation S-K.

RECENTLY ISSUED ACCOUNTING STANDARDS

In February 2015, the FASB issued accounting guidance, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” requiring reporting entities to evaluate whether they should consolidate certain legal entities. The standard is effective for periods beginning after December 15, 2015 with early adoption permitted. We are currently evaluating the new guidance and have not determined the impact this standard may have on our financial statements.

In April 2015, the FASB issued accounting guidance, “Interest - Imputation of Interest” that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for us in the first quarter of 2016. We are currently evaluating the timing of adoption and the impact that the adoption will have on our consolidated financial statements.

No other pronouncements materially affecting our financial statements have been issued since the filing of our 2014 Annual Report on Form 10-K.

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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 have sought 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.

We have historically entered 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 most often resulted in realized prices from the sale of our natural gas and NGLs that varied from market prices. As a result of settlements of derivative contracts, our revenue from natural gas and NGL production was greater by $7.9 million and $9.5 million for the 2015 period and 2014 period, respectively, and a net gain was recognized in net derivative gains (losses), net of $27.5 million for the 2015 period and a net loss of $42.0 million for the 2014 period.

Between January and March 2015, substantially all of our derivatives were restructured or terminated. These restructured and terminated derivatives reduced our daily production volume of natural gas economically hedged to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015. The cash proceeds of the 2015 terminated derivatives were $135.7 million. We have used or expect to use cash proceeds from these terminated derivatives to pay down amounts outstanding under our Combined Credit Agreements.

The following table details our open derivative positions at March 31, 2015:

Product	Type	Segment	Remaining Contract Period	Volume	Price Per Mcf or Bbl
Gas	Swap	U.S.	Apr 2015 - Dec 2015	5 MMcfd	4.255
Gas	Swap	U.S.	Apr 2015 - Dec 2015	5 MMcfd	4.25
Gas	Swap	Canada(1)	Apr 2015 - Dec 2015	10 MMcfd	4.04

⁽¹⁾  This derivative was allocated to Canada upon inception; however, the legal counterparty is Quicksilver Resources Inc.

These open derivative positions had a net fair value of $7.5 million as of March 31, 2015.

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. 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 and adjusted for counterparty credit risk.

During the Chapter 11 proceedings, our ability to enter into new commodity derivatives covering additional estimated future production will be dependent upon either entering into unsecured hedges or obtaining Bankruptcy Court approval to enter into secured hedges. As a result, we may not be able to enter into additional commodity derivatives covering our production in future periods on favorable terms, or at all.

Interest Rate Risk

Changes in interest rates affect the interest rate we pay on borrowings under the Combined Credit Agreements.

At March 31, 2015, we did not have any availability under our Combined Credit Agreements as we were in default. If interest rates change by 1% on our March 31, 2015 variable debt balances of $260.5 million, our annual pre-tax income would decrease or increase by $2.6 million.

Adequate protection payments to the lenders under our Second Lien Term Loan and the holders of our Second Lien Notes are based in part on accrued and unpaid post-petition interest, which features a LIBOR floor.

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Consequently, a 1% increase in the applicable interest rates as of March 31, 2015, would increase our adequate protection payments by only 0.02% or an estimated annual adequate protection payment increase of $0.1 million.

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 2015 period and the 2014 period resulted in losses of $3.9 million and $0.3 million, respectively, and were included in other income.

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 on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of March 31, 2015.

Changes in Internal Control Over Financial Reporting

There has been no change in our internal control over financial reporting during the quarter ended March 31, 2015, 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

There have been no material changes in the legal proceedings described in Part I, Item 3 included in our 2014 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 2014 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, 2015.

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 2015	363,381	$	0.18	—	—
February 2015	553,064	$	0.09	—	—
March 2015	2,967	$	0.04	—	—
Total	919,412	$	0.13	—	—

⁽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.

Furthermore, we are effectively restricted from making dividend payments during the pendency of the Chapter 11 proceedings.

ITEM 3. Defaults Upon Senior Securities

The U.S. Debtors’ Chapter 11 filings constituted an event of default under our Combined Credit Agreements, Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes. We included a description of the defaults in our Current Report on Form 8‑K filed with the SEC on March 17, 2015.

ITEM 4. Mine Safety Disclosures

None.

ITEM 5. Other Information

None.

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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	Twenty-fifth Supplemental Indenture, dated as of March 16, 2015, among Quicksilver Resources Inc., the subsidiary guarantors named therein, The Bank of New York Mellon Trust Company, N.A., (as resigning trustee), U.S. Bank National Association (as first successor trustee), and Wilmington Trust, National Association (as second successor trustee)					†
4.2	Instrument of Resignation, Appointment and Acceptance, dated as of March 16, 2015, among Quicksilver Resources Inc., The Bank of New York Mellon Trust Company, N.A.,(as resigning trustee) and Delaware Trust Company (as successor trustee)					†
10.1	Letter to Romy M. Massey dated July 15, 2013					†
10.2	Letter to Romy M. Massey dated February 26, 2015					†
10.3	Letter to Stan G. Page dated February 17, 2015					†
10.4	Letter to J. David Rushford dated February 23, 2015					†
10.5	Letter to Anne Darden Self dated February 17, 2015					†
10.6	Waiver and Forbearance Agreement, dated March 16, 2015, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc., the guarantors party thereto and the agents and lenders party thereto					†
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					‡

54

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 18, 2015	Quicksilver Resources Inc.
		By:	/s/ Vanessa Gomez LaGatta
			Vanessa Gomez LaGatta
			Senior Vice President-Chief Financial Officer and Treasurer (Duly Authorized Officer, Principal Financial Officer)

55

EXHIBIT INDEX

		Incorporated by Reference				Filed (†) or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form	SEC File No.	Exhibit	Filing Date
4.1	Twenty-fifth Supplemental Indenture, dated as of March 16, 2015, among Quicksilver Resources Inc., the subsidiary guarantors named therein, The Bank of New York Mellon Trust Company, N.A., (as resigning trustee), U.S. Bank National Association (as first successor trustee), and Wilmington Trust, National Association (as second successor trustee)					†
4.2	Instrument of Resignation, Appointment and Acceptance, dated as of March 16, 2015, among Quicksilver Resources Inc., The Bank of New York Mellon Trust Company, N.A.,(as resigning trustee) and Delaware Trust Company (as successor trustee)					†
10.1	Letter to Romy M. Massey dated July 15, 2013					†
10.2	Letter to Romy M. Massey dated February 26, 2015					†
10.3	Letter to Stan G. Page dated February 17, 2015					†
10.4	Letter to J. David Rushford dated February 23, 2015					†
10.5	Letter to Anne Darden Self dated February 17, 2015					†
10.6	Waiver and Forbearance Agreement, dated March 16, 2015, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc., the guarantors party thereto and the agents and lenders party thereto					†
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					‡

56

EX-4.1

Exhibit 4.1

Execution Version

TWENTY-FIFTH SUPPLEMENTAL INDENTURE

This TWENTY-FIFTH SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of March 16, 2015, among Quicksilver Resources Inc., a Delaware corporation (the “Company”); the Subsidiary Guarantors (as defined in the Indenture referred to herein); The Bank of New York Mellon Trust Company, N.A., a national banking association duly organized and existing under the laws of the United States of America, as trustee (the “Resigning Trustee”); U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, as succeeding trustee under the Base Indenture and with respect to the 2019 Notes referred to below (the “First Successor Trustee”); and Wilmington Trust, National Association, a national banking association, as succeeding trustee with respect to the Subordinated Notes referred to below (the “Second Successor Trustee”; and together with the First Successor Trustee, the “Successor Trustees”).

RECITALS

WHEREAS, there are presently outstanding under that certain Indenture, dated as of December 22, 2005 (the “Base Indenture”; as supplemented as of the date hereof, the “Indenture”), between the Issuer and the Resigning Trustee, (i) $350,000,000 in aggregate principal amount of 7⅛% Senior Subordinated Notes due 2016 (the “SubordinatedNotes”), issued pursuant to that certain First Supplemental Indenture to the Base Indenture, dated March 16, 2006 (the “First Supplemental Indenture”), among the Issuer, the guarantors party thereto and the Resigning Trustee and (ii) $298,000,000 in aggregate principal amount of 9⅛% Senior Notes due 2019 (the “2019 Notes”; and together with the Subordinated Notes, the “Notes”), issued pursuant to that certain Eighth Supplemental Indenture to the Base Indenture, dated August 14, 2009 (the “Eighth Supplemental Indenture”), among the Issuer, the guarantors party thereto and the Resigning Trustee.

WHEREAS, the Resigning Trustee wishes to resign (i) as trustee under the Base Indenture (the “Base Indenture Trustee”), (ii) as trustee under the Indenture (the “Trustee”), (iii) the office or agency pursuant to Section 2.05 of the Base Indenture where the Security Register is maintained and the Notes may be surrendered for registration of transfer or exchange (the “Registrar”), (iv) the office or agency pursuant to Section 1.09 of the First Supplemental Indenture where the Subordinated Notes may be presented or surrendered for payment (the “Subordinated Notes Paying Agent”), (v) the office or agency pursuant to Section 1.09 of the Eighth Supplemental Indenture where the 2019 Notes may be presented or surrendered for payment (the “2019 Notes Paying Agent” and, together with the Subordinated Notes Paying Agent, the “Paying Agent”) and (vi) the office or agency where notices and demands to or upon the Issuer in respect of the Notes and the Indenture may be served (the “Agent”), in each case, for all the Notes under the Indenture.

WHEREAS, the Issuer wishes to appoint the First Successor Trustee to succeed the Resigning Trustee as the Base Indenture Trustee; and the First Successor Trustee wishes to accept appointment as the Base Indenture Trustee.

WHEREAS, the Issuer wishes to appoint the First Successor Trustee to succeed the Resigning Trustee as Trustee, Registrar, Paying Agent and Agent for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes); and the First Successor Trustee wishes to accept

appointment as Trustee, Registrar, Paying Agent and Agent for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes).

WHEREAS, the Issuer wishes to appoint the Second Successor Trustee to succeed the Resigning Trustee as Trustee, Registrar, Paying Agent and Agent for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes); and the Second Successor Trustee wishes to accept appointment as Trustee, Registrar, Paying Agent and Agent for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes).

WHEREAS, Section 10.01 of the Base Indenture provides that the Company, the Subsidiary Guarantors and the Trustee may amend or supplement the Indenture without the consent of or notice to any Holders to, among other things, “evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to add to or change any of the provisions of this Indenture as may be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 9.10.”

WHEREAS, Section 9.10 of the Base Indenture provides that

[i]n case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee, and each successor Trustee with respect to the Securities of one or more series will execute and deliver an indenture supplemental hereto wherein such successor Trustee will accept such appointment and which (i) will contain such provisions as may be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (ii) will contain such provisions as may be deemed necessary or desirable to confirm that all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring will continue to be vested in the retiring Trustee, and (iii) will add to or change any of the provisions of this Indenture as may be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture will constitute such Trustees co-trustees of the same trust and that each such Trustee will be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustees and upon the execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee will become effective to the extent provided therein and each such successor Trustee, without any further act, deed, or conveyance, will become vested with all the rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates.

WHEREAS, the only series of Securities outstanding under the Indenture are the 2019 Notes and the Subordinated Notes and, after giving effect to this Supplemental Indenture,

there are no series of Securities outstanding under the Indenture with respect to which the Retiring Trustee will continue to serve as Trustee, Registrar, Paying Agent or Agent.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein, the receipt and sufficiency of which are hereby acknowledged, the Issuer, the Resigning Trustee and each of the Successor Trustees agree as follows:

ARTICLE ONE

THE RESIGNING TRUSTEE

Section 101. Pursuant to Section 9.09 of the Base Indenture, the Resigning Trustee hereby notifies the Issuer that the Resigning Trustee does hereby resign as Base Indenture Trustee, Trustee, Registrar, Paying Agent and Agent.

Section 102. The Resigning Trustee hereby represents and warrants to each of the Successor Trustees that:

(a) No covenant or condition contained in the Indenture has been waived by the Resigning Trustee.

(b) There is no action, suit or proceeding pending or, to the best of the knowledge of the Responsible Officers of the Resigning Trustee assigned to its corporate trust department, threatened against the Resigning Trustee before any court or governmental authority arising out of any action or omission by the Resigning Trustee as Trustee under the Indenture.

(c) This Supplemental Indenture has been duly authorized, executed and delivered on behalf of the Resigning Trustee.

(d) $298,000,000 aggregate principal amount of the 2019 Notes is outstanding.

(e) Interest on the 2019 Notes has been paid through August 15, 2014.

(f) $350,000,000 aggregate principal amount of the Subordinated Notes is outstanding.

(g) Interest on the Subordinated Notes has been paid in full through October 1, 2014, and there is no overdue interest on the Subordinated Notes.

(h) The Resigning Trustee has (i) received no notices of Defaults or Events of Default under the Indenture or (ii) provided any notices of Defaults or Events of Default to the holders of the Notes.

(i) The Resigning Trustee has made, or promptly will make (but in no event later than ten days from the date of execution of this Supplemental Indenture), available to (i) the First Successor Trustee originals, if available, or copies in its possession, of all documents relating to the trusts created by the Indenture (insofar

as it relates to the 2019 Notes) (the “2019 Notes Trusts”) and all information in the possession of its corporate trust department relating to the administration and status of the 2019 Trusts, including, without limitation, a certified list of the current registered holders of the 2019 Notes (the “2019 Notes Certified Holders List”) and (ii) the Second Successor Trustee originals, if available, or copies in its possession, of all documents relating to the trusts created by the Indenture (insofar as it relates to the Subordinated Notes) (the “Subordinated Notes Trusts”) and all information in the possession of its corporate trust department relating to the administration and status of the Subordinated Notes Trusts, including, without limitation, a certified list of the current registered holders of the Subordinated Notes (the “Subordinated Notes Certified Holders List”).

(j) As of the effective date of this Supplemental Indenture, the Resigning Trustee holds no property or money under the Indenture.

(k) The Corporate Trust Office of the Resigning Trustee is 601 Travis Street, 16th Floor, Houston, Texas, 77002 (fax: 713-483-6979) Attention: Rafael Martinez.

(l) No Securities other than the 2019 Notes and the Subordinated Notes are outstanding under the Indenture.

Section 103. The Resigning Trustee hereby assigns, transfers, delivers and confirms to the First Successor Trustee all right, title and interest of the Resigning Trustee in and to (i) the Base Indenture and the Indenture (insofar as it relates to the 2019 Notes), (ii) the 2019 Notes Trusts and (iii) all the rights, powers, trusts and duties of the Trustee under the Indenture (insofar as it relates to the 2019 Notes), including the Eighth Supplemental Indenture.

Section 104. The Resigning Trustee hereby assigns, transfers, delivers and confirms to the Second Successor Trustee all right, title and interest of the Resigning Trustee in and to (i) the Indenture (insofar as it relates to the Subordinated Notes), (ii) the Subordinated Notes Trusts and (iii) all the rights, powers, trusts and duties of the Trustee under the Indenture (insofar as it relates to the Subordinated Notes), including the First Supplemental Indenture.

Section 105. The Resigning Trustee hereby acknowledges payment or provision for payment in full by the Issuer of compensation for all services rendered by the Resigning Trustee under the Indenture and reimbursement in full by the Issuer of the expenses, disbursements and advances incurred or made by the Resigning Trustee in accordance with the provisions of the Indenture.

Section 106. For the avoidance of doubt, this Supplemental Indenture shall not constitute an assumption by either of the Successor Trustees of any liabilities of the Resigning Trustee arising out of or related to any action or omission by the Resigning Trustee prior to its resignation of its duties under the Indenture or otherwise, and that neither of the Successor Trustees shall bear any responsibility or liability arising out of or related to any such action or omission.

ARTICLE TWO

THE ISSUER

Section 201. The Issuer hereby accepts the resignation of the Resigning Trustee as (i) the Base Indenture Trustee and (ii) Trustee, Registrar, Paying Agent and Agent for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes). Pursuant to Section 9.09(e) of the Base Indenture, the Issuer hereby appoints the First Successor Trustee as (i) the Base Indenture Trustee and (ii) the Trustee, Registrar, Paying Agent and Agent for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes), including the Eighth Supplemental Indenture, and confirms to the First Successor Trustee all the rights, powers, trusts and duties of (A) the Base Indenture Trustee and (B) the Trustee under the Indenture (insofar as it relates to the 2019 Notes), including the Eighth Supplemental Indenture. The Issuer shall execute and deliver such further instruments and shall do such other things as the First Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the First Successor Trustee all the rights, powers, trusts and duties hereby assigned, transferred, delivered and confirmed to the First Successor Trustee.

Section 202. The Issuer hereby accepts the resignation of the Resigning Trustee as Trustee, Registrar, Paying Agent and Agent for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes). Pursuant to Section 9.09(e) of the Base Indenture, the Issuer hereby appoints the Second Successor Trustee as Trustee, Registrar, Paying Agent and Agent for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes), including the First Supplemental Indenture, and confirms to the Second Successor Trustee all the rights, powers, trusts and duties of the Trustee under the Indenture (insofar as it relates to the Subordinated Notes), including the First Supplemental Indenture. The Issuer shall execute and deliver such further instruments and shall do such other things as the Second Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the Second Successor Trustee all the rights, powers, trusts and duties hereby assigned, transferred, delivered and confirmed to the Second Successor Trustee.

Section 203. The Issuer hereby represents and warrants to each of the Successor Trustees that:

(a) It is a corporation duly and validly organized and existing pursuant to the laws of the State of Delaware.

(b) The Indenture was validly and lawfully executed and delivered by the Issuer and is in full force and effect.

(c) The 2019 Notes are validly issued securities of the Issuer.

(d) The Subordinated Notes are validly issued securities of the Issuer.

(e) Except for the failure of the Issuer to pay interest due with respect to the 2019 Notes on February 17, 2015 (without giving effect to the applicable grace period), no other event has occurred and is continuing which is, or after notice or

lapse of time would become, an Event of Default under Section 8.01 of the Base Indenture, Article IV of the Eighth Supplemental Indenture or Article V of the First Supplemental Indenture.

(f) No covenant or condition contained in the Indenture has been waived by the Issuer or by the Holders of the percentage in aggregate principal amount of the 2019 Notes required to effect any such waiver.

(g) No covenant or condition contained in the Indenture has been waived by the Issuer or by the Holders of the percentage in aggregate principal amount of the Subordinated Notes required to effect any such waiver.

(h) There is no action, suit or proceeding pending or, to the best of the Issuer’s knowledge, threatened against the Issuer before any court or any governmental authority arising out of any action or omission by the Issuer under the Indenture.

(i) This Supplemental Indenture has been duly authorized, executed and delivered on behalf of the Issuer, and constitutes its legal, valid and binding obligation. Attached hereto as Exhibit A is a copy of resolutions duly adopted by the Board of Directors of the Issuer, which resolutions are in full force and effect on the date hereof, authorizing certain officers of the Issuer to, among other things, accept the resignation of the Resigning Trustee, appoint each of the Successor Trustees and execute and deliver this Supplemental Indenture.

(j) All conditions precedent relating to the appointment of the First Successor Trustee, as successor Base Indenture Trustee under the Indenture have been complied with by the Issuer.

(k) All conditions precedent relating to the appointment of each of the Successor Trustees, as successor Trustee, Registrar, Paying Agent and Agent with respect to the applicable series of Notes under the Indenture have been complied with by the Issuer.

ARTICLE THREE

THE SUCCESSOR TRUSTEES

Section 301. The First Successor Trustee hereby represents and warrants to the Resigning Trustee and to the Issuer that the First Successor Trustee is qualified and eligible under Section 9.08 of the Base Indenture to act as (i) the Base Indenture Trustee and (ii) the Trustee for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes).

Section 302. Pursuant to Section 9.10 of the Base Indenture, the First Successor Trustee hereby accepts its appointment as (i) the Base Indenture Trustee and (ii) the Trustee for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes), including the Eighth Supplemental Indenture, and shall hereby be vested with all the rights, powers, trusts and duties of(i) the Base Indenture Trustee and (ii) the Trustee under the Indenture (insofar as it relates to the 2019 Notes). References (and the definition of) in the Indenture (insofar as they relate to the 2019

Notes) to the “Corporate Trust Office” or similar terms shall be deemed to refer to the Corporate Trust Office of the First Successor Trustee at U.S. Bank National Association, Nevada Financial Center, 2300 W. Sahara, Suite 200, Las Vegas, Nevada 89102 (fax: 702-251-1660), Attention: Sandra Spivey, or any other office to the First Successor Trustee at which, at any particular time, its corporate trust business shall be administered.

Section 303. The First Successor Trustee hereby accepts its appointment as Registrar, Paying Agent and Agent for all the 2019 Notes under the Indenture (insofar as it relates to the 2019 Notes), including the Eighth Supplemental Indenture.

Section 304. The Second Successor Trustee hereby represents and warrants to the Resigning Trustee and to the Issuer that the Second Successor Trustee is qualified and eligible under Section 9.08 of the Base Indenture to act as Trustee for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes).

Section 305. Pursuant to Section 9.10 of the Base Indenture, the Second Successor Trustee hereby accepts its appointment as Trustee for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes), including the First Supplemental Indenture, and shall hereby be vested with all the rights, powers, trusts and duties ofthe Trustee under the Indenture (insofar as it relates to the Subordinated Notes). References in the Indenture (insofar as they relate to the Subordinated Notes) to the “Corporate Trust Office” or similar terms shall be deemed to refer to the Corporate Trust Office of the Second Successor Trustee at Wilmington Trust, National Association, 50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402 (fax: 612-217-5651), Attention: Peter Finkel, or any other office to the Second Successor Trustee at which, at any particular time, its corporate trust business shall be administered.

Section 306. The Second Successor Trustee hereby accepts its appointment as Registrar, Paying Agent and Agent for all the Subordinated Notes under the Indenture (insofar as it relates to the Subordinated Notes), including the First Supplemental Indenture. The office of the Registrar and the office of the Paying Agent for all the Subordinated Notes is Wilmington Trust, National Association, Rodney Square North, 1100 North Market St., Wilmington, Delaware 19801.

Section 307. Promptly after the execution and delivery of this Supplemental Indenture, the First Successor Trustee, on behalf of the Issuer, shall cause a notice, the form of which are annexed hereto marked Exhibit B, to be sent to each Holder of the 2019 Notes in accordance with Section 9.09(f) of the Base Indenture and Section 6.02 of the Eighth Supplemental Indenture.

Section 308. Promptly after the execution and delivery of this Supplemental Indenture, the Second Successor Trustee, on behalf of the Issuer, shall cause a notice, the form of which are annexed hereto marked Exhibit C, to be sent to each Holder of the Subordinated Notes in accordance with Section 9.09(f) of the Base Indenture and Section 7.02 of the First Supplemental Indenture.    

Section 309. References to the Trustee in the Indenture shall be deemed to refer to (i) the First Successor Trustee with respect to the 2019 Notes and (ii) the Second Successor Trustee with respect to the Subordinated Notes. Nothing in this Supplemental Indenture or in the Indenture will constitute the Successor Trustees co-trustees of the same trust and each Successor Trustee will

be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by the other Successor Trustee.

Section 310. For the avoidance of doubt, in its capacity as Trustee with respect to the 2019 Notes, the First Successor Trustee (i) shall not have any duties or obligations under or pursuant to the Indenture or the Base Indenture other than such duties or obligations as may be expressly set forth herein or therein and only insofar as they relate to the 2019 Notes and not to the Subordinated Notes and (ii) shall have all of the rights, immunities, indemnities and other protections granted to the Trustee under the Base Indenture and the Indenture (insofar as it relates to the 2019 Notes). For the avoidance of doubt, in its capacity as Trustee with respect to the Subordinated Notes, the Second Successor Trustee (i) shall not have any duties or obligations under or pursuant to the Indenture or the Base Indenture other than such duties or obligations as may be expressly set forth herein or therein and only insofar as they relate to the Subordinated Notes and not to the 2019 Notes and (ii) shall have all of the rights, immunities, indemnities and other protections granted to the Trustee under the Base Indenture and the Indenture (insofar as it relates to the Subordinated Notes).

Section 311. For the avoidance of doubt, neither the First Successor Trustee nor the Second Successor Trustee shall have any responsibility or liability arising out of or related to any action or omission of the other.

ARTICLE FOUR

MISCELLANEOUS

Section 401. Except as specifically modified herein, the Indenture, including Article IX of the Base Indenture, and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms. In particular, the Issuer acknowledges and reaffirms its obligations to each of the Successor Trustees as set forth, and to the extent provided, in Section 9.06 of the Base Indenture; for the avoidance of doubt, the Issuer acknowledges that (i) it will indemnify each of the Successor Trustees and the Resigning Trustee for, and hold each of the Successor Trustees harmless against, any and all loss, liability, claim, or expense incurred without negligence or bad faith on its part arising out of or in connection with the acceptance or administration of the trust or trusts under the Indenture, including the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties under the Indenture and (ii) when either of the Successor Trustees incurs expenses or renders services in connection with an Event of Default specified in Section 8.01(a)(vi) or Section 8.01(a)(vii) of the Base Indenture, the expenses (including the reasonable charges and expenses of its counsel) and the compensation for such services are intended to constitute expenses of administration under any applicable federal or state bankruptcy, insolvency or other similar law. Notwithstanding anything to the contrary herein, none of the provisions of this Supplemental Indenture are intended to (x) adversely affect the interests of the Holders of Securities of any series in any material respect or (y) amend any of the subordination provisions of the Indenture that adversely affects the rights of any holder of Senior Indebtedness then outstanding and, in the case of (x) and (y), this Supplemental Indenture shall be construed and enforced to give effect the foregoing.

Section 402. For the avoidance of doubt, all references in the Base Indenture, including without limitation Article VIII thereof, to payment of amounts due to the Trustee shall be deemed to refer to all amounts due to (i) the First Successor Trustee, with respect to the 2019 Notes, and (ii) the Second Successor Trustee, with respect to the Subordinated Notes. Without limiting the generality of the foregoing, all money collected under the Indenture in respect of any series of Notes shall be applied under clause FIRST of Section 8.03 of the Base Indenture to the payment of all amounts referenced in the foregoing clauses (i) and (ii). Notwithstanding anything to the contrary contained in the Indenture, amounts due to the Second Successor Trustee under the Indenture shall not be subordinated to the payment of any Indebtedness or other amounts due with respect to the 2019 Notes or any other Senior Indebtedness. Also for the avoidance of doubt, notwithstanding anything to the contrary contained in the Indenture, for purposes of Section 8.02(c) of the Base Indenture, the distributions to Holders of Notes in a judicial proceeding as referenced in such section shall be deemed to refer to distributions (i) to the First Successor Trustee, for distribution to the Holders of the 2019 Notes, and (ii) to the Second Successor Trustee, for distribution to Holders of the Subordinated Notes, and such distributions shall be made accordingly unless the First Successor Trustee or the Second Successor Trustee, respectively, agrees otherwise.

Section 403. This Supplemental Indenture and the resignation, appointments and acceptances effected hereby shall be effective as of the close of business on the date first above written; provided that the effective date for the transfer of the Registrar and Paying Agent duties shall not be effective until ten days after The Depository Trust Company is provided the required ten day notification of such transfer.

Section 404. The Indenture shall henceforth no longer permit the issuance of any additional series of Securities (as defined in the Base Indenture) thereunder.

Section 405. All capitalized terms used but not defined herein shall have the same respective meanings ascribed to them in the Indenture.

Section 406. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

Section 407. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

Section 408. The headings herein are inserted for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Supplemental Indenture.

[REMAINDER OF PAGE INTENTIONALLY BLANK]

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

QUICKSILVER RESOURCES INC.

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN PIPELINE FUNDING, INC.

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN PIPELINE MANAGEMENT, INC.

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN PIPELINE L.P.

By: COWTOWN PIPELINE MANAGEMENT, INC. its general partner

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

[Signature Page—Twenty-Fifth Supplemental Indenture]

COWTOWN GAS PROCESSING L.P.

By: COWTOWN PIPELINE MANAGEMENT, INC., its general partner

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

QPP PARENT LLC

By: QUICKSILVER RESOURCES INC.,

its sole member

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

QPP HOLDINGS LLC

By: QPP PARENT LLC, one of its members,

By: Quicksilver Resources Inc., its sole member

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

By: QUICKSILVER RESOURCES INC., one of its members,

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

[Signature Page—Twenty-Fifth Supplemental Indenture]

BARNETT SHALE OPERATING LLC

By: QUICKSILVER RESOURCES INC.,
its member

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

SILVER STREAM PIPELINE COMPANY LLC

By: QUICKSILVER RESOURCES INC.,

its member

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

[Signature Page—Twenty-Fifth Supplemental Indenture]

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Resigning Trustee

By: /s/ J. Chris Matthews

Name: J. Chris Matthews

Title: Vice President

U.S. BANK NATIONAL ASSOCIATION, as First Successor Trustee

By: /s/ Sandra Spivey

Name: Sandra Spivey

Title: Vice President

WILMINGTON TRUST, NATIONAL ASSOCIATION, as Second Successor Trustee

By: /s/ Peter Finkel

Name: Peter Finkel

Title: Vice President

[Signature Page—Twenty-Fifth Supplemental Indenture]

EXHIBIT A

BOARD RESOLUTIONS

The following is a true copy of resolutions duly adopted on March 12, 2015 by Quicksilver Resources Inc. (the “Company”):

WHEREAS, the Company currently has outstanding (i) $350 million aggregate principal amount of 7⅛% Senior Subordinated Notes due 2016 (the “SubordinatedNotes”) under an Indenture, dated as of December 22, 2005 (the “Base Indenture”; as supplemented as of the date hereof, the “Combined Notes Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A. (the “Existing Base Indenture Trustee”), and issued pursuant to that certain First Supplemental Indenture to the Base Indenture, dated March 16, 2006 (the “First Supplemental Indenture”), among the Company, the guarantors party thereto and the Existing Base Indenture Trustee (in such capacity, the “Existing Subordinated Notes Trustee”); (ii) $298 million aggregate principal amount of 9⅛% Senior Notes due 2019 (the “2019Notes”) under the Base Indenture and issued pursuant to that certain Eighth Supplemental Indenture to the Base Indenture, dated August 14, 2009 (the “Eighth Supplemental Indenture”), among the Company, the guarantors party thereto and the Existing Base Indenture Trustee (in such capacity, the “Existing 2019 Notes Trustee”); and (iii) $325 million aggregate principal amount of 11.00% Senior Notes due 2021 (the “2021 Notes”; together with the Subordinated Notes and the 2019 Notes, the “Notes”) issued under that certain Indenture, dated as of June 21, 2013 (the “2021 Notes Indenture”), among the Company, the guarantors party thereto and The Bank of New York Mellon Trust Company, N.A. (in such capacity, the “Existing 2021 Notes Trustee”; together with the Existing Base Indenture Trustee, the Existing Subordinated Notes Trustee and the Existing 2019 Notes Trustee, the “Resigning Trustees”; and each, a “Resigning Trustee”);

WHEREAS, (i) the Existing Base Indenture Trustee desires to resign as trustee under the Base Indenture, and U.S. Bank National Association desires to succeed, as trustee under the Base Indenture; (ii) the Existing Subordinated Notes Trustee desires to resign (A) as trustee under the Combined Notes Indenture (insofar as it relates to the Subordinated Notes), (B) the office or agency where the Subordinated Notes may be surrendered for registration of transfer or exchange, (C) the office or agency where the Subordinated Notes may be presented or surrendered for payment and (D) the office or agency where notices and demands to or upon the Issuer in respect of the Subordinated Notes and the Combined Notes Indenture (insofar as it relates to the Subordinated Notes) may be served, and Wilmington Trust, N.A. desires to succeed, as trustee, paying

[Exhibit A—Twenty-Fifth Supplemental Indenture]

agent, registrar, and agent with respect to the Subordinated Notes and the Combined Notes Indenture (insofar as it relates to the Subordinated Notes); (iii) the Existing 2019 Notes Trustee desires to resign (A) as trustee under the Combined Notes Indenture (insofar as it relates to the Existing 2019 Notes), (B) the office or agency where the Existing 2019 Notes may be surrendered for registration of transfer or exchange, (C) the office or agency where the Existing 2019 Notes may be presented or surrendered for payment and (D) the office or agency where notices and demands to or upon the Issuer in respect of the Existing 2019 Notes and the Combined Notes Indenture (insofar as it relates to the Existing 2019 Notes) may be served, and U.S. Bank National Association desires to succeed, as trustee, paying agent, registrar, and agent with respect to the 2019 Notes and the Combined Notes Indenture (insofar as it relates to the 2019 Notes); and (iv) the Existing 2021 Notes Trustee desires to resign (A) as trustee under the 2021 Notes Indenture, (B) the office or agency where the 2021 Notes may be surrendered for registration of transfer or exchange, (C) the office or agency where the 2021 Notes may be presented or surrendered for payment, and (D) the office or agency where notices and demands to or upon the Issuer in respect of the 2021 Notes and 2021 Notes Indenture may be served, and Delaware Trust Company desires to succeed, as trustee, paying agent, registrar, and agent under the 2021 Notes Indenture and with respect to the 2021 Notes;

RESOLVED, that the Company appoint U.S. Bank National Association (the “Base Indenture Successor Trustee”) as successor trustee under the Base Indenture (the “Base Indenture Trustee”) and accept the resignation of the Existing Base Indenture Trustee as the Base Indenture Trustee, such resignation to be effective upon the execution and delivery by the Base Indenture Successor Trustee to the Company of an instrument or instruments accepting such appointment as the Base Indenture Trustee; and it is further

RESOLVED, that the Company appoint Wilmington Trust, N.A. (the “Subordinated Notes Successor Trustee”) as successor trustee with respect to the Subordinated Notes (the “Subordinated Notes Trustee”) and accept the resignation of the Existing Subordinated Notes Trustee as the Subordinated Notes Trustee, the office or agency where the Subordinated Notes may be surrendered for registration of transfer or exchange (the “Subordinated NotesRegistrar”), the office or agency where the Subordinated Notes may be presented or surrendered for payment (the “Subordinated NotesPaying Agent”) and the office or agency where notices and demands to or upon the Company in respect of the Subordinated Notes and the Combined Notes Indenture (insofar as it relates to the Subordinated Notes) may be served (the “Subordinated NotesAgent”) for all the Subordinated Notes, such resignation to be effective upon the execution and delivery by the Subordinated Notes

[Exhibit A—Twenty-Fifth Supplemental Indenture]

Successor Trustee to the Company of an instrument or instruments accepting such appointment as the Subordinated Notes Trustee, Subordinated Notes Registrar, Subordinated Notes Paying Agent and Subordinated Notes Agent (or in the case of the Subordinated Notes Registrar, Subordinated Notes Paying Agent, and Subordinated Notes Agent, as soon as permitted by applicable depository procedures) for all the Subordinated Notes under the Combined Notes Indenture (insofar as it relates to the Subordinated Notes); and it is further

RESOLVED, that the Company appoint U.S. Bank National Association (the “2019 Notes Successor Trustee”) as successor trustee with respect to the 2019 Notes (the “2019 Notes Trustee”) and accept the resignation of the Existing 2019 Notes Trustee as the 2019 Notes Trustee, the office or agency where the 2019 Notes may be surrendered for registration of transfer or exchange (the “2019 NotesRegistrar”), the office or agency where the 2019 Notes may be presented or surrendered for payment (the “2019 NotesPaying Agent”) and the office or agency where notices and demands to or upon the Company in respect of the 2019 Notes and the Combined Notes Indenture (insofar as it relates to the 2019 Notes) may be served (the “2019 NotesAgent”) for all the 2019 Notes, such resignation to be effective upon the execution and delivery by the 2019 Notes Successor Trustee to the Company of an instrument or instruments accepting such appointment as the 2019 Notes Trustee, 2019 Notes Registrar, 2019 Notes Paying Agent and 2019 Notes Agent (or in the case of the 2019 Notes Registrar, 2019 Notes Paying Agent, and 2019 Notes Agent, as soon as permitted by applicable depository procedures) for all the 2019 Notes under the Combined Notes Indenture (insofar as it relates to the 2019 Notes); and it is further

RESOLVED, that the Company appoint Delaware Trust Company (the “2021 Notes Successor Trustee”; together with the Base Indenture Successor Trustee, the Subordinated Notes Successor Trustee and the 2019 Notes Successor Trustee, the “Successor Trustees” and each, a “Successor Trustee”) as successor trustee under the 2021 Notes Indenture (the “2021 Notes Trustee”; together with the Base Indenture Trustee, the Subordinated Notes Trustee and the 2019 Notes Trustee, the “Trustees” and each, a “Trustee”) and accept the resignation of the Existing 2021 Notes Trustee as the 2021 Notes Trustee, the office or agency where the 2021 Notes may be surrendered for registration of transfer or exchange (the “2021 NotesRegistrar”; together with the Subordinated Notes Registrar and the 2019 Notes Registrar, the “Registrars” and each, a “Registrar”), the office or agency where the 2021 Notes may be presented or surrendered for payment (the “2021 NotesPaying Agent”; together with the Subordinated Notes Paying Agent and the 2019 Notes Paying Agent, the “Paying Agents” and each, a “Paying Agent”), and the office or agency where notices and demands to or upon the Company in respect

[Exhibit A—Twenty-Fifth Supplemental Indenture]

of the 2021 Notes and the 2021 Notes Indenture may be served (the “2021 NotesAgent”; together with the Subordinated Notes Agent and the 2019 Notes Agent, the “Agents” and each, an “Agent”) for all the 2021 Notes under the 2021 Notes Indenture, such resignation to be effective upon the execution and delivery by the 2021 Notes Successor Trustee to the Company of an instrument or instruments accepting such appointment as the 2021 Notes Trustee, 2021 Notes Registrar, 2021 Notes Paying Agent, and 2021 Notes Agent for all the 2021 Notes under the 2021 Notes Indenture (or in the case of the 2021 Notes Registrar, 2021 Notes Paying Agent, and 2021 Notes Agent, as soon as permitted by applicable depository procedures); and it is further

RESOLVED, that the Chairman of the Board, the President, any Executive Vice President, Vice President, the Treasurer or any Assistant Treasurer of the Company (the “Indenture Authorized Officers”) be, and each of them hereby is, authorized, empowered and directed to execute and deliver in the name and on behalf of the Company an instrument or instruments appointing each Successor Trustee as the applicable successor Trustee, Registrar, Paying Agent, and Agent with respect to the applicable series of Notes and accepting the resignation of each Resigning Trustee (in all capacities, including as Registrar, Paying Agent, and Agent) with respect to the applicable series of Notes; and it is further

RESOLVED, that each of the Indenture Authorized Officers are hereby authorized, empowered and directed to do or cause to be done all such acts or things, and to execute and deliver, or cause to be executed or delivered, any and all such agreements, amendments, supplemental indentures, instruments, certificates, documents or papers (including, without limitation, any and all notices and certificates required to be given or made on behalf of the Company to any Successor Trustee or to any Resigning Trustee) under the terms of any of the executed instruments in connection with the resignation of each Resigning Trustee and the appointment of each Successor Trustee, in the name and on behalf of the Company as any such officer, in his/her discretion, may deem necessary or advisable to effectuate or carry out the purposes and intent of the foregoing resolutions and to exercise any of the Company’s obligations under the instruments and agreements executed on behalf of the Company in connection with the resignation of each Resigning Trustee and the appointment of each Successor Trustee.

[Exhibit A—Twenty-Fifth Supplemental Indenture]

EXHIBIT B

Notice to Holders of Quicksilver Resources Inc.’s (the “Issuer”)9⅛% Senior Notes (the “Notes”):

We hereby notify you of the resignation of The Bank of New York Mellon Trust Company, N.A. as Trustee (the “Resigning Trustee”) under that certain Indenture, dated as of December 22, 2005 (the “Base Indenture”), between the Issuer and the Resigning Trustee as supplemented as of the date hereof (as so supplemented, the “Indenture”), including by that certain Eighth Supplemental Indenture to the Base Indenture, dated August 14, 2009 (the “Supplemental Indenture”), among the Issuer, the guarantors party thereto and the Resigning Trustee, pursuant to which your Notes were issued and are outstanding.

The Issuer has appointed U.S. Bank National Association, whose Corporate Trust Office is located at Nevada Financial Center, 2300 W. Sahara, Suite 200, Las Vegas, Nevada 89102 (fax: 702-251-1660), Attention: Sandra Spivey, as successor Trustee under the Indenture (insofar as it relates to the Notes), which appointment has been accepted and has become effective. U.S. Bank National Association has also been appointed as the office or agency where the Notes may be surrendered for registration of transfer or exchange, where the Notes may be presented or surrendered for payment and where notices and demands to or upon the Issuer in respect of the Notes and the Indenture (insofar as it relates to the Notes) may be served.

U.S. Bank National Association, as successor Trustee

Dated:    _____________________, 2015

[Exhibit B—Twenty-Fifth Supplemental Indenture]

EXHIBIT C

Notice to Holders of Quicksilver Resources Inc.’s (the “Issuer”)7⅛% Senior Subordinated Notes due 2016 (the “Notes”):

We hereby notify you of the resignation of The Bank of New York Mellon Trust Company, N.A. as Trustee (the “Resigning Trustee”) under that certain Indenture, dated as of December 22, 2005 (the “Base Indenture”), between the Issuer and the Resigning Trustee as supplemented as of the date hereof (as so supplemented, the “Indenture”), including by that certain First Supplemental Indenture to the Base Indenture, dated March 16, 2006 (the “Supplemental Indenture”), among the Issuer, the guarantors party thereto and the Resigning Trustee, pursuant to which your Notes were issued and are outstanding.

The Issuer has appointed Wilmington Trust, National Association, whose Corporate Trust Office is located at 50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402 (fax: 612-217-5651), Attention: Peter Finkel, as successor Trustee under the Indenture (insofar as it relates to the Notes), which appointment has been accepted and has become effective. Wilmington Trust, N.A. has also been appointed as the office or agency where the Notes may be surrendered for registration of transfer or exchange, where the Notes may be presented or surrendered for payment and where notices and demands to or upon the Issuer in respect of the Notes and the Indenture (insofar as it relates to the Notes) may be served.

Wilmington Trust, National Association, as successor Trustee

Dated:    _____________________, 2015

[Exhibit C—Twenty-Fifth Supplemental Indenture]

EX-4.2

Exhibit 4.2

INSTRUMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE, (this “Instrument”) dated as of March 16, 2015, by and among QUICKSILVER RESOURCES INC., a corporation duly organized and existing under the laws of the State of Delaware, having its principal office at 801 Cherry Street Suite 3700, Unit 19, Fort Worth, Texas 76102 (the “Issuer”), THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and existing under the laws of the United States of America, having its corporate trust office at 601 Travis Street, 16^th Floor, Houston, Texas 77002 as resigning Trustee (the “Resigning Trustee”), and DELAWARE TRUST COMPANY, a Delaware state chartered trust company, having its principal corporate trust office at2711 Centerville Road, Wilmington, DE 19808, as successor Trustee (the “Successor Trustee”).

RECITALS

There are presently outstanding under that certain Indenture, dated as of June 21, 2013 (the “Indenture”), between the Issuer and the Resigning Trustee, $325,000,000 in aggregate principal amount of 11.00% Senior Notes due 2021 (the “2021Notes”).

The Resigning Trustee wishes to resign as (i) Trustee, (ii) Registrar, (iii) Authenticating Agent, (iv) Paying Agent, (v) the office or agency where notices and demands to or upon the Issuer in respect of the 2021 Notes and the Indenture may be served (the “Notice Agent”), and (vi) the custodian of the Global Notes (the “Notes Custodian”), in each case, for all the 2021 Notes under the Indenture; the Issuer wishes to appoint the Successor Trustee to succeed the Resigning Trustee as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture; and the Successor Trustee wishes to accept appointment as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture.

NOW, THEREFORE, in consideration of the mutual covenants and promises herein, the receipt and sufficiency of which are hereby acknowledged, the Issuer, the Resigning Trustee and the Successor Trustee agree as follows:

ARTICLE ONE

THE RESIGNING TRUSTEE

Section 101. Pursuant to Section 7.08 of the Indenture, the Resigning Trustee hereby notifies the Issuer that the Resigning Trustee does hereby resign as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture.

Section 102. The Resigning Trustee hereby represents and warrants to the Successor Trustee that:

(a) The Indenture has been validly and lawfully executed and delivered by the Resigning Trustee.

(b) No covenant or condition contained in the Indenture has been waived by the Resigning Trustee or to the best of the knowledge of the Responsible

Officers of the Resigning Trustee assigned to its corporate trust department, by the Holders of the percentage in aggregate principal amount of the 2021 Notes required by the Indenture to effect any such waiver.

(c) There is no action, suit or proceeding pending or, to the best of the knowledge of the Responsible Officers of the Resigning Trustee assigned to its corporate trust department, threatened against the Resigning Trustee before any court or governmental authority arising out of any action or omission by the Resigning Trustee as Trustee under the Indenture.

(d) This Instrument has been duly authorized, executed and delivered on behalf of the Resigning Trustee, and constitutes its legal, valid, and binding obligations, enforceable in accordance with its terms..

(e) $325,000,000 aggregate principal amount of indebtedness at maturity evidenced by the 2021 Notes is outstanding.

(f) Interest on the 2021 Notes has been paid in full through January 1, 2015.

(g) The Resigning Trustee has made, or promptly will make, available to the Successor Trustee originals, if available, or copies in its possession, of all documents relating to the trusts created by the Indenture (the “Trusts”) and all information in the possession of its corporate trust department relating to the administration and status of the Trusts, including, without limitation, a certified list of the current registered holders of the 2021 Notes (the “Certified Holders List”) and the other documents listed in Exhibit A attached hereto, and such other documents reasonably obtainable as mutually agreed upon.

(h) As of the effective date of this Instrument, the Resigning Trustee will hold no property under the Indenture.

(i) To the best knowledge of the Responsible Officers of the Resigning Trustee assigned to its corporate trust department, the Resigning Trustee has lawfully discharged its duties as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian under the Indenture.

(j) Each person who so authenticated the 2021 Notes was duly elected, qualified and acting as an officer or authorized signatory of the Resigning Trustee and empowered to authenticate the 2021 Notes at the respective times of such authentication and the signature of such person or persons appearing on such 2021 Notes is each such person’s genuine signature.

Section 103. The Resigning Trustee hereby assigns, transfers, delivers and confirms to the Successor Trustee all right, title and interest of the Resigning Trustee in and to the trust under the Indenture, all the rights, powers, trusts and duties of the Trustee under the Indenture and all property and money held by such Resigning Trustee under the Indenture. The

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Resigning Trustee shall execute and deliver such further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the Successor Trustee all the rights, powers, trusts and duties hereby assigned, transferred, delivered and confirmed to the Successor Trustee.

Section 104. For the avoidance of doubt, this Instrument shall not constitute an assumption by the Successor Trustee of any liabilities of the Resigning Trustee arising out of any action or omission by the Resigning Trustee prior to its resignation of its duties under the Indenture.

ARTICLE TWO

THE ISSUER

Section 201. [Reserved.]

Section 202. The Issuer hereby accepts the resignation of the Resigning Trustee as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture. Pursuant to Section 7.08(b) of the Indenture, the Issuer hereby appoints the Successor Trustee as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture and confirms to the Successor Trustee all the rights, powers, trusts and duties of the Resigning Trustee under the Indenture and with respect to all property and money held or to be held under the Indenture. The Issuer shall execute and deliver such further instruments and shall do such other things as the Successor Trustee may reasonably require so as to more fully and certainly vest and confirm in the Successor Trustee all the rights, powers, trusts and duties hereby assigned, transferred, delivered and confirmed to the Successor Trustee.

Section 203. The Issuer hereby represents and warrants to the Successor Trustee that:

(a) It is a corporation duly and validly organized and existing pursuant to the laws of the State of Delaware.

(b) The Indenture (i) was validly and lawfully executed and delivered by the Issuer, (ii) has not been amended, modified, or supplemented, and (iii) is in full force and effect. The Indenture and the 2021 Notes are binding obligations of the Issuer.

(c) The 2021 Notes are validly issued securities of the Issuer.

(d) Except for the failure of the Issuer to pay interest due with respect to the Issuer’s 9⅛% Senior Notes due 2019 on February 17, 2015 (without giving effect to the applicable grace period), no other event has occurred and is continuing which is, or after notice or lapse of time would become, an Event of Default under Section 6.01 of the Indenture.

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(e) No covenant or condition contained in the Indenture has been waived by the Issuer or by the Holders of the percentage in aggregate principal amount of the 2021 Notes required to effect any such waiver.

(f) There is no action, suit or proceeding pending or, to the best of the Issuer’s knowledge, threatened against the Issuer before any court or any governmental authority arising out of any action or omission by the Issuer under the Indenture.

(g) This Instrument has been duly authorized, executed and delivered on behalf of the Issuer, and constitutes its legal, valid, and binding obligations, enforceable in accordance with its terms.

(h) All conditions precedent relating to the appointment of the Successor Trustee, as successor Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture have been complied with by the Issuer.

(i) $325,000,000 aggregate principal amount of indebtedness at maturity evidenced by the 2021 Notes is outstanding.

Section 204. The Issuer shall provide the Successor Trustee with such information required by the Successor Trustee in order to accept its appointment as Successor Trustee, as is or may be reasonably requested by the Successor Trustee.

Section 205. The Issuer agrees that the Successor Trustee shall be entitled to charge fees for the Successor Trustee’s services in accordance with the fee schedule submitted contemporaneously herewith to the Issuer by the Successor Trustee.

ARTICLE THREE

THE SUCCESSOR TRUSTEE

Section 301. The Successor Trustee hereby represents and warrants to the Resigning Trustee and to the Issuer that the Successor Trustee is qualified and eligible under Section 7.10 of the Indenture to act as Trustee for all the 2021 Notes under the Indenture.

Section 302. Pursuant to Section 7.08 of the Indenture, the Successor Trustee hereby accepts its appointment as Trustee, Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture and shall hereby be vested with all the rights, powers, trusts and duties ofthe Trustee under the Indenture and with respect to all property and money held or to be held under the Indenture. References in the Indenture to the “Corporate Trust Office” or other similar terms shall be deemed to refer to the Corporate Trust Office of the Successor Trustee at 2711 Centerville Road, Wilmington, Delaware 19808 or any other office of the Successor Trustee at which, at any particular time, its corporate trust business shall be administered.

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Section 303. Promptly after the execution and delivery of this Instrument, the Successor Trustee, on behalf of the Issuer, shall cause a notice, substantially in the form annexed hereto marked Exhibit B, to be sent to each Holder of the 2021 Notes in accordance with Section 7.08(e) of the Indenture.    

ARTICLE FOUR

MISCELLANEOUS

Section 401. Except as otherwise expressly provided or unless the context otherwise requires, all terms used herein which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

Section 402. This Instrument and the resignation, appointment and acceptance effected hereby shall be effective as of the close of business on the date first above written; provided, that the resignation of the Resigning Trustee and the appointment of the Successor Trustee as Registrar, Authenticating Agent, Paying Agent, Notice Agent, and Notes Custodian for all the 2021 Notes under the Indenture shall be effective upon the latest of, as of the close of business: (a) 10 business days after the date first above written, (b) the second business day following receipt by the Successor Trustee of the Certified Holders List, and (c) the date of receipt by The Depository Trust Company (“DTC”) of both the Resigning Trustee’s transfer agency change notice and the Successor Trustee’s transfer agency change notice.

Section 403. Notwithstanding the resignation of the Resigning Trustee effected hereby, the Issuer shall remain obligated under Section 7.07 of the Indenture to compensate, reimburse and indemnify the Resigning Trustee in connection with its prior trusteeship under the Indenture. The Issuer also acknowledges and reaffirms its obligations to the Successor Trustee as set forth in Section 7.07 of the Indenture, which obligations shall survive the execution hereof.

Section 404. This Instrument shall be governed by and construed in accordance with the laws of the jurisdiction which govern the Indenture and its construction.

Section 405. This Instrument may be executed in any number of counterparts each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

Section 406 All notices, whether faxed or mailed, will be deemed received when sent pursuant to the following instructions:

TO THE ISSUER:

Quicksilver Resources Inc.

801 Cherry Street, Suite 3700

Unit 19

Fort Worth, TX 76102

Attn: Chief Financial Officer

Facsimile: (817) 665-5016

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TO THE RESIGNING TRUSTEE:

The Bank of New York Mellon Trust Company, N.A.

601 Travis Street, 16^th Floor

Houston, Texas 77002

Attn: Rafael Martinez

Facsimile: (713) 483-6979

TO THE SUCCESSOR TRUSTEE:

Delaware Trust Company
2711 Centerville Road

Wilmington, DE 19808Attn: Trust Administration

Facsimile: (302) 636-8666

[REMAINDER OF PAGE INTENTIONALLY BLANK]

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IN WITNESS WHEREOF, the parties hereto have caused this Instrument of Resignation, Appointment and Acceptance to be duly executed as of the day and year first above written.

QUICKSILVER RESOURCES INC., as the Issuer

By: /s/ Vanessa Gomez LaGatta

Name: Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Resigning Trustee

By: /s/ J. Chris Matthews

Name: J. Chris Matthews

Title: Vice President

DELAWARE TRUST COMPANY, as Successor Trustee

By:    /s/ Alan R. Halpern

Name: Alan R. Halpern

Title: Vice President

[Signature Page—Instrument of Resignation, Appointment and Acceptance]

EXHIBIT A

DOCUMENTS

Documents to be delivered to the Successor Trustee:

1. Executed copy of the Indenture.

2. File of closing documents.

3. Copy of most recent Officer’s Certificate delivered by the Issuer pursuant to Section 4.14 of the Indenture.

4. Certified Holders List as of the effective date of this Instrument, certificate detail and all “stop transfers” and the reason for such “stop transfers” (or, alternatively, if there are a substantial number of registered Holders, the computer tape reflecting the identity of such Holders).

5. Copies of any official notices sent by the Trustee to all the Holders of the 2021 Notes pursuant to the terms of the Indenture during the past twelve months and a copy of the most recent Trustee’s annual report to Holders delivered pursuant to Section 7.06 of the Indenture.

6. Notes debt service records.

7. Trust account statements for one-year period preceding the effective date of this Instrument.

8. All unissued Note inventory, if any and DTC FAST held global certificates.

9. Such other nonconfidential, unprivileged documents currently in the possession of the Resigning Trustee, as the Successor Trustee may request in order to transfer the appointment to it.

[Exhibit A—Instrument of Resignation, Appointment and Acceptance]

EXHIBIT B

[DELAWARE TRUST LETTERHEAD]

NOTICE

Notice to Holders of Quicksilver Resources Inc.’s (the “Issuer”)11.00% Senior Notes due 2021 (the “Notes”):

We hereby notify you of the resignation of The Bank of New York Mellon Trust Company, N.A. as Trustee, Registrar, Authenticating Agent, Paying Agent, and custodian of the Global Notes under that certain Indenture (the “Resigning Trustee”), dated as of June 21, 2013 (the “Indenture”), between the Issuer and the Resigning Trustee, pursuant to which your Notes were issued and are outstanding.

The Issuer has appointed Delaware Trust Company, a Delaware state chartered trust company, whose Corporate Trust Office is located at 2711 Centerville Road, Wilmington, DC 19808, as successor Trustee, Registrar, Authenticating Agent, Paying Agent, and custodian of the Global Notes under the Indenture, which appointment has been accepted and has become effective. Delaware Trust Company has also been appointed as the office or agency where the Notes may be surrendered for registration of transfer or exchange, where the Notes may be presented or surrendered for payment and where notices and demands to or upon the Issuer in respect of the Notes and the Indenture may be served.

Delaware Trust Company, as successor Trustee

Dated:    March ____, 2015

[Exhibit B—Instrument of Resignation, Appointment and Acceptance]

EX-10.1

Exhibit 10.1

July 15, 2013

Romy M. Massey

[Address redacted]

Dear Romy:

Effective July 15, 2013, Quicksilver Resources is pleased to offer you a retention bonus with an aggregate value of $181,000 to be awarded in the form of cash and a restricted stock grant of Quicksilver Resources stock in appreciation of your efforts on behalf of the Company. The cash will vest and be paid and the restricted stock will vest (in each case, less applicable required taxes and authorized deductions) per the following schedule:

Vesting DateCashRestricted Stock

July 15, 2014$45,250

July 15, 2015$45,250

July 15, 2016$45,250 27,424

To become vested in an installment of the retention bonus you must be an active, regular full-time employee in good standing and remain in continuous employment of the Company or one of its subsidiaries, or any successor thereof, from the date of this letter agreement through the applicable installment payment/vesting date.

In the event that your employment ceases on or before an installment payment/vesting date because of (i) termination through no fault of your own as a result of a reduction in force or (ii) an Involuntary Termination, as defined in the Quicksilver Resources Inc. Second Amended and Restated Key Employee Change in Control Retention Incentive Plan, the unpaid/unvested installments will be paid/vested within 60 days of the date of your termination and subject to your execution and non-revocation during such period of a release agreement satisfactory to the Company; provided that, in the case of any cash payment that could be paid during a period that begins in one taxable year and ends in the subsequent taxable year, it will be paid in the subsequent taxable year, to the extent required to avoid the additional tax imposed pursuant to Section 409A of the Internal Revenue Code.

The retention bonus will not affect any annual merit increase or the award or amount of any annual bonus or long–term incentive to which you may be entitled to receive pursuant to applicable bonus or equity plans that are approved from time to time by the Company.

This letter agreement (together with, as applicable, any document that evidences the award of your stock option) is the entire agreement between the parties and any amendments or revisions of this agreement must be in writing and signed by both parties. This letter agreement does not constitute an employment agreement and shall not be construed to change the at-will-employment terms under which you are employed.

Please indicate your acceptance of this letter agreement by signing the attached duplicate copy of this agreement and return to the Human Resources Department in Fort Worth, Attn: Anne Self, no later than July 22, 2013.

Thank you for your loyalty to and efforts on behalf of Quicksilver.    

Sincerely,

/s/ Glenn Darden

Glenn Darden

President/CEO

I have read and understand the contents of this retention agreement. I accept the provisions of the agreement as set forth above.

/s/ Romy Massey            7/22/13            

Romy M. Massey                Date

EX-10.2

Exhibit 10.2

February 26, 2015                                    

Romy Massey

[Address redacted]

Dear Romy:

Quicksilver Resources Inc. (the “Company”) is pleased to offer you a cash retention award of $245,000 in appreciation of your efforts on behalf of the Company and to encourage the highest level of future performance. The retention award will be paid in a lump sum (less applicable taxes and withholdings) on February 27, 2015 (the “PaymentDate”); provided that you remain an active, regular full-time employee in good standing of the Company or one of its subsidiaries from the date of this letter agreement through the Payment Date.

In the event that you cease to be an active, regular full-time employee in good standing of the Company or one of its subsidiaries prior to the 12-month anniversary of the Payment Date, you will be required to repay the Company a prorated portion of the cash retention award based on the time that you worked during such period, payable on a gross (before tax) basis unless (a) there has been a Change in Control (as defined in the Company’s Amended and Restated Executive Change in Control Retention Incentive Plan as of the date hereof) on or prior to the date of your termination of employment; or (b) your employment is terminated (i) by the Company or one of its subsidiaries without Cause (as defined below), subject to your execution and non-revocation of a release agreement satisfactory to the Company, (ii) due to disability that renders you unable to perform the essential functions of your job duties, with or without a reasonable accommodation, in compliance with applicable law or (iii) due to your death.

In consideration for your receipt of this retention award, you agree to the cancellation of the remaining cash payments pursuant to retention awards previously granted to you on July 15, 2013 (the “Prior Awards”).

“Cause” means willful or gross misconduct or willful failure by you to perform your employment responsibilities in the best interests of the Company and its subsidiaries (including, without limitation, any fraudulent or criminal activity, breach by you of any provision of any employment, nondisclosure, non-competition or other similar agreement between you and the Company or any of its subsidiaries), as determined by the Compensation Committee of the Board of Directors, which determination will be conclusive. You will be considered to have been discharged for Cause if the Company determines, within 30 days after your termination, that discharge for Cause was warranted.

This letter agreement is the entire agreement between the parties and any amendments or revisions of this agreement must be in writing and signed by both parties. This letter agreement does not constitute an employment agreement and shall not be construed to change the at-will-employment terms under which you are employed.

Please indicate your acceptance of this letter agreement and the cancellation of your Prior Awards by signing the attached duplicate copy of this agreement and returning it to the Human Resources Department in Fort Worth, no later than Friday, February 27, 2015.

Thank you for your loyalty to and efforts on behalf of Quicksilver.

Sincerely,

/s/ Anne D. Self

Anne D. Self

VP, Human Resources

I have read and understand the contents of this retention agreement. I accept the provisions of the agreement as set forth above.

/s/ Romy Massey            2-26-15            

Romy Massey                    Date

EX-10.3

Exhibit 10.3

February 17, 2015

Stan Page

[Address redacted]

Dear Stan:

Quicksilver Resources Inc. (the “Company”) is pleased to offer you a cash retention award of $406,875 in appreciation of your efforts on behalf of the Company and to encourage the highest level of future performance. The retention award will be paid in a lump sum (less applicable taxes and withholdings) on February 27, 2015 (the “PaymentDate”); provided that you remain an active, regular full-time employee in good standing of the Company or one of its subsidiaries from the date of this letter agreement through the Payment Date.

In the event that you cease to be an active, regular full-time employee in good standing of the Company or one of its subsidiaries prior to the 18-month anniversary of the Payment Date, you will be required to repay the Company a prorated portion of the cash retention award based on the time that you worked during such period, payable on a gross (before tax) basis unless (a) there has been a Change in Control (as defined in the Company’s Amended and Restated Executive Change in Control Retention Incentive Plan as of the date hereof) on or prior to the date of your termination of employment; or (b) your employment is terminated (i) by the Company or one of its subsidiaries without Cause (as defined below), subject to your execution and non-revocation of a release agreement satisfactory to the Company, (ii) due to disability that renders you unable to perform the essential functions of your job duties, with or without a reasonable accommodation, in compliance with applicable law or (iii) due to your death.

In consideration for your receipt of this retention award, you agree to the cancellation of the remaining cash payments pursuant to retention awards previously granted to you on July 15, 2013 (the “Prior Awards”).

“Cause” means willful or gross misconduct or willful failure by you to perform your employment responsibilities in the best interests of the Company and its subsidiaries (including, without limitation, any fraudulent or criminal activity, breach by you of any provision of any employment, nondisclosure, non-competition or other similar agreement between you and the Company or any of its subsidiaries), as determined by the Compensation Committee of the Board of Directors, which determination will be conclusive. You will be considered to have been discharged for Cause if the Company determines, within 30 days after your termination, that discharge for Cause was warranted.

This letter agreement is the entire agreement between the parties and any amendments or revisions of this agreement must be in writing and signed by both parties. This letter agreement does not constitute an employment agreement and shall not be construed to change the at-will-employment terms under which you are employed.

Please indicate your acceptance of this letter agreement and the cancellation of your Prior Awards by signing the attached duplicate copy of this agreement and returning it to the Human Resources Department in Fort Worth, no later than Friday, February 20, 2015.

Thank you for your loyalty to and efforts on behalf of Quicksilver.

Sincerely,

/s/ Glenn Darden

Glenn DardenPresident and Chief Executive Officer

I have read and understand the contents of this retention agreement. I accept the provisions of the agreement as set forth above.

/s/ Stan Page                2-18-15            

Stan Page                     Date

EX-10.4

Exhibit 10.4

PRIVATE & CONFIDENTIAL

February 23, 2015

David Rushford
[Address redacted]

Dear David:

Quicksilver Resources Canada Inc. (the “Company”) is pleased to offer you a cash retention award of CDN $315,900 in appreciation of your efforts on behalf of the Company, to retain your services and to encourage the highest level of future performance. The retention award will be paid in a lump sum (less applicable taxes and withholdings) on February 27, 2015 (the “PaymentDate”); on conditionthat you remain an active, regular full-time employee in good standing of the Company at the Payment Date and for a period of 12 months thereafter.

In the event that you cease to be an active, regular full-time employee in good standing of the Company prior to the 12-month anniversary of the Payment Date, you will be required to repay the Company a prorated portion of the cash retention award based on the time that you worked during such period, payable on a gross (before tax) basis unless (a) there has been a Change in Control (as defined in Quicksilver Resources Inc. Amended and Restated Change in Control Retention Incentive Plan as of the date hereof) on or prior to the date of your termination of employment; or (b) your employment is terminated (i) by the Company without Cause (as defined below), subject to your execution and non-revocation of a release agreement satisfactory to the Company, (ii) due to disability that renders you unable to perform the essential functions of your job duties, with or without a reasonable accommodation, in compliance with applicable law or (iii) due to your death.

In consideration for your receipt of this retention award, you agree to the cancellation of the remaining cash payments pursuant to retention awards, but not transaction based awards, previously granted to you on July 15, 2013 (the “Prior Awards”).

“Cause” means willful or gross misconduct or willful failure by you to perform your employment responsibilities in the best interests of the Company and its subsidiaries (including, without limitation, any fraudulent or criminal activity, breach by you of any provision of any employment, nondisclosure, non-competition or other similar agreement between you and the Company), as determined by the Compensation Committee of the Board of Directors of Quicksilver Resources Inc., which determination will be conclusive. You will be considered to have been discharged for Cause if the Company determines, within 30 days after your termination, that discharge for Cause was warranted.

This letter agreement is the entire agreement between the parties with respect to the subject matter herein and any amendments or revisions of this agreement must be in writing and signed by both parties. This letter agreement shall not constitute a right to continued employment and shall not interfere with the Company's right to terminate your employment at any time.

Please indicate your acceptance of this letter agreement and the cancellation of your Prior Awards by signing the attached duplicate copy of this agreement and returning it to the Human Resources Department in Calgary, no later than February 25, 2015.

Thank you for your loyalty to and efforts on behalf of Quicksilver.

Sincerely,

Quicksilver Resources Canada Inc.

/s/ Glenn Darden

Glenn DardenPresident and Chief Executive Officer

I have read and understand the contents of this retention agreement. I accept the provisions of the agreement as set forth above.

/s/ D. Rushford                Feb 23, 2015        

David Rushford                    Date

EX-10.5

Exhibit 10.5

February 17, 2015    

Anne D. Self

[Address redacted]

Dear Anne:

Quicksilver Resources Inc. (the “Company”) is pleased to offer you a cash retention award of $84,375 in appreciation of your efforts on behalf of the Company and to encourage the highest level of future performance. The retention award will be paid in a lump sum (less applicable taxes and withholdings) on February 27, 2015 (the “PaymentDate”); provided that you remain an active, regular full-time employee in good standing of the Company or one of its subsidiaries from the date of this letter agreement through the Payment Date.

In the event that you cease to be an active, regular full-time employee in good standing of the Company or one of its subsidiaries prior to the 12-month anniversary of the Payment Date, you will be required to repay the Company a prorated portion of the cash retention award based on the time that you worked during such period, payable on a gross (before tax) basis unless (a) there has been a Change in Control (as defined in the Company’s Amended and Restated Executive Change in Control Retention Incentive Plan as of the date hereof) on or prior to the date of your termination of employment; or (b) your employment is terminated (i) by the Company or one of its subsidiaries without Cause (as defined below), subject to your execution and non-revocation of a release agreement satisfactory to the Company, (ii) due to disability that renders you unable to perform the essential functions of your job duties, with or without a reasonable accommodation, in compliance with applicable law or (iii) due to your death.

“Cause” means willful or gross misconduct or willful failure by you to perform your employment responsibilities in the best interests of the Company and its subsidiaries (including, without limitation, any fraudulent or criminal activity, breach by you of any provision of any employment, nondisclosure, non-competition or other similar agreement between you and the Company or any of its subsidiaries), as determined by the Compensation Committee of the Board of Directors, which determination will be conclusive. You will be considered to have been discharged for Cause if the Company determines, within 30 days after your termination, that discharge for Cause was warranted.

This letter agreement is the entire agreement between the parties and any amendments or revisions of this agreement must be in writing and signed by both parties. This letter agreement does not constitute an employment agreement and shall not be construed to change the at-will-employment terms under which you are employed.

Please indicate your acceptance of this letter agreement by signing the attached duplicate copy of this agreement and returning it to the Human Resources Department in Fort Worth, no later than Friday, February 20, 2015.

Thank you for your loyalty to and efforts on behalf of Quicksilver.

Sincerely,

/s/ Glenn Darden

Glenn DardenPresident and Chief Executive Officer

I have read and understand the contents of this retention agreement. I accept the provisions of the agreement as set forth above.

/s/ Anne D. Self                2/20/15            

Anne D. Self                    Date

EX-10.6

Exhibit 10.6

EXECUTION VERSION

WAIVER AND FORBEARANCE AGREEMENT

This WAIVER AND FORBEARANCE AGREEMENT (this “Agreement”), dated as of March 16, 2015, to and under the Combined Credit Agreements referenced below is among QUICKSILVER RESOURCES INC.,(the “U.S. Borrower”), QUICKSILVER RESOURCES CANADA INC., (the “Canadian Borrower”) (collectively, the “Combined Borrowers”), the Guarantors, JPMORGAN CHASE BANK, N.A., as global administrative agent (in such capacity, the “Global Administrative Agent”), JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as Canadian administrative agent (in such capacity, the “Canadian Administrative Agent” and, together with the Global Administrative Agent, the “Administrative Agents”), and each of the Issuing Bank (as used herein to refer to the Issuing Bank under each of the Combined Credit Agreements) and Combined Lenders party hereto.

R E C I T A L S:

A.    The U.S. Borrower, the Global Administrative Agent and the various financial institutions party thereto as Agents or Lenders (the “U.S. Lenders”) entered into that certain Amended and Restated Credit Agreement dated as of December 22, 2011 (as amended, supplemented or modified, the “U.S. Credit Agreement”).

B.    The U.S. Borrower, as parent, the Canadian Borrower, the Canadian Administrative Agent, the Global Administrative Agent, and the various financial institutions party thereto as agents or lenders (the “CanadianLenders” and, together with the U.S. Lenders, the “Combined Lenders”) entered into that certain Amended and Restated Credit Agreement dated as of December 22, 2011 (as amended, supplemented or modified, the “Canadian Credit Agreement”) (the U.S. Credit Agreement and the Canadian Credit Agreement being collectively referred to as the “Combined Credit Agreements”).

C.     The Administrative Agents entered into that certain Intercreditor Agreement dated as of December 22, 2011 (as amended, supplemented or modified, the “Intercreditor Agreement”).

D.    Pursuant to the Combined Credit Agreements, the U.S. Lenders and Canadian Lenders have made certain loans and other extensions of credit to the Combined Borrowers.

E.     The U.S. Borrower and the Guarantors that are Domestic Subsidiaries (collectively, the “Debtors”) plan to file voluntary petitions initiating their respective cases (collectively, the “Cases”) under Chapter 11 of the Bankruptcy Code (the “Bankruptcy Filings”) in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) and to continue in the possession of their assets and in the management of their business pursuant to Sections 1107 and 1108 of the Bankruptcy Code.

F.    The Canadian Borrower, 0942065 B.C. Ltd. and 0942069 B.C. Ltd. (the “Non-Filer Parties”) are not currently contemplated to be Debtors in the Cases or in bankruptcy proceedings in Canada.

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G.    It is contemplated that in connection with the commencement of the Cases, the Combined Lenders will consent to the use of cash collateral of the Combined Lenders in accordance with the terms of interim and final orders of the Bankruptcy Court authorizing, among other things, the use of such cash collateral (collectively, the “Cash Collateral Order”).

H.    (a) As a result of the filing of the Cases the obligations under the Combined Credit Agreements will be automatically accelerated, and (b) in respect of the Canadian Credit Facility, upon such acceleration, the Administrative Agents and the Combined Lenders will be entitled to exercise all of their rights and remedies under the Canadian Credit Agreement, the other Canadian Loan Documents and applicable Governmental Requirements (the exercise of any such rights and remedies, collectively, “Canadian Debt Enforcement Actions”).

I.    (a) The Combined Borrowers have requested that the Administrative Agents and the Majority Lenders agree to forbear from taking Canadian Debt Enforcement Actions against the Non-Filer Parties and (b) the Combined Borrowers have requested that the Administrative Agents, the Majority Lenders and the Issuing Bank waive the requirements of Section 6.02 of each of the Combined Credit Agreements with respect to the renewal of outstanding evergreen letters of credit issued under the Combined Credit Agreements.

J.    The Administrative Agents, the Majority Lenders and the Issuing Bank have agreed to such requests, subject to the terms and provisions set forth in this Agreement.

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Definitions. Each capitalized term used herein but not otherwise defined herein has the meaning given to such term in the U.S. Credit Agreement. Unless otherwise indicated, all section references in this Agreement refer to applicable section of the Combined Credit Agreements.

Section 2.Acknowledgements; Release.

2.1Amount of Obligations. The Combined Borrowersacknowledge and agree that (a) as of the close of business on March 13, 2015, the Canadian Secured Indebtedness includes, without limitation, not less than $97.4 million of Canadian Loans and not less than $28.5 million of face amount of Canadian Letters of Credit and (b) it is truly and justly indebted to the Canadian Secured Parties and the Administrative Agents for the Canadian Secured Indebtedness without defense, counterclaim or offset of any kind, and it ratifies and reaffirms the validity, enforceability and binding nature of such Canadian Secured Indebtedness.

2.2Event of Default. The Combined Borrowers acknowledge and agree that (a)(i)(A) the commencement of a Case by a Debtor will result in an Event of Default pursuant to Section 10.01(i) of the Canadian Credit Agreement and cause the Canadian Secured Indebtedness arising under the Canadian Loan Documents to become immediately due and payable) and (B) upon the commencement of any such Case and thereafter, additional Events of Default may result under the

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Canadian Credit Agreement related to, arising out of or in connection with (1) any such Case or (2) events which customarily occur leading up to or subsequent to the filing of cases under Chapter 11 of the Bankruptcy Code, pursuant to Sections 10.01(c) (as a result of the making of any representation and warranty in connection with the renewal of any evergreen Canadian Letters of Credit outstanding as of the date hereof), 10.01(d) (solely with respect to Section 9.01), 10.01(e) (as a result of a breach of Section 8.04 (Payment of Obligations)), 10.01(f), 10.01(g), 10.01(j) and 10.01(l) (by virtue of the automatic stay in the Cases) of the Canadian Credit Agreement (collectively under clauses (A) and (B), the “Specified Events of Default”) and (ii) the Canadian Borrower represents and warrants to the Administrative Agents and the Combined Lenders that, as of the Effective Date, neither a Default (other than pursuant to (A) Section 10.01(c) of the Canadian Credit Agreement as a result of the making of any representation and warranty in connection with the renewal of any evergreen Canadian Letters of Credit outstanding as of the date hereof, (B) Section 10.01(e) of the Canadian Credit Agreement as a result of a breach of Section 8.04 (Payment of Obligations) of the Canadian Credit Agreement, (C) Section 10.01(g) of the Canadian Credit Agreement and (D) Section 10.01(d) of the Canadian Credit Agreement (solely with respect to Section 8.02 (Notices of Material Events) of the Canadian Credit Agreement as it relates to any of the events described in clauses (A)-(C) above)) (collectively under clauses (A)-(D), the “Specified Potential Defaults” and, together with the Specified Events of Default, the “Specified Defaults”) nor an Event of Default has occurred and continues to exist under the Canadian Loan Documents, (b) absent the agreement of the Administrative Agents and the Majority Lenders to forbear from taking Canadian Debt Enforcement Actions as provided in this Agreement, the occurrence and continuance of such Event of Default under Section 10.01(i) of the Canadian Credit Agreement would entitle the Administrative Agents and the Majority Lenders to take Canadian Debt Enforcement Actions at any time, subject to the terms of the Canadian Loan Documents and applicable Governmental Requirements, (c) from and after the automatic acceleration of the obligations under the Combined Credit Agreements as a result of the filing of the Cases, interest will accrue under the Canadian Credit Agreement in accordance with Section 3.02(e) thereof and interest will accrue under the U.S. Credit Agreement in accordance with Section 3.02(c) thereof and shall be payable in accordance with Sections 5.1 and 5.2 hereof, as applicable, and (d) the existence of an Event of Default under Section 10.01(i) of the Canadian Credit Agreement relieves the Canadian Lenders and the Administrative Agents from any obligation to extend any Canadian Loan or provide any other financial accommodations under the Canadian Credit Agreement or the Canadian Loan Documents, and will result in the termination of the Canadian Commitments of the Canadian Lenders upon the Bankruptcy Filings; provided, however, that the Administrative Agents, the Majority Lenders and the Issuing Bank hereby agree that the Issuing Bank may renew any Canadian Letter of Credit outstanding as of the date hereof pursuant to Section 4 hereof.

2.3Release. The Canadian Borrower, in consideration of the Administrative Agents’ and each Combined Lender’s execution and delivery of this Agreement and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, unconditionally, freely, voluntarily and, after consultation with counsel and becoming fully and adequately informed as to the relevant facts, circumstances and consequences, releases, waives and forever discharges (and further agrees not to allege, claim or pursue) any and all claims, rights, causes of action, counterclaims or defenses of any kind whatsoever, in contract, in tort, in law or in equity, whether known or unknown, direct or derivative, which the Canadian Borrower

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or any predecessor, successor or assign might otherwise have or may have against any Administrative Agent, Combined Lender, Issuing Bank, their present or former Subsidiaries and Affiliates or any of the foregoing’s officers, directors, employees, attorneys or other representatives or agents on account of any conduct, condition, act, omission, event, contract, liability, obligation, demand, covenant, promise, indebtedness, claim, right, cause of action, suit, damage, defense, circumstance or matter of any kind whatsoever which existed, arose or occurred at any time prior to the Effective Date relating to the Canadian Loan Documents, this Agreement and/or the transactions contemplated thereby or hereby. The foregoing release shall survive the termination of this Agreement or the Forbearance Period.

Section 3.Forbearance.

3.1Applicable Forbearance Period. Subject to the terms and conditions of this Agreement, the Administrative Agents and the Majority Lenders hereby agree to forbear from taking any Canadian Debt Enforcement Action against any of the Non-Filer Parties as a result of the occurrence and continuance of any Specified Defaultduring the period from and including the Effective Date until the earliest to occur of (a) June 16, 2015, (b) the commencement against any Non-Filer Party of any litigation (including, without limitation, any foreclosure proceeding) in which the amounts involved, individually or in the aggregate, equal or exceed $5,000,000 that could reasonably be expected to have, during the Forbearance Period, a material adverse effect on (i) the validity or enforceability of the Canadian Loan Documents, (ii) the rights and remedies of, or benefits available to, the Canadian Administrative Agent and the Canadian Secured Parties under the Canadian Loan Documents and Governmental Requirements (including with respect to the first Lien granted pursuant to the Canadian Loan Documents to secure the Canadian Secured Indebtedness) or (iii) the business, operations, Property or financial condition of the Non-Filer Parties, taken as a whole, (c) other than pursuant to the Canadian Loan Documents, the acceleration of, or any other exercise of any rights or remedies in respect of, any Debt of any Non-Filer Party the outstanding principal amount of which exceeds, individually or in the aggregate, for such Non-Filer Party, $5,000,000; provided that a drawing under any Letter of Credit or Canadian Letter of Credit shall not constitute an acceleration or an exercise of rights or remedies, (d) any Non-Filer Party taking any action to challenge (including, without limitation, to assert in writing any challenge to) the validity or enforceability of this Agreement or any other Canadian Loan Document or any provision hereof or thereof, (e) the commencement by any Non-Filer Party of proceedings under bankruptcy, insolvency, receivership, restructuring or similar law now or hereafter in effect, including, without limitation, under the Bankruptcy and Insolvency Act (Canada), the Companies Creditors Arrangement Act (Canada), the Winding-up and Restructuring Act (Canada) or the Business Corporations Act (Alberta), (f) any failure by the Canadian Borrower to pay interest on the Canadian Loans as set forth in Section 5.1 hereof, (g) the occurrence of any Termination Event (as defined in the Cash Collateral Order), (h) any failure of the U.S. Borrower to pay interest on the Loans, calculated at the Alternate Base Rate plus the Applicable Margin for ABR Loans and in accordance with the terms of the Cash Collateral Order and Section 5.2 hereof and (i) a breach of the Canadian Borrower’s obligations pursuant to Section 8.13(e) of the Canadian Credit Agreement to cooperate in the provision of a grant of fixed Liens on the property of the Canadian Borrower (such earliest date, the

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“Forbearance Termination Date”, and the period from and including the Effective Date until the Forbearance Termination Date, the “Forbearance Period”).

3.2Limitation on and Inapplicability of Forbearance. Each Non-Filer Party acknowledges and agrees that, notwithstanding the agreement of the Administrative Agents and the Majority Lenders to forbear from taking Canadian Debt Enforcement Actions during the Forbearance Period, (a) nothing contained in this Agreement shall be construed to limit or affect the right of the Administrative Agents and the Combined Lenders to bring or maintain during the Forbearance Period any action to enforce or interpret any term or provision of this Agreement, or to file or record instruments of public record (or take other action) to perfect or further protect the liens and security interests granted by the Non-Filer Parties to the Administrative Agents and the Lenders, (b) in connection with the termination, unwind or cancellation of any Swap Agreement between the Combined Borrowers and a Secured Swap Provider, the Combined Borrowers and the Guarantors acknowledge and agree that nothing set forth in this Agreement shall affect (i) the rights of such Secured Swap Provider or its Affiliates to exercise any right of setoff contemplated by the Loan Documents or Canadian Loan Documents, including Section 12.08 of the Canadian Credit Agreement and Section 12.08 of the U.S. Credit Agreement and (ii) the operation of any provisions of the Loan Documents, Canadian Loan Documents and Intercreditor Agreement concerning any such rights of setoff.

3.3Enforcement Actions After Applicable Forbearance Period. Each Non-Filer Party acknowledges and agrees that, on the Forbearance Termination Date, the agreement of the Majority Lenders and the Administrative Agents to forbear from taking any Canadian Debt Enforcement Action shall cease and be of no further force or effect, and the Administrative Agents and the Majority Lenders shall be entitled to immediately take Canadian Debt Enforcement Actions against such Non-Filer Party, subject to the terms of the Canadian Credit Agreement, the other Canadian Loan Documents and applicable Governmental Requirements, all without further notice or demand, in respect of the Specified Defaults or any other Event of Default not waived or then existing.

Section 4.Waiver. The Administrative Agents, the Majority Lenders and the Issuing Bank hereby agree (a) that the Issuing Bank may renew any evergreen Canadian Letters of Credit or Letters of Credit outstanding as of the date hereof (notwithstanding the fact that the conditions set forth in Section 6.02 of the Canadian Credit Agreement or Section 6.02 of the U.S. Credit Agreement shall not have been met, as applicable) so long as, for any such Canadian Letter of Credit or Letter of Credit, as applicable, (i) the expiration date thereof shall not be later than the earlier of (A) expiration date required by Section 2.08(c) of the Canadian Credit Agreement or Section 2.08(c) of the U.S. Credit Agreement, as applicable, and (B) the stated maturity date set forth in such Canadian Letter of Credit or Letter of Credit, as applicable, and (ii) the face amount thereof shall not be increased and (b) to waive the notice requirement set forth in (i) Section 3.04(b) of the Canadian Credit Agreement in connection with any prepayment of the Canadian Loans under the Canadian Credit Agreement and (ii) Section 3.04(b) of the U.S. Credit Agreement in connection with any prepayment of the Loans under the U.S. Credit Agreement. The waivers contained in this Section 4 hereof (collectively, the “Specified Waiver”), shall not be a waiver by the Administrative Agents, the Combined Lenders or the Issuing Bank of any Defaults or Events of Default which may exist or which may occur in the future under the Combined Credit Agreements, the Loan Documents

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or the Canadian Loan Documents (collectively, “Other Violations”). Similarly, nothing contained in this Agreement shall directly or indirectly in any way whatsoever: (1) amend or alter any provision of the Combined Credit Agreements, the other Loan Documents, the other Canadian Loan Documents or any other contract or instrument except as expressly set forth in this Agreement or (2) constitute any course of dealing or other basis for altering any obligation of the Combined Borrowers or any right, privilege or remedy of the Administrative Agents, the Combined Lenders or the Issuing Bank under the Combined Credit Agreements, the other Loan Documents, the other Canadian Loan Documents or any other contract or instrument. Without prejudice to the forbearance provisions set forth herein, nothing in this Agreement shall be construed to be a consent or waiver by the Administrative Agents, the Combined Lenders or the Issuing Bank under the Combined Credit Agreements to any Other Violations.

Section 5.Payment of Interest.

5.1Canadian Interest Payments. Notwithstanding anything to the contrary in the Canadian Loan Documents, the Canadian Borrower agrees (a) on the Effective Date, that (i) each CDOR Borrowing (as defined in the Canadian Credit Agreement) and each Eurodollar Borrowing (as defined in the Canadian Credit Agreement) extended to the Canadian Borrower shall be converted to a Canadian Prime Borrowing (as defined in the Canadian Credit Agreement) or a U.S. Prime Borrowing (as defined in the Canadian Credit Agreement), as applicable, and only Canadian Prime Borrowings and U.S. Prime Borrowings shall be available thereafter and (ii) it shall pay any breakage fees owing under Section 5.02 of the Canadian Credit Agreement in respect of any such conversions as conclusively established by the Global Administrative Agent absent manifest error, (b) to pay to the Canadian Administrative Agent for the ratable benefit of the Canadian Lenders any accrued and unpaid interest payable under the Canadian Loan Documents on the last Business Day of each calendar month occurring on or after the Effective Date and (c) that any such interest payable on the Canadian Loans shall be calculated at the rate set forth in Section 3.02(e) of the Canadian Credit Agreement.

5.2U.S. Interest Payments. Notwithstanding anything to the contrary in the Loan Documents, the U.S. Borrower agrees (a) on the Effective Date, that (i) each Eurodollar Borrowing extended to the U.S. Borrower shall be converted to an ABR Borrowing and only ABR Borrowings shall be available thereafter and (ii) it shall pay any breakage fees owing under Section 5.02 of the U.S. Credit Agreement in respect of any such conversions as conclusively established by the Global Administrative Agent absent manifest error, (b) subject to clause (c) below, to pay to the Global Administrative Agent for the ratable benefit of the Lenders any accrued and unpaid interest payable under the Loan Documents on the last Business Day of each calendar month occurring on or after the Effective Date and (c) that any such interest payable on the Loans shall be calculated at the Alternate Base Rate plus the Applicable Margin for ABR Loans (without prejudice to the rights of the Global Administrative Agent and Lenders to assert a claim for payment of additional interest at any other rates in accordance with the U.S. Credit Agreement).

Section 6.Conditions Precedent. This Agreement shall not become effective until the date on which each of the following conditions is satisfied (the “Effective Date”):

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(a)Execution. The Global Administrative Agent shall have received from each of the Combined Borrowers, the Guarantors, the Majority Lenders, the Global Administrative Agent and the Canadian Administrative Agent counterparts of this Agreement signed on behalf of each such Person.

(b)Fees and Expenses. The Administrative Agents shall have received all amounts due and payable in connection with this Agreement, Canadian Loan Documents and Loan Documents on or prior to the Effective Date, including all invoiced and all documented out-of-pocket expenses required to be reimbursed or paid by the Combined Borrowers under the Combined Credit Agreements (including the fees and expenses of legal counsel and any financial advisor).

Section 7.

7.1Confirmation. All of the terms and provisions of the Combined Credit Agreements, as amended or waived by this Agreement, are, and shall remain, in full force and effect following the effectiveness of this Agreement.

7.2Ratification and Affirmation; Representations and Warranties. Each Combined Borrower hereby (a) acknowledges the terms of this Agreement; (b) ratifies and affirms its obligations under, and acknowledges, renews and extends its continued liability under, each Loan Document (as defined in the applicable Combined Credit Agreement as used in this Section) to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect; and (c) represents and warrants to the Lenders (as defined in the applicable Combined Credit Agreement) that as of the date hereof, after giving effect to the terms of this Agreement: except with respect to Section 7.18 of the Canadian Credit Agreement and Section 7.18 of the U.S. Credit Agreement, all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects on and as of the Effective Date, except that to the extent any such representations and warranties are (x) expressly limited to an earlier date, in which case, on the Effective Date such representations and warranties shall continue to be true and correct as of such specified earlier date and (y) qualified by materiality, such representations and warranties (as so qualified) shall continue to be true and correct in all respects. Each Guarantor (as defined in the applicable Combined Credit Agreement) acknowledges the terms of this Agreement. The Combined Borrowers and each Guarantor ratifies and affirms (1) its respective obligations under the Loan Documents to which it is a party (including its guarantee obligations under the applicable Guaranty Agreement (as defined in the applicable Combined Credit Agreement) to which it is a party as amended hereby, all of which shall continue in full force and effect, and (2) that the Liens created by the Loan Documents to which it is a party are valid, continuing and enforceable and secure the Secured Indebtedness or Canadian Secured Indebtedness, as the case may be, in accordance with the terms thereof. This Agreement is a Loan Document.

7.3Counterparts. This Agreement may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed counterpart by facsimile or electronic mail shall be effective as delivery of a manually executed counterpart hereof.

8

7.4Governing Law, Jurisdiction, Etc. Sections 12.09 and 12.18 of the Canadian Credit Agreement shall be incorporated herein mutatis mutandis as this Agreement relates to the Canadian Credit Agreement and Sections 12.09 and 12.18 of the U.S. Credit Agreement shall be incorporated herein mutatis mutandis as this Agreement relates to the U.S. Credit Agreement.

7.5Entire Agreement. This Agreement, the Combined Credit Agreements, the other Loan Documents, the other Canadian Loan Documents and the Cash Collateral Order represent the entire agreement of the Combined Borrowers, the Guarantors (as defined in the applicable Combined Credit Agreement), the Administrative Agents, the Issuing Bank and the Combined Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative Agents, the Issuing Bank or any Combined Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the Combined Credit Agreements, the other Loan Documents, the other Canadian Loan Documents or the Cash Collateral Order.

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the date first written above.

QUICKSILVER RESOURCES INC., a Delaware corporation

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

QUICKSILVER RESOURCES CANADA INC., an Alberta, Canada corporation

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

COWTOWN PIPELINE MANAGEMENT, INC., a Texas corporation

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN PIPELINE FUNDING, INC., a Delaware corporation

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN GAS PROCESSING L.P., a Texas limited partnership

By:Cowtown Pipeline Management, Inc., its general partner

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

COWTOWN PIPELINE L.P., a Texas limited partnership

By:Cowtown Pipeline Management, Inc., its general partner

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

BARNETT SHALE OPERATING LLC., a Delaware limited liability company

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

SILVER STREAM PIPELINE COMPANY LLC., a Delaware limited liability company

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

QPP HOLDINGS LLC, a Delaware limited liability company

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

QPP PARENT LLC, a Delaware limited liability company

By:Quicksilver Resources Inc., its sole member

By: /s/ Vanessa Gomez LaGatta

Name:Vanessa Gomez LaGatta

Title: Senior Vice President - Chief Financial Officer and Treasurer

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

JPMORGAN CHASE BANK, N.A., as a Lender and Issuing Bank under the U.S. Credit Agreement, as Global Administrative Agent

By: /s/ Patricia S Carpen    
Name:    Patricia S Carpen    
Title:    Authorized Officer

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

JPMORGAN CHASE BANK, N.A., TORONTO BRANCH, as a Lender and Issuing Bank under the Canadian Credit Agreement and as Canadian Administrative Agent

By: /s/ Michael N. Tam    
Name:     Michael N. Tam
Title:     Senior Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

BANK OF AMERICA, N.A., as a Lender under the U.S. Credit Agreement

By: /s/ John W. Woodiel III    
Name:    John W. Woodiel III    
Title:    Managing Director

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

BANK OF AMERICA, N.A., (by its Canada Branch) as a Lender under the Canadian Credit Agreement

By: /s/ Michael Maron    
Name:    MICHAEL MARON    
Title:    VICE PRESIDENT

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

BRANCH BANKING & TRUST COMPANY, as a Lender under the U.S. Credit Agreement and the Canadian Credit Agreement

By: /s/ James Giordano    
Name:    James Giordano    
Title:    Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

CITIBANK, N.A., as a Lender under the U.S. Credit Agreement

By: /s/ Brian S. Broyles    
Name:    Brian S. Broyles
Title:    Attorney-In-Fact    

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

CITIBANK, N.A., CANADIAN BRANCH, as a Lender under the Canadian Credit Agreement

By: /s/ Brian S. Broyles    
Name:    Brian S. Broyles    
Title:    Attorney-In-Fact

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

COMERICA BANK, as a Lender under the U.S. Credit Agreement

By: /s/ Cynthia B. Jones    
Name:    Cynthia B. Jones
Title:    Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

COMERICA BANK, CANADA BRANCH, as a Lender under the Canadian Credit Agreement

By: /s/ Cynthia B. Jones    
Name:    Cynthia B. Jones    
Title:    Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK, as a Lender under the U.S. Credit Agreement and the Canadian Credit Agreement

By: /s/ Kathleen Sweeney    
Name:    Kathleen Sweeney
Title:    Managing Director

By: /s/ Ronald E. Spitzer    
Name:    Ronald E. Spitzer
Title:    Managing Director

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender under the U.S. Credit Agreement

By: /s/ Megan Kane    
Name:    Megan Kane
Title:    Authorized Signatory

By: /s/ Laura Katherine Schembri    
Name:    Laura Katherine Schembri
Title:    Authorized Signatory

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

CREDIT SUISSE AG, TORONTO BRANCH, as a Lender under the Canadian Credit Agreement

By: /s/ Nicholas Lam    
Name:    Nicholas Lam
Title:    Assistant Vice President

By: /s/ Sam Farrell    
Name:    Sam Farrell    
Title:    VP Operations

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender under the U.S. Credit Agreement

By: /s/ Michael Winters    
Name:    Michael Winters
Title:    Vice President

By: /s/ Kirk L. Tashjian    
Name:    Kirk L. Tashjian
Title:    Director

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

DEUTSCHE BANK AG CANADA BRANCH, as a Lender under the Canadian Credit Agreement

By: /s/ Paul Uffelmann    
Name:    Paul Uffelmann
Title:    Vice President

By: /s/ Leigh Knowles    
Name:    Leigh Knowles    
Title:    Director

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

GOLDMAN SACHS BANK USA, as a Lender under the U.S. Credit Agreement

By: /s/ Jamie Minieri    
Name:    Jamie Minieri
Title:    Authorized Signatory

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

THE ROYAL BANK OF SCOTLAND PLC, as a Lender under the U.S. Credit Agreement

By: /s/ David W. Stack    
Name:    David W. Stack
Title:    Senior Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

THE ROYAL BANK OF SCOTLAND PLC, CANADA BRANCH, as a Lender under the Canadian Credit Agreement

By: /s/ David W. Stack    
Name:    David W. Stack
Title:    Authorized Signatory

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

TORONTO DOMINION (NEW YORK) LLC, as a Lender under the U.S. Credit Agreement

By: /s/ Marie Fernandes    
Name:    MARIE FERNANDES
Title:    AUTHORIZED SIGNATORY

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

THE TORONTO-DOMINION BANK, as a Lender under the Canadian Credit Agreement

By: /s/ Michael Collins    
Name:    MICHAEL COLLINS    
Title:    MANAGING DIRECTOR

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

WELLS FARGO BANK, N.A., as a Lender under the U.S. Credit Agreement

By: /s/ Trent J. Brendon    
Name:    Trent J. Brendon
Title:    Vice President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

WELLS FARGO FINANCIAL CORPORATION CANADA, as a Lender under the Canadian Credit Agreement

By: /s/ Richard Valade    
Name:    Richard Valade    
Title:    President

SIGNATURE PAGE TO WAIVER AND FORBEARANCE AGREEMENT

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 18, 2015

/s/ Glenn Darden

Glenn Darden

President and Chief Executive Officer

EX-31.2

Exhibit 31.2

CERTIFICATION

I, Vanessa Gomez LaGatta, 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 18, 2015

/s/ Vanessa Gomez LaGatta

Vanessa Gomez LaGatta

Senior Vice President – Chief Financial Officer and Treasurer

(Principal Financial 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, 2015, as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned, Vanessa Gomez LaGatta, Senior Vice President – Chief Financial Officer and Treasurer (Principal Financial Officer) of the Company, and Glenn Darden, President and Chief Executive Officer of the Company, each certifies that, to his or her 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 18, 2015

By:	/s/ Vanessa Gomez LaGatta	By:	/s/ Glenn Darden
	Vanessa Gomez LaGatta		Glenn Darden
	Senior Vice President – Chief Financial Officer and Treasurer		President and Chief Executive Officer
	(Principal Financial Officer)

XML

Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details)	3 Months Ended
	Mar. 31, 2015 MMcf
Credit Risk Derivatives, at Fair Value, Net [Abstract]
Anticipated Natural Gas Production Thereafter	0
Anticipated Natural Gas Production for 2015	20

XML

Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense	$ 200,000	$ 500,000
Outstanding at end of period, Shares	6,100,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	6,590,773
Granted, Shares	0	0
Expired, Shares	(152,366)
Outstanding at end of period, Shares	6,438,407
Outstanding at beginning of period, Wtd Avg Exercise Price	$ 7.83
Exercisable at end of period, Shares	5,334,087
Expired, Wtd Avg Exercise Price	$ 11.39
Outstanding at end of period, Wtd Avg Exercise Price	$ 7.74
Exercisable at end of period, Wtd Avg Exercise Price	$ 9.00
Outstanding at end of period, Wtd Avg Remaining Contractual Life, Years	4 years 346 days
Exercisable at end of period, Wtd Avg Remaining Contractual Life, Years	4 years 92 days
Outstanding at end of period, Aggregate Intrinsic Value	0
Exercisable at end of period, Aggregate Intrinsic Value	$ 0

XML

Long-Term Debt QRI & Restricted Subsidiaries Indenture Financials (Income Statement) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	$ 104,757	$ 91,786
Operating Expenses	92,708	102,840
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	0	0
Operating income (loss)	12,049	(11,054)
Reorganization Items	(60,645)	0
Accretion Expense	(3,228)	(4,401)
Interest expense and other	(62,327)	(40,727)
Income tax (expense) benefit	(1,536)	(2,651)
Net income (loss)	(115,687)	(58,833)
Other Comprehensive Income, Other, Net of Tax	(12,721)	(12,105)
Equity in other comprehensive income of subsidiaries	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(128,408)	(70,938)
Quicksilver Resources Inc. [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	74,473	62,910
Operating Expenses	68,966	75,401
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	(25,716)	(5,689)
Operating income (loss)	(20,209)	(18,180)
Reorganization Items	(60,645)
Accretion Expense	0	0
Interest expense and other	(32,867)	(38,011)
Income tax (expense) benefit	(1,966)	(2,642)
Net income (loss)	(115,687)	(58,833)
Other Comprehensive Income, Other, Net of Tax	(11,115)	(8,798)
Equity in other comprehensive income of subsidiaries	(1,606)	(3,307)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(128,408)	(70,938)
Quicksilver And Restricted Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	104,757	91,786
Operating Expenses	94,868	105,957
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	(1,067)	(1,282)
Operating income (loss)	8,822	(15,453)
Reorganization Items	(60,645)	0
Interest expense and other	(62,328)	(40,729)
Income tax (expense) benefit	(1,536)	(2,651)
Net income (loss)	(115,687)	(58,833)
Other Comprehensive Income, Other, Net of Tax	(12,721)	(12,105)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(128,408)	(70,938)
Restricted Guarantor Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	5,707	374
Operating Expenses	605	291
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	0	0
Operating income (loss)	5,102	83
Reorganization Items	0
Accretion Expense	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	(29)
Net income (loss)	5,102	54
Other Comprehensive Income, Other, Net of Tax	0	0
Equity in other comprehensive income of subsidiaries	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	5,102	54
Restricted Non-Guarantor Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	24,960	28,502
Operating Expenses	25,680	30,265
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	(1,067)	(1,282)
Operating income (loss)	(1,787)	(3,045)
Reorganization Items	0
Accretion Expense	0	0
Interest expense and other	(29,461)	(2,718)
Income tax (expense) benefit	430	20
Net income (loss)	(30,818)	(5,743)
Other Comprehensive Income, Other, Net of Tax	(1,606)	(3,307)
Equity in other comprehensive income of subsidiaries	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(32,424)	(9,050)
Unrestricted Non-Guarantor Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	0	0
Operating Expenses	0	0
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	2,161	3,119
Operating income (loss)	2,161	3,119
Reorganization Items	0
Accretion Expense	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	2,161	3,119
Other Comprehensive Income, Other, Net of Tax	0	0
Equity in other comprehensive income of subsidiaries	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	2,161	3,119
Fortune Creek [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	2,888	4,942
Operating Expenses	728	1,825
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	0	0
Operating income (loss)	2,160	3,117
Reorganization Items	0
Accretion Expense	0	0
Interest expense and other	1	2
Income tax (expense) benefit	0	0
Net income (loss)	2,161	3,119
Other Comprehensive Income, Other, Net of Tax	0	0
Equity in other comprehensive income of subsidiaries	0	0
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	2,161	3,119
Consolidating Eliminations [Member]
Indenture Disclosure Financials [Line Items]
Oil and Gas Revenue	(3,271)	(4,942)
Operating Expenses	(3,271)	(4,942)
Equity Method Investment, Summarized Financial Information, Income (Loss) from Continuing Operations before Extraordinary Items	24,622	3,852
Operating income (loss)	24,622	3,852
Reorganization Items	0
Accretion Expense	(3,228)	(4,401)
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	21,394	(549)
Other Comprehensive Income, Other, Net of Tax	0	0
Equity in other comprehensive income of subsidiaries	1,606	3,307
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ 23,000	$ 2,758

XML

Quicksilver Stockholders' Equity (Restricted Stock And Stock Unit Activity) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 8.9
Payable In Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	8,056,265
Granted, Shares	3,124,674
Vested, Shares	(3,137,665)
Forfeited, Shares	(73,007)
Outstanding at end of period, Shares	7,970,267
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value	$ 2.54
Granted, Wtd Avg Grant Date Fair Value	$ 0.19
Vested, Wtd Avg Grant Date Fair Value	$ 3.15
Forfeited, Wtd Avg Grant Date Fair Value	$ 2.64
Outstanding at end of period, Wtd Avg Grant Date Fair Value	$ 1.38
Payable In Cash [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at beginning of period, Shares	863,975
Granted, Shares	0
Vested, Shares	(422,562)
Forfeited, Shares	(3,859)
Outstanding at end of period, Shares	437,554
Outstanding at beginning of period, Wtd Avg Grant Date Fair Value	$ 3.33
Granted, Wtd Avg Grant Date Fair Value	$ 0.00
Vested, Wtd Avg Grant Date Fair Value	$ 3.82
Forfeited, Wtd Avg Grant Date Fair Value	$ 2.93
Outstanding at end of period, Wtd Avg Grant Date Fair Value	$ 2.86

XML

Long-Term Debt Minimum EBITDAX Covenant (Details) (Minimum [Member], Combined Credit Agreements [Member], USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Six months ending March 31, 2015 [Member]
Debt Instrument [Line Items]
Minimum EBITDAX Covenant	$ 59.00
Nine months ending June 30, 2015 [Member]
Debt Instrument [Line Items]
Minimum EBITDAX Covenant	87.25
Twelve months ending September 30, 2015 [Member]
Debt Instrument [Line Items]
Minimum EBITDAX Covenant	120.50
Twelve months ending December 31, 2015 [Member]
Debt Instrument [Line Items]
Minimum EBITDAX Covenant	$ 122.00

XML

Accounting Policies And Disclosures Schedule of Reorganization Items, Net (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Reorganizations [Abstract]
Debtor Reorganization Items, Legal and Advisory Professional Fees	$ 2,041
Debtor Reorganization Items, Write-off of Deferred Financing Costs and Debt Discounts	59,983
Debtor Reorganization Items, Other Expense (Income)	(2,314)
Debtor Reorganization Items, Net Gain (Loss) on Rejection of Leases and Other Executory Contracts	935
Reorganization Items	$ 60,645	$ 0

XML

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Current assets	$ 373,243	$ 423,277
Property and equipment	704,441	728,780
Investment in subsidiaries (equity method)	0	0
Other assets	7,668	62,245
Total assets	1,085,352	1,214,302
Current liabilities	301,462	2,141,037
Long-term liabilities	196,666	211,136
Liabilities Subject to Compromise	1,851,073	0
Stockholders' equity	(1,263,849)	(1,137,871)
Total liabilities and stockholders' equity	1,085,352	1,214,302
Quicksilver Resources Inc. [Member]
Current assets	288,398	774,287
Property and equipment	427,038	420,744
Investment in subsidiaries (equity method)	(355,074)	(293,312)
Other assets	415,891	43,533
Total assets	776,253	945,252
Current liabilities	170,996	2,038,575
Long-term liabilities	45,011	44,548
Liabilities Subject to Compromise	1,851,073
Stockholders' equity	(1,290,827)	(1,137,871)
Total liabilities and stockholders' equity	776,253	945,252
Restricted Guarantor Subsidiaries [Member]
Current assets	707	13,909
Property and equipment	14,086	14,357
Investment in subsidiaries (equity method)	0	0
Other assets	0	0
Total assets	14,793	28,266
Current liabilities	197	13,837
Long-term liabilities	10,195	15,131
Liabilities Subject to Compromise	0
Stockholders' equity	4,401	(702)
Total liabilities and stockholders' equity	14,793	28,266
Restricted Non-Guarantor Subsidiaries [Member]
Current assets	83,907	68,513
Property and equipment	251,814	280,830
Investment in subsidiaries (equity method)	(86,091)	(82,360)
Other assets	5,059	18,712
Total assets	254,689	285,695
Current liabilities	543,188	520,296
Long-term liabilities	53,610	58,009
Liabilities Subject to Compromise	0
Stockholders' equity	(342,109)	(292,610)
Total liabilities and stockholders' equity	254,689	285,695
Quicksilver And Restricted Subsidiaries [Member]
Current assets	373,012	421,533
Property and equipment	692,938	715,931
Investment in subsidiaries (equity method)	(86,091)	(82,360)
Other assets	7,668	62,245
Total assets	987,527	1,117,349
Current liabilities	301,099	2,137,532
Long-term liabilities	108,816	117,688
Liabilities Subject to Compromise	1,851,073	0
Stockholders' equity	(1,273,461)	(1,137,871)
Total liabilities and stockholders' equity	987,527	1,117,349
Unrestricted Non-Guarantor Subsidiaries [Member]
Current assets	49	82
Property and equipment	0	0
Investment in subsidiaries (equity method)	(84,576)	(82,379)
Other assets	0	0
Total assets	(84,527)	(82,297)
Current liabilities	30	63
Long-term liabilities	0	0
Liabilities Subject to Compromise	0
Stockholders' equity	(84,557)	(82,360)
Total liabilities and stockholders' equity	(84,527)	(82,297)
Fortune Creek [Member]
Current assets	182	1,742
Property and equipment	11,503	12,849
Investment in subsidiaries (equity method)	0	0
Other assets	0	0
Total assets	11,685	14,591
Current liabilities	333	3,522
Long-term liabilities	1,384	1,492
Liabilities Subject to Compromise	0
Stockholders' equity	9,968	9,577
Total liabilities and stockholders' equity	11,685	14,591
Consolidating Eliminations [Member]
Current assets	0	(435,256)
Property and equipment	0	0
Investment in subsidiaries (equity method)	525,741	458,051
Other assets	(413,282)	0
Total assets	112,459	22,795
Current liabilities	(413,282)	(435,256)
Long-term liabilities	86,466	91,956
Liabilities Subject to Compromise	0
Stockholders' equity	439,275	366,095
Total liabilities and stockholders' equity	$ 112,459	$ 22,795

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Property, Plant And Equipment (Tables)

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment [Table Text Block]

	March 31, 2015			December 31, 2014
	(in thousands)
Oil and gas properties
Subject to depletion	$	5,735,822		$	5,821,167
Unevaluated costs	18,253			18,803
Accumulated depletion	(5,158,191		)	(5,225,302		)
Net oil and gas properties	595,884			614,668
Other property and equipment
Pipelines and processing facilities	304,502			316,013
General properties	63,717			66,455
Accumulated depreciation	(259,662		)	(268,356		)
Net other property and equipment	108,557			114,112
Property, plant and equipment, net of accumulated depletion and depreciation	$	704,441		$	728,780

XML

Income Taxes Valuation Allowance (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
UNITED STATES
Valuation Allowance [Line Items]
Tax Valuation Allowance Expense, Federal	$ 398.1
CANADA
Valuation Allowance [Line Items]
Tax Valuation Allowance Expense, Federal	$ 66.9

XML

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Subject to depletion	$ 5,735,822	$ 5,821,167
Unevaluated costs	18,253	18,803
Accumulated depletion	(5,158,191)	(5,225,302)
Net oil and gas properties	595,884	614,668
Pipelines and processing facilities	304,502	316,013
General properties	63,717	66,455
Accumulated depreciation	(259,662)	(268,356)
Net other property and equipment	108,557	114,112
Property, plant and equipment, net of accumulated depletion and depreciation	$ 704,441	$ 728,780

XML

Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	$ 7,476	$ 149,567
Asset Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	7,476	104,608
Asset Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	0	44,959
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	0	0
Liability Derivatives [Member] | Fair Value Inputs, Level 2 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	0	0
Liability Derivatives [Member] | Fair Value Inputs, Level 3 [Member] | Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	$ 0	$ 0

XML

Fortune Creek (Details) (CAD) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Dedicated years for gas production	10
KKR [Member]
Payments to acquire interest in joint venture	125
Percentage of interest by parent in the partnership	50.00%

XML

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, 2015	Mar. 31, 2014
Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest	$ 20,769	$ 49,103
Income taxes	36	(7,951)
Reorganization Cash Payments	$ 30	$ 0

XML

Long-Term Debt Long-Term Debt (QRI & Restricted Subsidiaries Indenture Financials (Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Indenture Disclosure Financials [Line Items]
Assets, Current	$ 373,243	$ 423,277
Property, plant and equipment - net	704,441	728,780
Equity Method Investments	0	0
Other Noncurrent Assets	7,668	62,245
Total assets	1,085,352	1,214,302
Current liabilities	301,462	2,141,037
Liabilities, Noncurrent	196,666	211,136
Liabilities Subject to Compromise	1,851,073	0
Stockholders' equity	(1,263,849)	(1,137,871)
Total liabilities and stockholders' equity	1,085,352	1,214,302
Quicksilver And Restricted Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Assets, Current	373,012	421,533
Property, plant and equipment - net	692,938	715,931
Equity Method Investments	(86,091)	(82,360)
Other Noncurrent Assets	7,668	62,245
Total assets	987,527	1,117,349
Current liabilities	301,099	2,137,532
Liabilities, Noncurrent	108,816	117,688
Liabilities Subject to Compromise	1,851,073	0
Stockholders' equity	(1,273,461)	(1,137,871)
Total liabilities and stockholders' equity	$ 987,527	$ 1,117,349

XML

Accounting Policies And Disclosures

3 Months Ended

Mar. 31, 2015

Accounting Policies [Abstract]

Accounting Policies And Disclosures

CHAPTER 11 PROCEEDINGS AND ACCOUNTING POLICIES

Chapter 11 Proceedings

On March 17, 2015, the Company and our subsidiaries Barnett Shale Operating LLC, Cowtown Drilling, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline Funding, Inc., Cowtown Pipeline L.P., Cowtown Pipeline Management, Inc., Makarios Resources International Holdings LLC, Makarios Resources International Inc., QPP Holdings LLC, QPP Parent LLC, Quicksilver Production Partners GP LLC, Quicksilver Production Partners LP, and Silver Stream Pipeline Company LLC each filed a voluntary petition under Chapter 11 in the Bankruptcy Court to restructure our obligations and capital structure. The Chapter 11 cases are being jointly administered for procedural purposes only by the Bankruptcy Court under the caption In re Quicksilver Resources Inc., et. al., Case No. 15-10585 (LSS) (Jointly Administered).

The U.S. Debtors are currently operating our business as debtors in possession in accordance with the applicable provisions of the Bankruptcy Code. Since the Chapter 11 filings, the Bankruptcy Court has entered all orders sufficient to enable the U.S. Debtors to conduct normal business activities, including orders to, among other things and subject to applicable caps for pre-petition items, pay employee wages and benefits, pay certain lienholders and critical vendors, and forward funds belonging to third parties, including royalty holders and partners, as well as the approval of the U.S. Debtors’ use of their secured lenders’ cash collateral and collateral, and the provision of adequate protection related thereto. While the U.S. Debtors are subject to Chapter 11, all transactions outside the ordinary course of their business will require the prior approval of the Bankruptcy Court.

On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements.

Appointment of Creditors Committee. On March 25, 2015, the United States Trustee for Delaware appointed the Creditors Committee. The Creditors Committee and its legal representatives have a right to be heard on all matters that come before the Bankruptcy Court with respect to the U.S. Debtors. There can be no assurance that the Creditors Committee will support the U.S. Debtors’ positions on matters presented to the Bankruptcy Court, including any plan of reorganization. Disagreements between the U.S. Debtors and the Creditors Committee could protract the Chapter 11 proceedings, negatively impact the U.S. Debtors’ ability to operate, and delay the U.S. Debtors’ emergence from the Chapter 11 proceedings.

Rejection of Executory Contracts. Subject to certain exceptions, under the Bankruptcy Code, the U.S. Debtors may assume, assign, or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. The rejection of an executory contract or unexpired lease is generally treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the U.S. Debtors of performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Counterparties to such rejected contracts or leases may assert claims against the applicable U.S. Debtor's estate for such damages. The assumption of an executory contract or unexpired lease generally requires the U.S. Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the U.S. Debtors in this Quarterly Report, including where applicable a quantification of our obligations under any such executory contract or unexpired lease with the U.S. Debtors, is qualified by any overriding rejection rights we have under the Bankruptcy Code. Further, nothing herein is or shall be deemed an admission with respect to any claim amounts or calculations arising from the rejection of any executory contract or unexpired lease and the U.S. Debtors expressly preserve all of their rights with respect thereto.

The U.S. Debtors’ financial statements include amounts classified as Liabilities Subject to Compromise that the U.S. Debtors believe the Bankruptcy Court will allow as claim amounts resulting from the U.S. Debtors’ rejection of various executory contracts and unexpired leases. Additional amounts may be included in Liabilities Subject to Compromise in future periods if additional executory contracts and unexpired leases are rejected. Conversely, the U.S. Debtors expect that the assumption of certain executory contracts and unexpired leases may convert certain liabilities shown in future financial statements as subject to compromise to post-petition liabilities. Due to the uncertain nature of many of the potential claims, the magnitude of such claims is not reasonably estimable at this time. Such claims may be material (see “Liabilities Subject to Compromise” below).

Magnitude of Potential Claims. The U.S. Debtors will file with the Bankruptcy Court Schedules and Statements setting forth, among other things, the assets and liabilities of the U.S. Debtors, subject to the assumptions filed in connection therewith. The Schedules and Statements may be subject to further amendment or modification after filing.

Certain holders of pre-petition claims are required to file proofs of claim by the Bar Date. The Bankruptcy Court has not yet established the Bar Date.

Differences between amounts scheduled by the U.S. Debtors and claims by creditors will be investigated and resolved in connection with the claims resolution process. In light of the expected number of creditors, the claims resolution process may take considerable time to complete and we expect will continue after our emergence from bankruptcy. Accordingly, the ultimate number and amount of allowed claims is not presently known, nor can the ultimate recovery with respect to allowed claims be presently ascertained.

Costs of Reorganization. The U.S. Debtors have incurred and will continue to incur significant costs associated with the reorganization. The amount of these costs, which are being expensed as incurred, are expected to significantly affect our results of operations. For additional information, see “Reorganization Items, net” below.

Effect of Filing on Creditors and Stockholders. Under the priority scheme established by the Bankruptcy Code, unless creditors agree otherwise, pre-petition liabilities and post-petition liabilities must be satisfied in full before the holders of our existing common stock are entitled to receive any distribution or retain any property under a plan of reorganization. The ultimate recovery to creditors and/or stockholders, if any, will not be determined until confirmation and implementation of a plan or plans of reorganization. No assurance can be given as to what values, if any, will be ascribed in the Chapter 11 proceedings to each of these constituencies or what types or amounts of distributions, if any, they would receive. A plan of reorganization could result in holders of U.S. Debtors’ liabilities and/or securities, including our common stock, receiving no distribution on account of their interests and cancellation of their holdings. We believe that it is highly likely that the shares of our existing common stock will be canceled in the Chapter 11 proceedings and will be entitled to a limited recovery, if any. As discussed below, if certain requirements of the Bankruptcy Code are met, a plan of reorganization can be confirmed notwithstanding its rejection by the holders of our common stock and notwithstanding the fact that such holders do not receive or retain any property on account of their equity interests under the plan. Because of such possibilities, the value of our securities, including our common stock, is highly speculative. We urge that appropriate caution be exercised with respect to existing and future investments in any of the securities of the U.S. Debtors.

Subject to certain specific exceptions under the Bankruptcy Code, the Chapter 11 filings automatically enjoined, or stayed, the continuation of any judicial or administrative proceedings or other actions against the U.S. Debtors or their property to recover on, collect or secure a claim arising prior to the Petition Date. As a result, for example, most creditor actions to obtain possession of property from the U.S. Debtors, or to create, perfect or enforce any lien against the property of the U.S. Debtors, or to collect on or otherwise exercise rights or remedies with respect to a pre-petition claim are enjoined unless and until the Bankruptcy Court lifts the automatic stay.

Notice and Hearing Procedures for Trading in Claims and Equity Securities. The Bankruptcy Court issued a final order pursuant to Sections 105(a), 362(a)(3) and 541 of the Bankruptcy Code to enable the U.S. Debtors to avoid limitations on the use of their tax net operating loss carryforwards and certain other tax attributes by imposing certain notice procedures and transfer restrictions on the trading of our equity securities.

In general, the order applies to any person or entity that, directly or indirectly, beneficially owns (or would beneficially own as a result of a proposed transfer) at least 4.75% of our outstanding equity securities. Substantial Equityholders are required to file with the Bankruptcy Court and serve us with notice of such status. In addition, the order provides that a person or entity that would become a Substantial Equityholder by reason of a proposed acquisition of our equity securities is also required to comply with the notice and service provisions before effecting that transaction. The order gives the U.S. Debtors the right to seek an injunction from the Bankruptcy Court to prevent certain acquisitions or sales of our common stock if the acquisition or sale would pose a material risk of adversely affecting our ability to utilize such tax attributes.

Under the order, prior to any proposed acquisition of equity securities that would result in an increase in the amount of our equity securities owned by a Substantial Equityholder, or that would result in a person or entity becoming a Substantial Equityholder, such person, entity or Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Purchase, Acquire or Otherwise Accumulate an Equity Security. In addition, prior to effecting any disposition of our equity securities that would result in a decrease in the amount of our equity securities beneficially owned by a Substantial Equityholder, such Substantial Equityholder is required to file with the Bankruptcy Court, and serve on the Company, a Notice of Intent to Sell, Trade or Otherwise Transfer Equity Securities.

Any purchase, sale or other transfer of our equity securities in violation of the restrictions of the order would be null and void ab initio as an act in violation of such order and would therefore confer no rights on a proposed transferee.

Process for Plan of Reorganization. In order to successfully exit bankruptcy, the U.S. Debtors will need to propose, and obtain confirmation by the Bankruptcy Court of, a plan (or plans) of reorganization that satisfies the requirements of the Bankruptcy Code. A plan of reorganization would, among other things, resolve the U.S. Debtors’ pre-petition obligations, set forth the revised capital structure of the newly reorganized entity and provide for corporate governance subsequent to exit from bankruptcy.

The U.S. Debtors have the exclusive right for 120 days after the Petition Date to file a plan of reorganization and, if we do so, 60 additional days to obtain necessary acceptances of our plan. The periods may be extended by the Bankruptcy Court for cause. If the U.S. Debtors’ exclusivity period lapses, any party in interest may file a plan of reorganization for any of the U.S. Debtors. In addition to being voted on by holders of impaired claims and equity interests, a plan of reorganization must satisfy certain requirements of the Bankruptcy Code and must be approved, or confirmed, by the Bankruptcy Court in order to become effective. A plan of reorganization would be accepted by holders of claims against and equity interests in the U.S. Debtors if (i) at least one-half in number and two-thirds in dollar amount of claims actually voting in each class of claims impaired by the plan have voted to accept the plan and (ii) at least two-thirds in amount of equity interests actually voting in each class of equity interests impaired by the plan has voted to accept the plan. A class of claims or equity interests that does not receive or retain any property under the plan on account of such claims or interests is deemed to have voted to reject the plan.

Under certain circumstances set forth in Section 1129(b) of the Bankruptcy Code, the Bankruptcy Court may confirm a plan even if such plan has not been accepted by all impaired classes of claims and equity interests. The precise requirements and evidentiary showing for confirming a plan notwithstanding its rejection by one or more impaired classes of claims or equity interests depends upon a number of factors, including the status and seniority of the claims or equity interests in the rejecting class (i.e., secured claims or unsecured claims, subordinated or senior claims, preferred or common stock). Generally, with respect to common stock interests, a plan may be “crammed down” even if the shareowners receive no recovery if the proponent of the plan demonstrates that (1) no class junior to the common stock is receiving or retaining property under the plan and (2) no class of claims or interests senior to the common stock is being paid more than in full.

The timing of filing a plan of reorganization by the U.S. Debtors will depend on the timing and outcome of numerous other ongoing matters in the Chapter 11 proceedings. Although the U.S. Debtors expect to file a plan of reorganization that provides for our emergence from bankruptcy as a going concern, there can be no assurance at this time that the U.S. Debtors will be able to successfully develop, confirm and consummate one or more plans of reorganization or other alternative restructuring transactions, including a sale of all or substantially all of the U.S. Debtors’ assets, that satisfies the conditions of the Bankruptcy Code and is confirmed by the Bankruptcy Court, or that any such plan will be implemented successfully.

For the duration of our Chapter 11 proceedings, our operations and our ability to develop and execute our business plan are subject to the risks and uncertainties associated with the Chapter 11 process as described in our 2014 Annual Report on Form 10-K, Item 1A, “Risk Factors.” As a result of these risks and uncertainties, the number of our outstanding shares and our stockholders, assets, liabilities, officers and/or directors could be significantly different following the outcome of the Chapter 11 proceedings, and the description of our operations, properties and capital plans included in this Quarterly Report may not accurately reflect our operations, properties and capital plans following the Chapter 11 process.

Basis of Presentation

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, 2015 and our results of operations and cash flows for the periods presented. All such adjustments are of a normal recurring nature unless otherwise noted. 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 2014 Annual Report on Form 10-K.

As a result of sustained losses and our Chapter 11 proceedings, the realization of assets and satisfaction of liabilities, without substantial adjustments and/or changes in ownership, are subject to uncertainty. Given the uncertainty surrounding our Chapter 11 proceedings, there is substantial doubt about our ability to continue as a going concern.

The accompanying condensed consolidated interim financial statements do not purport to reflect or provide for the consequences of our Chapter 11 proceedings. In particular, the financial statements do not purport to show (i) as to assets, their realizable value on a liquidation basis or their availability to satisfy liabilities; (ii) as to pre-petition liabilities, the amounts that may be allowed for claims or contingencies, or the status and priority thereof; (iii) as to stockholders’ equity accounts, the effect of any changes that may be made in our capitalization; or (iv) as to operations, the effect of any changes that may be made to our business.

In accordance with GAAP, we have applied ASC 852 “Reorganizations,” in preparing our condensed consolidated interim financial statements. ASC 852 requires that the financial statements, for periods subsequent to the Chapter 11 filing, distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain revenues, expenses, realized gains and losses and provisions for losses that are realized or incurred in the bankruptcy proceedings are recorded in reorganization items, net in the accompanying condensed consolidated statements of income (loss) and comprehensive income (loss). In addition, pre-petition obligations that may be impacted by the bankruptcy reorganization process have been classified on our condensed consolidated balance sheets at March 31, 2015 in Liabilities Subject to Compromise. These liabilities are reported at the amounts expected to be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts.

While operating as debtors in possession under Chapter 11 of the Bankruptcy Code, the U.S. Debtors may sell or otherwise dispose of or liquidate assets or settle liabilities in amounts other than those reflected in our condensed consolidated interim financial statements, subject to the approval of the Bankruptcy Court or otherwise as permitted in the ordinary course of business. Further, a plan of reorganization could materially change the amounts and classifications in our historical condensed consolidated interim financial statements.

Liabilities Subject to Compromise

The following table summarizes the components of liabilities subject to compromise included on our Condensed Consolidated Balance Sheet as of March 31, 2015:

	March 31, 2015
	(in thousands)
Accounts payable	$	1,554
Accrued liabilities	51,519
Debt	1,798,000
Liabilities subject to compromise	$	1,851,073

Liabilities Subject to Compromise refers to pre-petition obligations that may be impacted by the Chapter 11 reorganization process. The amounts represent our current estimate of known or potential obligations to be resolved in connection with our Chapter 11 proceedings. Accrued liabilities in the line item above primarily includes previously accrued and unpaid interest that is associated with the debt that we believe may be impacted by the bankruptcy reorganization process.

Differences between liabilities we have estimated and the claims filed, or to be filed, will be investigated and resolved in connection with the claims resolution process. We will continue to evaluate these liabilities throughout the Chapter 11 process and adjust amounts as necessary. Such adjustments may be material.

Reorganization Items, net

The following table summarizes the components included in Reorganization Items, net in our condensed consolidated statements of income (loss) and comprehensive income (loss) for the three months ended March 31, 2015:

	For the Three Months Ended March 31, 2015
	(in thousands)
Professional fees	$	2,041
Deferred financing costs and unamortized discounts	59,983
Deferred interest rate swap gains	(2,314		)
Terminated contracts	935
Reorganization items, net	$	60,645

Professional fees included in Reorganization Items, net are for post-petition expenses. Deferred financing costs and unamortized discounts are included for the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes as we believe these debt instruments may be impacted by the bankruptcy reorganization process. The terminated contracts represent the estimated claims related to contracts that were not previously included on the balance sheet as the liability was contingent or an executory contract included in commitments and contingencies.

Recently Issued Accounting Standards

In February 2015, the FASB issued accounting guidance, “Consolidation (Topic 810): Amendments to the Consolidation Analysis,” requiring reporting entities to evaluate whether they should consolidate certain legal entities. The standard is effective for us in the first quarter of 2016 with early adoption permitted. We are currently evaluating the new guidance and have not determined the impact this standard may have on our financial statements.

In April 2015, the FASB issued accounting guidance, “Interest - Imputation of Interest” that requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. This update is effective for us in the first quarter of 2016. We are currently evaluating the timing of adoption and the impact that the adoption will have on our consolidated financial statements.

No other pronouncements materially affecting our financial statements have been issued since the filing of our 2014 Annual Report on Form 10-K.

XML

Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Supplemental Cash Flow Information [Abstract]
Capital Expenditures Incurred but Not yet Paid	$ 2,981	$ 13,128

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Long-Term Debt (Narrative) (Details)	3 Months Ended							3 Months Ended					3 Months Ended
	Mar. 31, 2015 USD ($)	Mar. 31, 2015 CAD	Mar. 31, 2014 USD ($)	Mar. 31, 2015 Combined Credit Agreements [Member] USD ($)	Dec. 31, 2014 Combined Credit Agreements [Member] USD ($)	Mar. 31, 2015 U.S. Credit Facility [Member] USD ($)	Mar. 31, 2015 Canadian Credit Facility [Member] USD ($)	Mar. 31, 2015 Combined Credit Agreements [Member]	Mar. 31, 2015 Maximum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 Maximum [Member] Combined Credit Agreements [Member]	Mar. 31, 2015 Minimum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 Multiple Subsidiaries Set Two [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] Maximum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] Maximum [Member] Canadian Credit Facility [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] Minimum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 London Interbank Offered Rate (LIBOR) [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2015 Subsequent Event [Member] Combined Credit Agreements [Member] USD ($)	Mar. 31, 2015 Subsequent Event [Member] U.S. Credit Facility [Member] USD ($)	Mar. 31, 2015 Subsequent Event [Member] Canadian Credit Facility [Member] USD ($)	Mar. 31, 2015 First Quarter Two Thousand Sixteen [Member] Minimum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 First Quarter Two Thousand Sixteen [Member] Minimum [Member] Canadian Credit Facility [Member]	Mar. 31, 2015 Second Quarter Two Thousand Sixteen [Member] Minimum [Member] U.S. Credit Facility [Member]	Mar. 31, 2015 Second Quarter Two Thousand Sixteen [Member] Minimum [Member] Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Letter of Credit Draw Down by Spectra		33,000,000
Percentage of ownership interest							100.00%					65.00%
Commitment fee percentage								0.50%		0.50%
Repayments of Long-term Debt	36,700,000		0
Issuance of debt	26,235,000		0
Debt Instrument, Basis Spread on Variable Rate									2.75%		1.75%		1.00%	3.75%	3.75%	2.75%	2.75%		2.50%	2.75%
Proceeds From Derivative Terminations Used to Pay Debt																		88,000,000	46,500,000	41,500,000
Long-term Line of Credit				260,460,000	274,514,000	137,300,000	123,200,000
Letters of Credit Outstanding, Amount				$ 11,900,000		$ 9,800,000	$ 2,100,000
Interest coverage ratio																					1.50	1.50	2.00	2.00

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Condensed Consolidating Financial Information (Tables)

3 Months Ended

Mar. 31, 2015

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Balance Sheets

	March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	288,398		$	707	$	83,907		$	49		$	182	$	—		$	373,243
Property and equipment	427,038			14,086		251,814			—			11,503		—			704,441
Investment in subsidiaries (equity method)	(355,074		)	—		(86,091		)	(84,576		)	—		525,741			—
Other assets	415,891			—		5,059			—			—		(413,282		)	7,668
Total assets	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352
LIABILITIES AND EQUITY
Current liabilities	$	170,996		$	197	$	543,188		$	30		$	333	$	(413,282	)	$	301,462
Long-term liabilities	45,011			10,195		53,610			—			1,384		86,466			196,666
Liabilities subject to compromise	1,851,073			—		—			—			—		—			1,851,073
Stockholders' equity	(1,290,827		)	4,401		(342,109		)	(84,557		)	9,968		439,275			(1,263,849		)
Total liabilities and equity	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352

	December 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	774,287		$	13,909		$	68,513		$	82		$	1,742	$	(435,256	)	$	423,277
Property and equipment	420,744			14,357			280,830			—			12,849		—			728,780
Investment in subsidiaries (equity method)	(293,312		)	—			(82,360		)	(82,379		)	—		458,051			—
Other assets	43,533			—			18,712			—			—		—			62,245
Total assets	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302
LIABILITIES AND EQUITY
Current liabilities	$	2,038,575		$	13,837		$	520,296		$	63		$	3,522	$	(435,256	)	$	2,141,037
Long-term liabilities	44,548			15,131			58,009			—			1,492		91,956			211,136
Stockholders' equity	(1,137,871		)	(702		)	(292,610		)	(82,360		)	9,577		366,095			(1,137,871		)
Total liabilities and equity	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302

Condensed Consolidating Statements Of Income

Condensed Consolidating Statements of Income

	For the Three Months Ended March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	74,473		$	5,707	$	24,960		$	—	$	2,888	$	(3,271	)	$	104,757
Operating expenses	68,966			605		25,680			—		728		(3,271		)	92,708
Equity in net earnings of subsidiaries	(25,716		)	—		(1,067		)	2,161		—		24,622			—
Operating income (loss)	(20,209		)	5,102		(1,787		)	2,161		2,160		24,622			12,049
Fortune Creek accretion	—			—		—			—		—		(3,228		)	(3,228		)
Interest expense and other	(32,867		)	—		(29,461		)	—		1		—			(62,327		)
Reorganization items, net	(60,645		)	—		—			—		—		—			(60,645		)
Income tax (expense) benefit	(1,966		)	—		430			—		—		—			(1,536		)
Net income (loss)	$	(115,687	)	$	5,102	$	(30,818	)	$	2,161	$	2,161	$	21,394		$	(115,687	)
Other comprehensive loss	(11,115		)	—		(1,606		)	—		—		—			(12,721		)
Equity in OCI of subsidiaries	(1,606		)	—		—			—		—		1,606			—
Comprehensive income (loss)	$	(128,408	)	$	5,102	$	(32,424	)	$	2,161	$	2,161	$	23,000		$	(128,408	)

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	62,910		$	374		$	28,502		$	—	$	4,942	$	(4,942	)	$	91,786
Operating expenses	75,401			291			30,265			—		1,825		(4,942		)	102,840
Equity in net earnings of subsidiaries	(5,689		)	—			(1,282		)	3,119		—		3,852			—
Operating income (loss)	(18,180		)	83			(3,045		)	3,119		3,117		3,852			(11,054		)
Fortune Creek accretion	—			—			—			—		—		(4,401		)	(4,401		)
Interest expense and other	(38,011		)	—			(2,718		)	—		2		—			(40,727		)
Income tax (expense) benefit	(2,642		)	(29		)	20			—		—		—			(2,651		)
Net income (loss)	$	(58,833	)	$	54		$	(5,743	)	$	3,119	$	3,119	$	(549	)	$	(58,833	)
Other comprehensive loss	(8,798		)	—			(3,307		)	—		—		—			(12,105		)
Equity in OCI of subsidiaries	(3,307		)	—			—			—		—		3,307			—
Comprehensive income (loss)	$	(70,938	)	$	54		$	(9,050	)	$	3,119	$	3,119	$	2,758		$	(70,938	)

Condensed Consolidating Statements Of Cash Flows

	For the Three Months Ended March 31, 2015
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	66,401		$	(166	)	$	22,974		$	(2	)	$	(1,217	)	$	—		$	87,990
Purchases of property, plant and equipment	(13,479		)	—			(1,708		)	—			—			—			(15,187		)
Investment in subsidiary	(3,479		)	—			—			—			—			3,479			—
Proceeds from sale of properties and equipment	1,325			—			7			—			—			—			1,332
Net cash flow provided by (used in) investing activities	(15,633		)	—			(1,701		)	—			—			3,479			(13,855		)
Issuance of debt	—			—			26,235			—			—			—			26,235
Repayments of debt	(36,700		)	—			—			—			—			—			(36,700		)
Debt issuance costs paid	(80		)	—			—			—			—			—			(80		)
Intercompany note	—			—			—			—			—			—			—
Intercompany financing	—			166			3,313			—			—			(3,479		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(938		)	—			(938		)
Purchase of treasury stock	(115		)	—			—			—			—			—			(115		)
Net cash flow provided by (used in) financing activities	(36,895		)	166			29,548			—			(938		)	(3,479		)	(11,598		)
Effect of exchange rates on cash	—			—			4,699			—			1,075			—			5,774
Net increase (decrease) in cash and equivalents	13,873			—			55,520			(2		)	(1,080		)	—			68,311
Cash and equivalents at beginning of period	211,656			—			10,182			20			1,671			—			223,529
Cash and equivalents at end of period	$	225,529		$	—		$	65,702		$	18		$	591		$	—		$	291,840

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	(29,198	)	$	14		$	9,075		$	—		$	125		$	—		$	(19,984	)
Purchases of property, plant and equipment	(28,772		)	(14		)	(9,934		)	—			(9		)	—			(38,729		)
Investment in subsidiary	(7,385		)	—			(26,395		)	(26,395		)	—			60,175			—
Proceeds from sale of properties and equipment	910			—			116			—			—			—			1,026
Purchases of marketable securities	(55,682		)	—			—			—			—			—			(55,682		)
Maturities and sales of marketable securities	124,694			—			—			—			—			—			124,694
Net cash flow provided by (used in) investing activities	33,765			(14		)	(36,213		)	(26,395		)	(9		)	60,175			31,309
Debt issuance costs paid	(162		)	—			—			—			—			—			(162		)
Intercompany note	(22,559		)	—			22,559			—			—			—			—
Intercompany financing	—			—			7,385			—			—			(7,385		)	—
Contribution received	—			—			—			26,395			26,395			(52,790		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(29,472		)	—			(29,472		)
Purchase of treasury stock	(2,271		)	—			—			—			—			—			(2,271		)
Net cash flow provided by (used in) financing activities	(24,992		)	—			29,944			26,395			(3,077		)	(60,175		)	(31,905		)
Effect of exchange rates on cash	—			—			(2,357		)	(1		)	3,089			—			731
Net increase (decrease) in cash and equivalents	(20,425		)	—			449			(1		)	128			—			(19,849		)
Cash and equivalents at beginning of period	83,893			—			4,135			22			1,053			—			89,103
Cash and equivalents at end of period	$	63,468		$	—		$	4,584		$	21		$	1,181		$	—		$	69,254

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Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2015

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,
	2015			2014
	(in thousands, except per share data)
Net income (loss) attributable to Quicksilver	$	(115,687	)	$	(58,833	)
Basic income allocable to participating securities (1)	—			—
Income (loss) available to shareholders	$	(115,687	)	$	(58,833	)
Weighted average common shares – basic	175,657			173,497
Effect of dilutive securities (2)
Share-based compensation awards	—			—
Weighted average common shares – diluted	175,657			173,497
Earnings (loss) per common share – basic	$	(0.66	)	$	(0.34	)
Earnings (loss) per common share – diluted	$	(0.66	)	$	(0.34	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share 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, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations.

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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, 2015		Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Quicksilver	$ (115,687)		$ (58,833)
Undistributed Earnings (Loss) Allocated to Participating Securities, Basic	0	[1]	0	[1]
Income (loss) available to shareholders	$ (115,687)		$ (58,833)
Weighted Average Number of Shares Outstanding, Basic	175,657,000		173,497,000
Share-based compensation awards	0	[2]	0	[2]
Weighted Average Number of Shares Outstanding, Diluted	175,657,000		173,497,000
Earnings (loss) per common share - basic	$ (0.66)		$ (0.34)
Earnings (loss) per common share - diluted	$ (0.66)	[2]	$ (0.34)	[2]
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation	6,400,000		6,800,000
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, are included in computing earnings per share 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, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations.

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Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Debt Instrument [Line Items]
Long-term Debt	$ 260,460		$ 2,034,542
Deferred Gain (Loss) on Discontinuation of Interest Rate Fair Value Hedge	0		2,763
Long-term Debt, Current Maturities	260,460	[1]	2,037,305
Long-term Debt, Excluding Current Maturities	0	[1]	0
Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	123,200
Combined Credit Agreements [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Amount Outstanding	260,460		274,514
Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	0	[2]	610,242
Senior Secured Second Lien Term Loan Due 2019 [Member]
Debt Instrument [Line Items]
Secured Long-term Debt, Noncurrent	0	[2]	195,277
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Senior Notes	0	[2]	293,919
Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Senior Notes	0	[2]	310,590
Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Subordinated Long-term Debt, Noncurrent	$ 0	[2]	$ 350,000

[1] As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015

[2] Classified as Liability Subject to Compromise as of March 31, 2015

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Segment Information (Tables)

3 Months Ended

Mar. 31, 2015

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)
2015
Revenue	$	74,473	$	24,536		$	8,636	$	—		$	(2,888	)	$	104,757
DD&A	6,932		7,358			558		441			—			15,289
Operating income (loss)	23,550		534			7,262		(19,297		)	—			12,049
Property and equipment costs incurred	13,268		976			43		111			—			14,398
2014
Revenue	$	62,903	$	27,962		$	5,863	$	—		$	(4,942	)	$	91,786
DD&A	7,379		4,827			1,243		506			—			13,955
Operating income (loss)	2,181		(611		)	3,201		(15,825		)	—			(11,054		)
Property and equipment costs incurred	33,216		8,954			11		91			—			42,272
Property, plant and equipment-net
March 31, 2015	$	423,583	$	251,814		$	25,590	$	3,454		$	—		$	704,441
December 31, 2014	416,901		280,830			27,205		3,844			—			728,780
Total assets
March 31, 2015	$	800,731	$	254,689		$	26,478	$	3,454		$	—		$	1,085,352
December 31, 2014	881,906		285,695			42,857		3,844			—			1,214,302

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Supplemental Cash Flow Information (Tables)

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Information [Abstract]

Cash Paid Or Received For Interest And Income Taxes

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Interest, net of capitalized interest	$	20,769	$	49,103
Income taxes	36		(7,951		)
Reorganization items	30		—

Other Significant Non-cash Transactions

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Working capital related to capital expenditures	$	2,981	$	13,128

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Condensed Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Operating activities:
Net income (loss)	$ 115,687	$ 58,833
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	15,289	13,955
Deferred income tax expense (benefit)	(1,536)	(2,426)
Hedging and derivative activities	131,789	32,555
Stock-based compensation	2,545	3,814
Non-cash interest expense	2,566	2,665
ReorganizationItemsNonCash	60,615	0
Fortune Creek accretion	3,228	4,401
Other	(261)	(407)
Changes in assets and liabilities
Accounts receivable	12,852	(13,220)
Prepaid expenses and other assets	(11,271)	518
Accounts payable	(10,617)	(10,805)
Increase (Decrease) in Income Taxes Payable, Net of Income Taxes Receivable	(36)	8,221
Accrued and other liabilities	(4,558)	(5,274)
Net cash flow provided by (used in) operating activities	87,990	(19,984)
Investing activities:
Purchases of property, plant and equipment	(15,187)	(38,729)
Proceeds from sale of properties and equipment	1,332	1,026
Payments to acquire marketable securities	0	(55,682)
Proceeds from Sale and Maturity of Held-to-maturity Securities	0	124,694
Net cash provided by (used in) investing activities	(13,855)	31,309
Financing activities:
Issuance of debt	26,235	0
Repayments of debt	(36,700)	0
Debt issuance costs paid	(80)	(162)
Distribution of Fortune Creek Partnership funds	(938)	(29,472)
Purchase of treasury stock	(115)	(2,271)
Net cash provided by (used in) financing activities	(11,598)	(31,905)
Effect of Exchange Rate on Cash and Cash Equivalents	5,774	731
Net increase (decrease) in cash	68,311	(19,849)
Cash at beginning of period	223,529	89,103
Cash at end of period	$ 291,840	$ 69,254

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Accounting Policies And Disclosures Schedule of liabilities subject to compromise (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Reorganizations [Abstract]
Liabilities Subject to Compromise, Accounts Payable and Accrued Liabilities	$ 1,554
Liabilities Subject to Compromise, Other Liabilities	51,519
Liabilities Subject to Compromise, Debt and Accrued Interest	1,798,000
Liabilities Subject to Compromise	$ 1,851,073	$ 0

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Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 7,476	$ 120,176
Noncurrent derivative assets	0	29,391
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative assets	7,476	201,363
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivative liabilities	0	51,796
Not Designated as Hedging Instrument [Member] | Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	7,476	120,176
Noncurrent derivative assets	0	81,187
Not Designated as Hedging Instrument [Member] | Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	0	0
Noncurrent derivative assets	$ 0	$ 51,796

XML

Quicksilver Stockholders' Equity (Narrative) (Details) (USD $) In Millions, except Share data, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
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	183,200,000		180,400,000
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
Common stock, shares issued	191,573,739		187,802,994
Treasury stock, shares	8,363,784		7,444,372
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	8.9
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition	January 2018
Estimated grant date fair value	0.6
Fair value of RSUs settled in cash	0
Allocated Share-based Compensation Expense	2.4	3.7
Total fair value of shares vested	0.5
Equity Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic values of options	6,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	0.4
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition	August 2016
Allocated Share-based Compensation Expense	0.2	0.5
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total intrinsic values of options	6,438,407		6,590,773
Granted, Shares	0	0

XML

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, 2015		Mar. 31, 2014
Revenue
Production	$ 60,737		$ 115,676
Sales of purchased natural gas	10,771		17,222
Net derivative gains (losses)	27,501		(42,033)
Other	5,748		921
Total revenue	104,757		91,786
Operating expense
Lease operating	15,461		18,757
Gathering, processing and transportation	28,457		32,783
Production and ad valorem taxes	3,525		4,184
Costs of purchased natural gas	10,783		17,192
Depletion, depreciation and accretion	15,289		13,955
General and administrative	18,856		15,320
Other operating	337		649
Total expense	92,708		102,840
Operating income (loss)	12,049		(11,054)
Reorganization Items	(60,645)		0
Other income - net	(25,566)		69
Fortune Creek accretion	(3,228)		(4,401)
Interest expense	(36,761)		(40,796)
Income (loss) before income taxes	(114,151)		(56,182)
Income tax (expense) benefit	(1,536)		(2,651)
Net Income (Loss) Attributable to Parent	(115,687)		(58,833)
Reclassification adjustments related to settlements of derivative contracts into production revenue- net of income tax	(5,258)		(7,850)
Foreign currency translation adjustment	(7,463)		(4,255)
Other comprehensive income (loss)	(12,721)		(12,105)
Comprehensive income (loss)	$ (128,408)		$ (70,938)
Earnings (loss) per common share - basic	$ (0.66)		$ (0.34)
Earnings (loss) per common share - diluted	$ (0.66)	[1]	$ (0.34)	[1]

[1] For the three months ended March 31, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations.

XML

Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015
Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Credit Agreement Repayment Term Trigerring Event, Maximum Threshold For Measurement	100
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument Year Of Maturity	2019
Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Equity interests	100.00%
Multiple Subsidiaries Set One [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Equity interests	100.00%
Multiple Subsidiaries Set Two [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Equity interests	65.00%
Maximum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
Minimum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	1.75%
CDOR Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	3.75%
CDOR Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
LIBOR [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	1.00%
LIBOR [Member] | Maximum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	3.75%
LIBOR [Member] | Maximum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	3.75%
LIBOR [Member] | Minimum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
LIBOR [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
Canadian Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
Canadian Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	1.75%
U.S. Prime Rate [Member] | Maximum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	2.75%
U.S. Prime Rate [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Applicable margin in addition to interest rate	1.75%
First Mortgage [Member] | Combined Credit Agreements [Member]
Debt Instrument [Line Items]
Line of Credit Facility, Current Borrowing Capacity	325	[1],[2]
Scheduled maturity date	Sep. 06, 2016	[3]
Debt Instrument, Potential Earliest Maturity Date	October 2, 2015	[3]
Debt Instrument, Interest Rate, Stated Percentage	5.11%	[4]
Base Interest Rate Options	LIBOR, ABR, CDOR	[5],[6]
Financial covenants	- Minimum current ratio of 1.0 - Minimum EBITDAX or EBITDA to cash interest expense - Maximum senior secured debt leverage ratio of 2.0	[7],[8]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments	[7],[8],[9]
Optional redemption	Any time	[7]
Make-whole redemption	N/A
Change of control	Event of default	[7]
Equity Clawback	N/A
Estimated fair value	260.5	[10]
Current ratio	1.0
Minimum EBITDA to cash interest expense ratio	1.10
Senior secured debt leverage ratio	2.0
Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount	625	[2]
Scheduled maturity date	Jun. 21, 2019	[3]
Debt Instrument, Potential Earliest Maturity Date	January 1, 2016	[3]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Base Interest Rate Options	LIBOR floor of 1.25%; ABR floor of 2.25%
Financial covenants	N/A
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[7],[9]
Optional redemption	Any time, subject to re-pricing event June 21, 2015: 101	[7]
Make-whole redemption	N/A
Change of control	Put at 101% of principal plus accrued interest	[7]
Equity Clawback	N/A
Estimated fair value	353.1	[10]
Percentage of principal plus accrued interest for change of control	101.00%
Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member]
Debt Instrument [Line Items]
Principal amount	200	[2]
Scheduled maturity date	Jun. 21, 2019	[3]
Debt Instrument, Potential Earliest Maturity Date	January 1, 2016	[3]
Debt Instrument, Interest Rate, Stated Percentage	7.00%
Base Interest Rate Options	LIBOR floor of 1.25%
Financial covenants	N/A
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[7],[9]
Optional redemption	Any time, subject to re-pricing event June 21, 2015: 101	[7]
Make-whole redemption	N/A
Change of control	Put at 101% of principal plus accrued interest	[7]
Equity Clawback	N/A
Estimated fair value	113.0	[10]
Percentage of principal plus accrued interest for change of control	101.00%
Second Lien Debt [Member] | Libor [Member] | Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Reference Rate, Floor	1.25%
Second Lien Debt [Member] | Libor [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member]
Debt Instrument [Line Items]
Debt Instrument, Reference Rate, Floor	1.25%
Second Lien Debt [Member] | ABR [Member] | Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Debt Instrument, Reference Rate, Floor	2.25%
Senior Notes [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Principal amount	298
Scheduled maturity date	Aug. 15, 2019
Debt Instrument, Potential Earliest Maturity Date	N/A
Debt Instrument, Interest Rate, Stated Percentage	9.125%
Base Interest Rate Options	N/A
Financial covenants	N/A
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[7],[9]
Optional redemption	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	[7]
Make-whole redemption	N/A
Make-whole redemption	0.50%
Change of control	Put at 101% of principal plus accrued interest	[7]
Equity Clawback	N/A
Estimated fair value	53.3	[10]
Percentage of principal plus accrued interest for change of control	101.00%
Senior Notes [Member] | Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Principal amount	325
Scheduled maturity date	Jul. 01, 2021
Debt Instrument, Potential Earliest Maturity Date	N/A
Debt Instrument, Interest Rate, Stated Percentage	11.00%
Base Interest Rate Options	N/A
Financial covenants	N/A
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[7],[9]
Optional redemption	July 1, 2019: 102.000 2020: par	[7]
Make-whole redemption	Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps	[7]
Make-whole redemption	0.50%
Change of control	Put at 101% of principal plus accrued interest	[7]
Equity Clawback	Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35%	[7]
Equity Clawback	111.00%
Estimated fair value	55.3	[10]
Percentage of principal plus accrued interest for change of control	101.00%
Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount	350
Scheduled maturity date	Apr. 01, 2016
Debt Instrument, Potential Earliest Maturity Date	N/A
Debt Instrument, Interest Rate, Stated Percentage	7.125%
Base Interest Rate Options	N/A
Financial covenants	N/A
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[7],[9]
Optional redemption	Any time	[7]
Make-whole redemption	N/A
Change of control	Put at 101% of principal plus accrued interest	[7]
Equity Clawback	N/A
Estimated fair value	3.5	[10]
Percentage of principal plus accrued interest for change of control	101.00%
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	102.00%
2014 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	102.00%
2014 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	104.563%
2014 [Member] | Senior Subordinated Notes [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	100.00%
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Credit Facility [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	101.00%
2015 [Member] | Second Lien Debt [Member] | Senior Secured Second Lien Term Loan Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	101.00%
2015 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	103.042%
2016 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	101.521%
2017 [Member] | Senior Notes [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	100.00%
2019 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	102.00%
2020 [Member] | Senior Notes [Member] | Senior Notes Due 2021 [Member]
Debt Instrument [Line Items]
Redemption percentage of par value	100.00%
First Quarter Two Thousand Sixteen [Member] | Minimum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.50
First Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	1.50
Second Quarter Two Thousand Sixteen [Member] | Minimum [Member] | U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	2.00
Second Quarter Two Thousand Sixteen [Member] | Minimum [Member] | Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Interest coverage ratio	2.00

[1] The principal amount included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings.

[2] Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) 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, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, 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 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. 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] Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were required to be repaid 91 days prior to the maturity of the Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes would have been due on January 1, 2016.

[4] Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015.

[5] Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, or (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 1.75% and 2.75%. 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

[6] Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

[7] 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.

[8] The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement.The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility: Minimum EBITDAX Covenant (in millions)Six months ending March 31, 2015$59.0Nine months ending June 30, 201587.25Twelve months ending September 30, 2015120.5Twelve months ending December 31, 2015122.0Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively.

[9] Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year.

[10] The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input).

XML

Condensed Consolidated Statements Of Equity (USD $) In Thousands	Total	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Retained Earnings [Member]	Stockholders' Equity, Total [Member]
Balances at Dec. 31, 2013		$ 1,840	$ 770,092	$ (51,422)	$ 109,881	$ (1,836,361)	$ (1,005,970)
Net income (loss)	(58,833)					(58,833)	(58,833)
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax					(7,850)		(7,850)
Foreign currency translation adjustment	(4,255)				(4,255)		(4,255)
Issuance and vesting of stock compensation		8	3,806	(2,271)			1,543
Balances at Mar. 31, 2014		1,848	773,898	(53,693)	97,776	(1,895,194)	(1,075,365)
Balances at Dec. 31, 2014		1,878	781,669	(53,810)	71,853	(1,939,461)	(1,137,871)
Net income (loss)	(115,687)					(115,687)	(115,687)
Hedge derivative contract settlements reclassified into earnings from AOCI, net of income tax					(5,258)		(5,258)
Foreign currency translation adjustment	(7,463)				(7,463)		(7,463)
Issuance and vesting of stock compensation		38	2,507	(115)			2,430
Balances at Mar. 31, 2015		$ 1,916	$ 784,176	$ (53,925)	$ 59,132	$ (2,055,148)	$ (1,263,849)

XML

Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	$ 87,990	$ (19,984)
Purchases of property, plant and equipment	(15,187)	(38,729)
Investment in subsidiaries	0	0
Proceeds from sale of properties and equipment	1,332	1,026
Payments to acquire marketable securities	0	(55,682)
Proceeds from Sale and Maturity of Marketable Securities		124,694
Net cash provided by (used in) investing activities	(13,855)	31,309
Issuance of debt	26,235	0
Repayments of debt	(36,700)	0
Debt issuance costs	(80)	(162)
Intercompany note	0	0
Intercompany financing	0	0
Contribution received		0
Distribution of Fortune Creek Partnership funds	(938)	(29,472)
Purchase of treasury stock	(115)	(2,271)
Net cash flow provided (used) by financing activities	(11,598)	(31,905)
Effect of exchange rates on cash	5,774	731
Net increase (decrease) in cash and equivalents	68,311	(19,849)
Cash and cash equivalents at beginning of period	223,529	89,103
Cash and cash equivalents at end of period	291,840	69,254
Quicksilver Resources Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	66,401	(29,198)
Purchases of property, plant and equipment	(13,479)	(28,772)
Investment in subsidiaries	(3,479)	(7,385)
Proceeds from sale of properties and equipment	1,325	910
Payments to acquire marketable securities		(55,682)
Proceeds from Sale and Maturity of Marketable Securities		124,694
Net cash provided by (used in) investing activities	(15,633)	33,765
Issuance of debt	0
Repayments of debt	(36,700)
Debt issuance costs	(80)	(162)
Intercompany note	0	(22,559)
Intercompany financing	0	0
Contribution received		0
Distribution of Fortune Creek Partnership funds	0	0
Purchase of treasury stock	(115)	(2,271)
Net cash flow provided (used) by financing activities	(36,895)	(24,992)
Effect of exchange rates on cash	0	0
Net increase (decrease) in cash and equivalents	13,873	(20,425)
Cash and cash equivalents at beginning of period	211,656	83,893
Cash and cash equivalents at end of period	225,529	63,468
Restricted Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	(166)	14
Purchases of property, plant and equipment	0	(14)
Investment in subsidiaries	0	0
Proceeds from sale of properties and equipment	0	0
Payments to acquire marketable securities		0
Proceeds from Sale and Maturity of Marketable Securities		0
Net cash provided by (used in) investing activities	0	(14)
Issuance of debt	0
Repayments of debt	0
Debt issuance costs	0	0
Intercompany note	0	0
Intercompany financing	166	0
Contribution received		0
Distribution of Fortune Creek Partnership funds	0	0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	166	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 by (used in) operating activities	22,974	9,075
Purchases of property, plant and equipment	(1,708)	(9,934)
Investment in subsidiaries	0	(26,395)
Proceeds from sale of properties and equipment	7	116
Payments to acquire marketable securities		0
Proceeds from Sale and Maturity of Marketable Securities		0
Net cash provided by (used in) investing activities	(1,701)	(36,213)
Issuance of debt	26,235
Repayments of debt	0
Debt issuance costs	0	0
Intercompany note	0	22,559
Intercompany financing	3,313	7,385
Contribution received		0
Distribution of Fortune Creek Partnership funds	0	0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	29,548	29,944
Effect of exchange rates on cash	4,699	(2,357)
Net increase (decrease) in cash and equivalents	55,520	449
Cash and cash equivalents at beginning of period	10,182	4,135
Cash and cash equivalents at end of period	65,702	4,584
Quicksilver And Restricted Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	89,209	(20,109)
Purchases of property, plant and equipment	(15,187)	(38,720)
Proceeds from sale of properties and equipment	1,332	1,026
Payments to acquire marketable securities	0	(55,682)
Proceeds from Sale and Maturity of Marketable Securities	0	124,694
Net cash provided by (used in) investing activities	(13,855)	4,923
Issuance of debt	26,235	0
Repayments of debt	(36,700)	0
Debt issuance costs	(80)	(162)
Purchase of treasury stock	(115)	(2,271)
Net cash flow provided (used) by financing activities	(10,660)	(2,433)
Effect of exchange rates on cash	4,699	(2,357)
Net increase (decrease) in cash and equivalents	69,393	(19,976)
Cash and cash equivalents at beginning of period	221,838	88,028
Cash and cash equivalents at end of period	291,231	68,052
Unrestricted Non-Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	(2)	0
Purchases of property, plant and equipment	0	0
Investment in subsidiaries	0	(26,395)
Proceeds from sale of properties and equipment	0	0
Payments to acquire marketable securities		0
Proceeds from Sale and Maturity of Marketable Securities		0
Net cash provided by (used in) investing activities	0	(26,395)
Issuance of debt	0
Repayments of debt	0
Debt issuance costs	0	0
Intercompany note	0	0
Intercompany financing	0	0
Contribution received		26,395
Distribution of Fortune Creek Partnership funds	0	0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	0	26,395
Effect of exchange rates on cash	0	(1)
Net increase (decrease) in cash and equivalents	(2)	(1)
Cash and cash equivalents at beginning of period	20	22
Cash and cash equivalents at end of period	18	21
Fortune Creek [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	(1,217)	125
Purchases of property, plant and equipment	0	(9)
Investment in subsidiaries	0	0
Proceeds from sale of properties and equipment	0	0
Payments to acquire marketable securities		0
Proceeds from Sale and Maturity of Marketable Securities		0
Net cash provided by (used in) investing activities	0	(9)
Issuance of debt	0
Repayments of debt	0
Debt issuance costs	0	0
Intercompany note	0	0
Intercompany financing	0	0
Contribution received		26,395
Distribution of Fortune Creek Partnership funds	(938)	(29,472)
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	(938)	(3,077)
Effect of exchange rates on cash	1,075	3,089
Net increase (decrease) in cash and equivalents	(1,080)	128
Cash and cash equivalents at beginning of period	1,671	1,053
Cash and cash equivalents at end of period	591	1,181
Consolidating Eliminations [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by (used in) operating activities	0	0
Purchases of property, plant and equipment	0	0
Investment in subsidiaries	3,479	60,175
Proceeds from sale of properties and equipment	0	0
Payments to acquire marketable securities		0
Proceeds from Sale and Maturity of Marketable Securities		0
Net cash provided by (used in) investing activities	3,479	60,175
Issuance of debt	0
Repayments of debt	0
Debt issuance costs	0	0
Intercompany note	0	0
Intercompany financing	(3,479)	(7,385)
Contribution received		(52,790)
Distribution of Fortune Creek Partnership funds	0	0
Purchase of treasury stock	0	0
Net cash flow provided (used) by financing activities	(3,479)	(60,175)
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

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Divestitures Divestitures (Details) (Sandwash Basin [Member], USD $) In Millions, unless otherwise specified	May 01, 2014
Sandwash Basin [Member]
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds	$ 95.6

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Transactions With Related Parties

3 Months Ended

Mar. 31, 2015

Related Party Transactions [Abstract]

Transactions With Related Parties

TRANSACTIONS AND OTHER MATTERS WITH RELATED PARTIES

As of March 31, 2015, members of the Darden family and entities controlled by them beneficially owned approximately 25% of our outstanding common stock. Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

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 2015 and 2014.

In May 2013, we entered into an agreement with Thomas F. Darden, brother of Glenn Darden and Anne Darden Self, with respect to Mr. Darden’s retirement and Mr. Darden’s provision of consulting services following his retirement. Mr. Darden retired as an employee on December 31, 2013, and resigned from the board of directors effective September 1, 2014. During the first three months of 2015, consulting fee payments of $45,000 and office allowance payments of $12,500 were made to Mr. Darden. During the first three months of 2014, consulting fee payments of $135,000, office allowance payments of $37,500 and COBRA payments of $39,000 were made to Mr. Darden. Additionally, in accordance with the agreement, and following the execution and non-revocation of a release agreement satisfactory to us, in March 2014, we paid Mr. Darden a cash bonus of $286,650 and an equity bonus in the form of 72,662 fully vested shares having a grant date fair value equal to $191,100. We did not make consulting fee payments of $90,000 or office allowance payments of $25,000 for February or March 2015 and, on April 15, 2015, the Bankruptcy Court entered an order authorizing our rejection of the agreement effective as of March 17, 2015. The remaining amount owed under the agreement was $1.2 million. These amounts are included in Liabilities Subject to Compromise on the balance sheet as of March 31, 2015.

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Derivatives And Fair Value Measurements (Narrative) (Details) (USD $) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 MMcf	Mar. 31, 2014	Dec. 31, 2014
Anticipated Natural Gas Production for 2015	20
Cash Proceeds From Derivative Terminations	$ 135.7
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings	19.6
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net	$ 0.5	$ 0.5
Fair Value Inputs, Level 3 [Member]
Natural gas hedges original tenure	10 years
Fair Value Inputs, Level 3 [Member] | Maximum [Member]
Unobservable inputs included within the fair value calculation			4.60
Fair Value Inputs, Level 3 [Member] | Minimum [Member]
Unobservable inputs included within the fair value calculation			2.88

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Derivatives And Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2015

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

Estimated Fair Value Of Derivative Instruments Under Input Levels

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Level 2 derivative instruments	$	7,476	$	104,608	$	—	$	—
Level 3 derivative instruments	—		44,959		—		—
Total	$	7,476	$	149,567	$	—	$	—

Changes In Level 3 Fair Values

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Balance at beginning of period	$	44,959		$	23,485
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(109,240		)	(17,883		)
Settlements in net derivative gains (losses)	64,281			1,599
Balance at end of period	$	—		$	7,201
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	—		$	(15,576	)

Estimated Fair Value Of Derivative Instruments

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	7,476	$	120,176	$	—	$	—
Noncurrent derivative assets	—		81,187		—		51,796
Total derivatives not designated as hedges	$	7,476	$	201,363	$	—	$	51,796

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Condensed Consolidated Statements Of Equity (Parenthetical) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Statement of Stockholders' Equity [Abstract]
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income	$ (1,536)	$ (2,426)
Income tax effect related to net change in derivative fair value	$ 0	$ 0

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Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Condensed Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) Parenthetical (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Contractual Interest Expense on Prepetition Liabilities Not Recognized in Statement of Operations	$ 39,388	$ 0

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Quicksilver Stockholders' Equity

3 Months Ended

Mar. 31, 2015

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, 2015 and December 31, 2014, we had 183.2 million and 180.4 million shares of common stock outstanding, respectively.

Stock Options

No options have been granted during 2015 or 2014.

The following table summarizes our stock option activity for the three months endedMarch 31, 2015:

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
					(in years)	(in thousands)
Outstanding at January 1, 2015	6,590,773		$	7.83
Expired	(152,366	)	11.39
Outstanding at March 31, 2015	6,438,407		$	7.74	4.9	$	—
Exercisable at March 31, 2015	5,334,087		$	9.00	4.3	$	—

As of March 31, 2015, we estimate that a total of 6.1 million stock options will vest including those options already exercisable. As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested stock options was $0.4 million, which is expected to be recognized in expense through August 2016. Compensation expense related to stock options of $0.2 million and $0.5 million was recognized for the three months endedMarch 31, 2015 and 2014, respectively.

Restricted Stock and Stock Units

The following table summarizes our restricted stock and stock unit activity for the three months endedMarch 31, 2015:

	Payable in shares				Payable in cash
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	8,056,265		$	2.54	863,975		$	3.33
Granted	3,124,674		0.19		—		—
Vested	(3,137,665	)	3.15		(422,562	)	3.82
Forfeited	(73,007	)	2.64		(3,859	)	2.93
Outstanding at March 31, 2015	7,970,267		$	1.38	437,554		$	2.86

As of March 31, 2015, the unrecognized compensation cost related to outstanding unvested restricted stock was $8.9 million, which is expected to be recognized in expense through January 2018. Grants of restricted stock and RSUs during the three months endedMarch 31, 2015 had an estimated grant date fair value of $0.6 million. The fair value of outstanding RSUs to be settled in cash was less than $0.1 million at March 31, 2015. For the three months endedMarch 31, 2015 and 2014, compensation expense related to restricted stock and RSUs of $2.4 million and $3.7 million, respectively, was recognized. The total fair value of shares vested during the three months endedMarch 31, 2015 was $0.5 million.

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Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2015
Document Fiscal Year Focus	2015
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	Accelerated Filer
Entity Common Stock, Shares Outstanding		183,142,386

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Earnings Per Share

3 Months Ended

Mar. 31, 2015

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,
	2015			2014
	(in thousands, except per share data)
Net income (loss) attributable to Quicksilver	$	(115,687	)	$	(58,833	)
Basic income allocable to participating securities (1)	—			—
Income (loss) available to shareholders	$	(115,687	)	$	(58,833	)
Weighted average common shares – basic	175,657			173,497
Effect of dilutive securities (2)
Share-based compensation awards	—			—
Weighted average common shares – diluted	175,657			173,497
Earnings (loss) per common share – basic	$	(0.66	)	$	(0.34	)
Earnings (loss) per common share – diluted	$	(0.66	)	$	(0.34	)

⁽¹⁾  Restricted share awards that contain nonforfeitable rights to dividends are participating securities and, therefore, are included in computing earnings per share 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, 2015, 6.4 million shares associated with our stock options and 0.9 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations. For the three months ended March 31, 2014, 6.8 million shares associated with our stock options and 0.3 million shares associated with our unvested RSUs were antidilutive and, therefore, excluded from the diluted share calculations.

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Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Mar. 31, 2015		Dec. 31, 2014
Current assets
Cash	$ 291,840		$ 223,529
Accounts receivable - net of allowance for doubtful accounts	50,026		65,158
Derivative assets at fair value	7,476		120,176
Other current assets	23,901		14,414
Total current assets	373,243		423,277
Property, plant and equipment - net
Oil and natural gas properties, full cost method (including unevaluated costs of $18,253 and $18,803, respectively)	595,884		614,668
Property, Plant and Equipment, Other, Net	108,557		114,112
Property, plant and equipment, net of accumulated depletion and depreciation	704,441		728,780
Derivative assets at fair value	0		29,391
Other assets	7,668		32,854
Total assets	1,085,352		1,214,302
Long-term Debt, Current Maturities	260,460	[1]	2,037,305
Current liabilities
Accounts payable	10,657		22,586
Accrued liabilities	30,345		81,146
Total current liabilities	301,462		2,141,037
Long-term debt	0	[1]	0
Partnership liability	86,466		91,956
Asset retirement obligations	100,005		104,049
Other liabilities	10,195		15,131
Liabilities Subject to Compromise	1,851,073		0
Commitments and contingencies (Note 7)
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 191,573,739 and 187,802,994 shares issued, respectively	1,916		1,878
Paid in capital in excess of par value	784,176		781,669
Treasury stock of 8,363,784 and 7,444,372 shares, respectively	(53,925)		(53,810)
Accumulated other comprehensive income	59,132		71,853
Retained deficit	(2,055,148)		(1,939,461)
Total stockholders' equity	(1,263,849)		(1,137,871)
Total liabilities and stockholders' equity	$ 1,085,352		$ 1,214,302

[1] As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015

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Property, Plant And Equipment

3 Months Ended

Mar. 31, 2015

Property, Plant and Equipment [Abstract]

Property, Plant And Equipment

PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	March 31, 2015			December 31, 2014
	(in thousands)
Oil and gas properties
Subject to depletion	$	5,735,822		$	5,821,167
Unevaluated costs	18,253			18,803
Accumulated depletion	(5,158,191		)	(5,225,302		)
Net oil and gas properties	595,884			614,668
Other property and equipment
Pipelines and processing facilities	304,502			316,013
General properties	63,717			66,455
Accumulated depreciation	(259,662		)	(268,356		)
Net other property and equipment	108,557			114,112
Property, plant and equipment, net of accumulated depletion and depreciation	$	704,441		$	728,780

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Derivatives And Fair Value Measurements

3 Months Ended

Mar. 31, 2015

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 level of the inputs used in estimating the fair value:

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Level 2 derivative instruments	$	7,476	$	104,608	$	—	$	—
Level 3 derivative instruments	—		44,959		—		—
Total	$	7,476	$	149,567	$	—	$	—

The fair value of “Level 2” derivative instruments included in these disclosures was estimated using inputs quoted in active markets for the periods covered by the derivatives. The fair value of derivative instruments designated as “Level 3” at December 31, 2014, was estimated using prices quoted in markets where there is insufficient market activity for consideration as “Level 2” instruments. At December 31, 2014, only our natural gas derivatives with an original tenure of 10 years utilized “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 the derivatives, and the credit adjusted risk-free interest rates. The “Level 3” unobservable input at December 31, 2014 was the market prices for natural gas for the period from 2019 to 2021, as there is not an active market for that period of time. These unobservable inputs included within the fair value calculation range at December 31, 2014 from $2.88 to $4.60 and are based upon prices quoted in active markets for the period of time available. A decrease of these unobservable inputs would increase the fair value, while an increase would decrease the fair value.

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,
	2015			2014
	(in thousands)
Balance at beginning of period	$	44,959		$	23,485
Total gains (losses) for the period:
Unrealized gain (loss) on derivatives	(109,240		)	(17,883		)
Settlements in net derivative gains (losses)	64,281			1,599
Balance at end of period	$	—		$	7,201
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	$	—		$	(15,576	)

Commodity Price Derivatives

Between January and March 2015, substantially all of our derivatives were restructured or terminated either by us or the counterparties to such derivatives in anticipation or as a result of our Chapter 11 filings. These restructured and terminated derivatives reduced our daily production volume of natural gas economically hedged to 20 MMcfd in 2015 and we no longer have any derivatives beyond 2015. The cash proceeds and related receivables from derivatives terminated in 2015 were $135.7 million.

Effective December 31, 2012, we discontinued the use of hedge accounting. Changes in value subsequent to this date are 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 is being released into revenue from natural gas, NGL and oil production over the original term of the hedging relationship (through 2021). Gains from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during the following twelve months will result in production revenue of $19.6 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. Upon the early settlements, we recorded the resulting gain as a fair value adjustment to our debt and began to recognize the deferred gain as a reduction of interest expense over the lives of the respective notes. During the three months endedMarch 31, 2015 and 2014, we recognized $0.5 million and $0.5 million, respectively, of those deferred gains as a reduction of interest expense. As a result of the Chapter 11 proceedings, the remainder of the deferred gains related to these interest rate swaps were included in Reorganization Items, net.

Fair Value Disclosures

The estimated fair value of our derivative instruments at March 31, 2015 and December 31, 2014 were as follows:

	Asset Derivatives				Liability Derivatives
	March 31, 2015		December 31, 2014		March 31, 2015		December 31, 2014
	(in thousands)				(in thousands)
Derivatives not designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	7,476	$	120,176	$	—	$	—
Noncurrent derivative assets	—		81,187		—		51,796
Total derivatives not designated as hedges	$	7,476	$	201,363	$	—	$	51,796

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 presentation 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, 2014 principally resulted from the termination of the majority of our derivatives.

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 sheets as of March 31, 2015 and December 31, 2014 are included in Note 5.

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Accounting Policies And Disclosures Accounting Policies And Disclosures (Tables)

3 Months Ended

Mar. 31, 2015

Reorganizations [Abstract]

schedule of liabilities subject to compromise [Table Text Block]

	March 31, 2015
	(in thousands)
Accounts payable	$	1,554
Accrued liabilities	51,519
Debt	1,798,000
Liabilities subject to compromise	$	1,851,073

Schedule of Reorganization Items, Net [Table Text Block]

	For the Three Months Ended March 31, 2015
	(in thousands)
Professional fees	$	2,041
Deferred financing costs and unamortized discounts	59,983
Deferred interest rate swap gains	(2,314		)
Terminated contracts	935
Reorganization items, net	$	60,645

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Condensed Consolidating Financial Information

3 Months Ended

Mar. 31, 2015

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

CONDENSED CONSOLIDATING FINANCIAL INFORMATION

Note 17 to the consolidated financial statements in our 2014 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 periods covered by the condensed consolidated financial statements. Under the indentures for our Second Lien Notes, 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.

The activity and balances included in the Quicksilver Resources Inc. and the Restricted Guarantor Subsidiaries columns represent the U.S. Debtors’ financial information. Cowtown Drilling Inc., a U.S. Debtor, is included in the Restricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below. Additionally, Makarios Resources International Holdings LLC, Makarios Resources International Inc., Quicksilver Production Partners GP LLC and Quicksilver Production Partners LP, all of which are U.S. Debtors, are included in the Unrestricted Non-Guarantor Subsidiaries column, however, no activity occurred and no balances exist for the periods presented below.

Condensed Consolidating Balance Sheets

	March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	288,398		$	707	$	83,907		$	49		$	182	$	—		$	373,243
Property and equipment	427,038			14,086		251,814			—			11,503		—			704,441
Investment in subsidiaries (equity method)	(355,074		)	—		(86,091		)	(84,576		)	—		525,741			—
Other assets	415,891			—		5,059			—			—		(413,282		)	7,668
Total assets	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352
LIABILITIES AND EQUITY
Current liabilities	$	170,996		$	197	$	543,188		$	30		$	333	$	(413,282	)	$	301,462
Long-term liabilities	45,011			10,195		53,610			—			1,384		86,466			196,666
Liabilities subject to compromise	1,851,073			—		—			—			—		—			1,851,073
Stockholders' equity	(1,290,827		)	4,401		(342,109		)	(84,557		)	9,968		439,275			(1,263,849		)
Total liabilities and equity	$	776,253		$	14,793	$	254,689		$	(84,527	)	$	11,685	$	112,459		$	1,085,352

	December 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries			Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
ASSETS
Current assets	$	774,287		$	13,909		$	68,513		$	82		$	1,742	$	(435,256	)	$	423,277
Property and equipment	420,744			14,357			280,830			—			12,849		—			728,780
Investment in subsidiaries (equity method)	(293,312		)	—			(82,360		)	(82,379		)	—		458,051			—
Other assets	43,533			—			18,712			—			—		—			62,245
Total assets	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302
LIABILITIES AND EQUITY
Current liabilities	$	2,038,575		$	13,837		$	520,296		$	63		$	3,522	$	(435,256	)	$	2,141,037
Long-term liabilities	44,548			15,131			58,009			—			1,492		91,956			211,136
Stockholders' equity	(1,137,871		)	(702		)	(292,610		)	(82,360		)	9,577		366,095			(1,137,871		)
Total liabilities and equity	$	945,252		$	28,266		$	285,695		$	(82,297	)	$	14,591	$	22,795		$	1,214,302

Condensed Consolidating Statements of Income

	For the Three Months Ended March 31, 2015
	Debtors					Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries		Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	74,473		$	5,707	$	24,960		$	—	$	2,888	$	(3,271	)	$	104,757
Operating expenses	68,966			605		25,680			—		728		(3,271		)	92,708
Equity in net earnings of subsidiaries	(25,716		)	—		(1,067		)	2,161		—		24,622			—
Operating income (loss)	(20,209		)	5,102		(1,787		)	2,161		2,160		24,622			12,049
Fortune Creek accretion	—			—		—			—		—		(3,228		)	(3,228		)
Interest expense and other	(32,867		)	—		(29,461		)	—		1		—			(62,327		)
Reorganization items, net	(60,645		)	—		—			—		—		—			(60,645		)
Income tax (expense) benefit	(1,966		)	—		430			—		—		—			(1,536		)
Net income (loss)	$	(115,687	)	$	5,102	$	(30,818	)	$	2,161	$	2,161	$	21,394		$	(115,687	)
Other comprehensive loss	(11,115		)	—		(1,606		)	—		—		—			(12,721		)
Equity in OCI of subsidiaries	(1,606		)	—		—			—		—		1,606			—
Comprehensive income (loss)	$	(128,408	)	$	5,102	$	(32,424	)	$	2,161	$	2,161	$	23,000		$	(128,408	)

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non- Guarantor Subsidiaries			Unrestricted Non- Guarantor Subsidiaries		Fortune Creek		Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Revenue	$	62,910		$	374		$	28,502		$	—	$	4,942	$	(4,942	)	$	91,786
Operating expenses	75,401			291			30,265			—		1,825		(4,942		)	102,840
Equity in net earnings of subsidiaries	(5,689		)	—			(1,282		)	3,119		—		3,852			—
Operating income (loss)	(18,180		)	83			(3,045		)	3,119		3,117		3,852			(11,054		)
Fortune Creek accretion	—			—			—			—		—		(4,401		)	(4,401		)
Interest expense and other	(38,011		)	—			(2,718		)	—		2		—			(40,727		)
Income tax (expense) benefit	(2,642		)	(29		)	20			—		—		—			(2,651		)
Net income (loss)	$	(58,833	)	$	54		$	(5,743	)	$	3,119	$	3,119	$	(549	)	$	(58,833	)
Other comprehensive loss	(8,798		)	—			(3,307		)	—		—		—			(12,105		)
Equity in OCI of subsidiaries	(3,307		)	—			—			—		—		3,307			—
Comprehensive income (loss)	$	(70,938	)	$	54		$	(9,050	)	$	3,119	$	3,119	$	2,758		$	(70,938	)

Condensed Consolidating Statements of Cash Flows

	For the Three Months Ended March 31, 2015
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	66,401		$	(166	)	$	22,974		$	(2	)	$	(1,217	)	$	—		$	87,990
Purchases of property, plant and equipment	(13,479		)	—			(1,708		)	—			—			—			(15,187		)
Investment in subsidiary	(3,479		)	—			—			—			—			3,479			—
Proceeds from sale of properties and equipment	1,325			—			7			—			—			—			1,332
Net cash flow provided by (used in) investing activities	(15,633		)	—			(1,701		)	—			—			3,479			(13,855		)
Issuance of debt	—			—			26,235			—			—			—			26,235
Repayments of debt	(36,700		)	—			—			—			—			—			(36,700		)
Debt issuance costs paid	(80		)	—			—			—			—			—			(80		)
Intercompany note	—			—			—			—			—			—			—
Intercompany financing	—			166			3,313			—			—			(3,479		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(938		)	—			(938		)
Purchase of treasury stock	(115		)	—			—			—			—			—			(115		)
Net cash flow provided by (used in) financing activities	(36,895		)	166			29,548			—			(938		)	(3,479		)	(11,598		)
Effect of exchange rates on cash	—			—			4,699			—			1,075			—			5,774
Net increase (decrease) in cash and equivalents	13,873			—			55,520			(2		)	(1,080		)	—			68,311
Cash and equivalents at beginning of period	211,656			—			10,182			20			1,671			—			223,529
Cash and equivalents at end of period	$	225,529		$	—		$	65,702		$	18		$	591		$	—		$	291,840

	For the Three Months Ended March 31, 2014
	Debtors						Non-Debtors
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(in thousands)
Net cash flow provided by (used in) operating activities	$	(29,198	)	$	14		$	9,075		$	—		$	125		$	—		$	(19,984	)
Purchases of property, plant and equipment	(28,772		)	(14		)	(9,934		)	—			(9		)	—			(38,729		)
Investment in subsidiary	(7,385		)	—			(26,395		)	(26,395		)	—			60,175			—
Proceeds from sale of properties and equipment	910			—			116			—			—			—			1,026
Purchases of marketable securities	(55,682		)	—			—			—			—			—			(55,682		)
Maturities and sales of marketable securities	124,694			—			—			—			—			—			124,694
Net cash flow provided by (used in) investing activities	33,765			(14		)	(36,213		)	(26,395		)	(9		)	60,175			31,309
Debt issuance costs paid	(162		)	—			—			—			—			—			(162		)
Intercompany note	(22,559		)	—			22,559			—			—			—			—
Intercompany financing	—			—			7,385			—			—			(7,385		)	—
Contribution received	—			—			—			26,395			26,395			(52,790		)	—
Distribution of Fortune Creek Partnership funds	—			—			—			—			(29,472		)	—			(29,472		)
Purchase of treasury stock	(2,271		)	—			—			—			—			—			(2,271		)
Net cash flow provided by (used in) financing activities	(24,992		)	—			29,944			26,395			(3,077		)	(60,175		)	(31,905		)
Effect of exchange rates on cash	—			—			(2,357		)	(1		)	3,089			—			731
Net increase (decrease) in cash and equivalents	(20,425		)	—			449			(1		)	128			—			(19,849		)
Cash and equivalents at beginning of period	83,893			—			4,135			22			1,053			—			89,103
Cash and equivalents at end of period	$	63,468		$	—		$	4,584		$	21		$	1,181		$	—		$	69,254

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Commitments And Contingencies

3 Months Ended

Mar. 31, 2015

Loss Contingency [Abstract]

Commitments And Contingencies

COMMITMENTS AND CONTINGENCIES

QRCI did not pay an uneconomic Canadian gathering and processing commitment, which included significant unused firm capacity, due in late February 2015. In early March 2015, the third-party service provider issued a demand letter regarding the missed payment and suspended service resulting in our Horn River Asset production being shut-in. Further, a termination notice was issued by the third-party service provider effective March 19, 2015. We are exploring alternatives to gather and process our Horn River Asset production; however, we may not be able to find economic alternatives in the near-term, or at all, and production may remain shut-in.

In connection with this Canadian gathering and processing contract, we had previously issued a letter of credit in the amount of C$33 million. Upon termination, the third party drew down the full face amount of the letter of credit. We do not believe the third party was legally entitled to draw down the entire amount of the letter of credit and we have reserved all of our rights, entitlements and remedies in that regard. The C$33 million draw is shown as a reduction to amounts outstanding under the contract for services provided prior to the termination and the remainder is recognized as Other Expense. At the present time, we cannot predict the ultimate outcome of this matter, including whether some or all of the C$33 million drawn on the letter of credit will be payable to us or whether any additional amounts will have to be paid related to the termination of the contract.

We expect that we and the third party will disagree as to what are the remaining obligations under the relevant agreement and the length of the remaining term of the agreement and as to the remedies and defenses available to the parties. While we expect to vigorously dispute the amount, we expect that the third party will claim to be entitled to up to approximately C$126 million (including the proceeds of the letter of credit) as the aggregate of the monthly tolls for firm capacity for the alleged remainder of the term of the relevant agreement.

Additionally, on April 15 and May 8, 2015, the Bankruptcy Court issued orders allowing us to reject certain executory contracts with uneconomic terms having an effective date of April 1, 2015. In the second quarter of 2015, we expect to recognize a reorganization item expense of $67.5 million and a corresponding Liability Subject to Compromise for these rejected executory contracts.

Note 13 to the consolidated financial statements in our 2014 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, 2015.

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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, 2015	Mar. 31, 2014	Dec. 31, 2014
Segment Reporting Information [Line Items]
Number of geographical segments	2
Revenue	$ 104,757	$ 91,786
Depletion, depreciation and accretion	15,289	13,955
Operating income (loss)	12,049	(11,054)
Property and equipment costs incurred	14,398	42,272
Property, plant and equipment - net	704,441		728,780
Total assets	1,085,352		1,214,302
UNITED STATES
Segment Reporting Information [Line Items]
Revenue	74,473	62,903
Depletion, depreciation and accretion	6,932	7,379
Operating income (loss)	23,550	2,181
Property and equipment costs incurred	13,268	33,216
Property, plant and equipment - net	423,583		416,901
Total assets	800,731		881,906
CANADA
Segment Reporting Information [Line Items]
Revenue	24,536	27,962
Depletion, depreciation and accretion	7,358	4,827
Operating income (loss)	534	(611)
Property and equipment costs incurred	976	8,954
Property, plant and equipment - net	251,814		280,830
Total assets	254,689		285,695
Midstream [Member]
Segment Reporting Information [Line Items]
Revenue	8,636	5,863
Depletion, depreciation and accretion	558	1,243
Operating income (loss)	7,262	3,201
Property and equipment costs incurred	43	11
Property, plant and equipment - net	25,590		27,205
Total assets	26,478		42,857
Corporate [Member]
Segment Reporting Information [Line Items]
Revenue	0	0
Depletion, depreciation and accretion	441	506
Operating income (loss)	(19,297)	(15,825)
Property and equipment costs incurred	111	91
Property, plant and equipment - net	3,454		3,844
Total assets	3,454		3,844
Elimination [Member]
Segment Reporting Information [Line Items]
Revenue	(2,888)	(4,942)
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

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Long-Term Debt

3 Months Ended

Mar. 31, 2015

Long-term Debt, Other Disclosures [Abstract]

Long-Term Debt

DEBT

Debt consisted of the following:

	March 31, 2015			December 31, 2014
	(in thousands)
Combined Credit Agreements	$	260,460		$	274,514
Second Lien Term Loan, net of unamortized discount (1)	—			610,242
Second Lien Notes due 2019, net of unamortized discount (1)	—			195,277
Senior notes due 2019, net of unamortized discount (1)	—			293,919
Senior notes due 2021, net of unamortized discount (1)	—			310,590
Senior subordinated notes due 2016 (1)	—			350,000
Total debt	260,460			2,034,542
Unamortized deferred gain-terminated interest rate swaps	—			2,763
Current portion of long-term debt (2)	(260,460		)	(2,037,305		)
Long-term debt (2)	$	—		$	—

⁽¹⁾  Classified as Liability Subject to Compromise as of March 31, 2015

⁽²⁾  As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015

On March 16, 2015, we, along with QRCI, entered into the Forbearance Agreement with the administrative agents and certain of the lenders under the Combined Credit Agreements. As a result of the Chapter 11 filing, the obligations under the Combined Credit Agreements were automatically accelerated. However, pursuant to the Forbearance Agreement, the administrative agents and certain of the lenders agreed to, among other things, (i) forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility related to our Chapter 11 filing until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement, including, among other things, the commencement by QRCI or certain specified Canadian subsidiary guarantors of insolvency proceedings and (ii) waive compliance with certain specified terms and conditions relating to the renewal of outstanding evergreen letters of credit under the Combined Credit Agreements.

In March 2015, a third-party service provider drew down the full face amount of a C$33 million letter of credit in connection with the termination of a Canadian gathering and processing contract. See additional discussion in Note 7.

As of March 31, 2015, $260.5 million in loans ($137.3 million and $123.2 million in the U.S. and Canada, respectively) and $11.9 million ($9.8 million and $2.1 million in the U.S. and Canada, respectively) in letters of credit were outstanding under our Combined Credit Agreements. Our Chapter 11 filings constituted an event of default under the Combined Credit Agreements and all borrowings and other fees under the Combined Credit Agreements became immediately due and payable. As a result, we no longer have any liquidity available to us under the Combined Credit Agreements. The ability of the lenders under the Combined Credit Agreements to seek remedies to enforce their rights under the agreements against the U.S. Debtors was automatically stayed as a result of the Chapter 11 filings, and the lenders’ rights of enforcement against the U.S. Debtors are subject to the applicable provisions of the Bankruptcy Code. Amounts outstanding under the Combined Credit Agreements have not been included in Liabilities Subject to Compromise because we believe the secured debt will not be impacted by the bankruptcy reorganization process. We continue to accrue and pay interest on the Combined Credit Agreements in accordance with the Forbearance Agreement and the Bankruptcy Court’s cash collateral order. Beginning on March 17, 2015, as part of the Forbearance Agreement, we agreed to pay interest monthly for the Amended and Restated U.S. Credit Facility at a specified rate of ABR plus the applicable margin and for the Amended and Restated Canadian Credit Facility at a specified rate of Canadian prime plus the default rate plus the applicable margin for Canadian dollar denominated borrowings, and U.S. prime plus the default rate plus the applicable margin, for U.S. dollar denominated borrowings. Subsequent to the Forbearance Agreement, we agreed in connection with the adequate protection package, which allowed for the use of cash collateral and collateral, to fix the applicable margin for loans under the Amended and Restated U.S. Credit Facility to 2.5%. We also agreed with the administrative agent of the Amended and Restated Canadian Credit Facility to set the applicable margin for loans under the Amended and Restated Canadian Credit Facility to 2.75%. At March 31, 2015, the weighted average interest rate for amounts outstanding under the Combined Credit Agreement was 5.11%. In April 2015, we repaid $88.0 million ($46.5 million and $41.5 million in the U.S. and Canada, respectively) of outstanding amounts under our Combined Credit Agreements with proceeds from terminated derivative positions.

Our Chapter 11 filings also constituted an event of default under the Second Lien Term Loan, the Second Lien Notes, the Senior Notes due 2019, the Senior Notes due 2021, and the Senior Subordinated Notes. All principal, interest and other amounts under each of these debt instruments became immediately due and payable. The ability of the lenders and noteholders to seek remedies to enforce their rights under the applicable debt instruments was automatically stayed as a result of the Chapter 11 filings, and the lenders’ and noteholders’ rights of enforcement are subject to the applicable provisions of the Bankruptcy Code. Amounts outstanding under the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes have been reclassified as Liabilities Subject to Compromise. We discontinued the accrual of interest on the Second Lien Term Loan, Second Lien Notes, Senior Notes due 2019, Senior Notes due 2021 and Senior Subordinated Notes from and after the Petition Date. However, we are making adequate protection payments to the lenders under the Second Lien Term Loan and the holders of the Second Lien Notes, in each case in an amount equal to all accrued and unpaid post-petition interest (at a rate of 7.00% as of March 31, 2015), fees and costs due and payable on a monthly basis under the Second Lien Term Loan and the indenture for the Second Lien Notes, respectively, in accordance with the Bankruptcy Court’s cash collateral order. As the Bankruptcy Court will ultimately determine the treatment of all amounts subject to compromise and our Second Lien Term Loan and Second Lien Notes may be impacted by the bankruptcy reorganization process, the adequate protection payments are treated as a principal payment rather than as interest expense. The Bankruptcy Court could recharacterize these payments as diminution in value claims or interest payments or find that additional amounts are due, which in each case could require us to expense these payments.

Summary of All Outstanding Debt

Except where otherwise noted, the following table summarizes certain significant aspects of our long-term debt outstanding immediately prior to the Chapter 11 filings. Upon the Chapter 11 filings, all principal, interest and other amounts under each of the debt instruments governing the long-term debt set forth in the table below was accelerated and became immediately due and payable. The information in the table below is presented without regard to the effect of the Chapter 11 filings, except where otherwise noted, and therefore does not take into account the acceleration of the listed debt instruments and other impacts of the Chapter 11 filings.

	Priority on Collateral and Structural Seniority (1)
	Highest priority						Lowest priority
	First Lien		Second Lien		Senior Unsecured		Senior Subordinated
	Combined Credit Agreements		Second Lien Term Loan	Second Lien Notes	2019 Senior Notes	2021 Senior Notes	Senior Subordinated Notes
Principal amount (1) (2)	$325 million		$625 million	$200 million	$298 million	$325 million	$350 million
Scheduled maturity date prior to acceleration (3)	September 6, 2016		June 21, 2019	June 21, 2019	August 15, 2019	July 1, 2021	April 1, 2016
Springing maturity date prior to acceleration (3)	October 2, 2015		January 1, 2016	January 1, 2016	N/A	N/A	N/A
Interest rate on outstanding borrowings at March 31, 2015 (4)	5.11%		7.00%	7.00%	9.125%	11.00%	7.125%
Base interest rate options prior to acceleration (5) (6)	LIBOR, ABR, CDOR		LIBOR floor of 1.25%; ABR floor of 2.25%	LIBOR floor of 1.25%	N/A	N/A	N/A
Financial covenants (7) (9)	- Minimum current ratio of 1.0 - Minimum EBITDAX or EBITDA to cash interest expense - Maximum senior secured debt leverage ratio of 2.0		N/A	N/A	N/A	N/A	N/A
Significant restrictive covenants (7)(8)(9)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments		- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens and 1st lien cap -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 prior to acceleration (9)	Any time		Any time, subject to re-pricing event June 21, 2015: 101	Any time, subject to re-pricing event June 21, 2015: 101	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	July 1, 2019: 102.000 2020: par	Any time
Make-whole redemption prior to acceleration (9)	N/A		N/A	N/A	N/A	Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps	N/A
Change of control prior to acceleration (9)	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	Put at 101% of principal plus accrued interest
Equity clawback prior to acceleration (9)	N/A		N/A	N/A	N/A	Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35%	N/A
Estimated fair value as of March 31, 2015 (10)	$260.5 million		$353.1 million	$113.0 million	$53.3 million	$55.3 million	$3.5 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) 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, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, 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 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. 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 included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings.

⁽³⁾  Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were required to be repaid 91 days prior to the maturity of the Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes would have been due on January 1, 2016.

⁽⁴⁾  Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015.

⁽⁵⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, or (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 1.75% and 2.75%. 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁶⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁷⁾  The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement.

The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility:

	Minimum EBITDAX Covenant
	(in millions)
Six months ending March 31, 2015	$	59.0
Nine months ending June 30, 2015	87.25
Twelve months ending September 30, 2015	120.5
Twelve months ending December 31, 2015	122.0

Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively.

⁽⁸⁾  Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year.

⁽⁹⁾  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.

⁽¹⁰⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input).

Quicksilver Resources Inc. and its Restricted Subsidiaries

The following tables, required under our indentures, provide information about Quicksilver Resources Inc. and the entities designated as restricted subsidiaries under the indentures for our Second Lien Notes, Senior Notes and Senior Subordinated Notes. Eliminations between Quicksilver Resources Inc., the related restricted guarantor subsidiaries and restricted non-guarantor subsidiaries are included in the tables below as necessary.

Condensed Consolidating Balance Sheets

	March 31, 2015			December 31, 2014
	(in thousands)
ASSETS
Current assets	$	373,012		$	421,533
Property and equipment	692,938			715,931
Investment in subsidiaries (equity method)	(86,091		)	(82,360		)
Other assets	7,668			62,245
Total assets	$	987,527		$	1,117,349
LIABILITIES AND EQUITY
Current liabilities	301,099			2,137,532
Long-term liabilities	108,816			117,688
Liabilities subject to compromise	1,851,073			—
Stockholders’ equity	(1,273,461		)	(1,137,871		)
Total liabilities and equity	$	987,527		$	1,117,349

Condensed Consolidating Statements of Income

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Revenue	$	104,757		$	91,786
Operating expenses	94,868			105,957
Equity in net earnings of subsidiaries	(1,067		)	(1,282		)
Operating income (loss)	8,822			(15,453		)
Interest expense and other	(62,328		)	(40,729		)
Reorganization items, net	(60,645		)	—
Income tax expense	(1,536		)	(2,651		)
Net loss	$	(115,687	)	$	(58,833	)
Other comprehensive loss	(12,721		)	(12,105		)
Comprehensive loss	$	(128,408	)	$	(70,938	)

Condensed Consolidating Statements of Cash Flow

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Net cash flow provided by (used in) operating activities	$	89,209		$	(20,109	)
Capital expenditures	(15,187		)	(38,720		)
Investment in subsidiary	—			(26,395		)
Proceeds from sale of properties and equipment	1,332			1,026
Purchases of marketable securities	—			(55,682		)
Maturities and sales of marketable securities	—			124,694
Net cash flow provided by (used in) investing activities	(13,855		)	4,923
Issuance of debt	26,235			—
Repayments of debt	(36,700		)	—
Debt issuance costs paid	(80		)	(162		)
Purchase of treasury stock	(115		)	(2,271		)
Net cash flow used in financing activities	(10,660		)	(2,433		)
Effect of exchange rates on cash	4,699			(2,357		)
Net change in cash and equivalents	69,393			(19,976		)
Cash and equivalents at beginning of period	221,838			88,028
Cash and equivalents at end of period	$	291,231		$	68,052

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Income Taxes

3 Months Ended

Mar. 31, 2015

Income Tax Disclosure [Abstract]

Income Taxes

INCOME TAXES

Note 12 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information about our income taxes. At March 31, 2015, our U.S. and Canadian valuation allowances are $398.1 million and $66.9 million, respectively, which reduce our net deferred tax assets to a zero value as we continue to believe that it is not more likely than not that we will realize the deferred tax assets primarily related to our cumulative net operating losses. Income tax recognized for the three months ended March 31, 2015 is a result of hedge gains previously deferred in AOCI being realized during the periods.

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Fortune Creek

3 Months Ended

Mar. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Fortune Creek

FORTUNE CREEK

Note 14 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on Fortune Creek. We do not expect to be able to satisfy the capital expenditure or equipment purchase requirements described in our 2014 Annual Report on Form 10-K with our cash on hand, committed financing or cash flow from operations and will need to obtain additional debt or equity financing or sell assets, which we may not be able to do on satisfactory terms, or at all.

We committed gas production from our Horn River Asset for ten years beginning 2012. KKR contributed C$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.

The firm gathering agreement with Fortune Creek is guaranteed by us. If our subsidiary does not pay its minimum volume obligations under the gathering agreement or meet the capital expenditure requirements, 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. Fortune Creek has made cash distributions to KKR, which are reported as cash used in financing activities.

We continue to make the required payments under this agreement notwithstanding that our Horn River Basin production has been shut-in by another third-party service provider.

Based on a quarterly 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. We will continue to evaluate this assessment in light of our bankruptcy filings in the U.S. and our liquidity constraints in Canada.

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Transactions With Related Parties (Details) (USD $)	1 Months Ended	2 Months Ended	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2015	Mar. 31, 2014
Mercury Exploration Company [Member]
Related Party Transaction [Line Items]
Revenue from Related Parties			$ 100,000	$ 100,000
Darden Family [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest		25.00%	25.00%
Thomas F. Darden [Member]
Related Party Transaction [Line Items]
Consulting fee payments			45,000	135,000
Office allowance payments			12,500	37,500
COBRA payments				39,000
Cash bonus	286,650
Options issued, fair value	191,100
Consulting Fee Payments Not Made		90,000
Office Allowance Payments Not Made		25,000
Remaining Amount Owed Under Agreement		$ 1,200,000	$ 1,200,000
Restricted Stock [Member] | Thomas F. Darden [Member]
Related Party Transaction [Line Items]
Vested equity awards	72,662

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Accounting Policies And Disclosures Chapter 11 Filings (Details)	3 Months Ended
	Mar. 31, 2015 Rate
Reorganizations [Abstract]
Substantial Equityholders Threshold	4.75%

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Commitments And Contingencies Commitments And Contingencies (Narrative) (Details) In Millions, unless otherwise specified	3 Months Ended
	Mar. 31, 2015 CAD	Mar. 31, 2015 Subsequent Event [Member] USD ($)
Loss Contingencies [Line Items]
Gathering and Processing Potential Claim	126
Debtor Reorganization Items, Provision for Expected Allowed Claims		67.5
Letter of Credit Draw Down by Spectra	33

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Supplemental Cash Flow Information

3 Months Ended

Mar. 31, 2015

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

SUPPLEMENTAL CASH FLOW INFORMATION

Cash paid (received) for interest, income taxes and reorganization items is as follows:

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Interest, net of capitalized interest	$	20,769	$	49,103
Income taxes	36		(7,951		)
Reorganization items	30		—

Other significant non-cash transactions are as follows:

	For the Three Months Ended March 31,
	2015		2014
	(in thousands)
Working capital related to capital expenditures	$	2,981	$	13,128

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Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2015

Long-term Debt, Other Disclosures [Abstract]

Schedule Of Long-Term Debt Instruments

	March 31, 2015			December 31, 2014
	(in thousands)
Combined Credit Agreements	$	260,460		$	274,514
Second Lien Term Loan, net of unamortized discount (1)	—			610,242
Second Lien Notes due 2019, net of unamortized discount (1)	—			195,277
Senior notes due 2019, net of unamortized discount (1)	—			293,919
Senior notes due 2021, net of unamortized discount (1)	—			310,590
Senior subordinated notes due 2016 (1)	—			350,000
Total debt	260,460			2,034,542
Unamortized deferred gain-terminated interest rate swaps	—			2,763
Current portion of long-term debt (2)	(260,460		)	(2,037,305		)
Long-term debt (2)	$	—		$	—

⁽¹⁾  Classified as Liability Subject to Compromise as of March 31, 2015

⁽²⁾  As a result of our Chapter 11 filings, we have classified all debt as current at March 31, 2015

Schedule of Outstanding Debt

	Priority on Collateral and Structural Seniority (1)
	Highest priority						Lowest priority
	First Lien		Second Lien		Senior Unsecured		Senior Subordinated
	Combined Credit Agreements		Second Lien Term Loan	Second Lien Notes	2019 Senior Notes	2021 Senior Notes	Senior Subordinated Notes
Principal amount (1) (2)	$325 million		$625 million	$200 million	$298 million	$325 million	$350 million
Scheduled maturity date prior to acceleration (3)	September 6, 2016		June 21, 2019	June 21, 2019	August 15, 2019	July 1, 2021	April 1, 2016
Springing maturity date prior to acceleration (3)	October 2, 2015		January 1, 2016	January 1, 2016	N/A	N/A	N/A
Interest rate on outstanding borrowings at March 31, 2015 (4)	5.11%		7.00%	7.00%	9.125%	11.00%	7.125%
Base interest rate options prior to acceleration (5) (6)	LIBOR, ABR, CDOR		LIBOR floor of 1.25%; ABR floor of 2.25%	LIBOR floor of 1.25%	N/A	N/A	N/A
Financial covenants (7) (9)	- Minimum current ratio of 1.0 - Minimum EBITDAX or EBITDA to cash interest expense - Maximum senior secured debt leverage ratio of 2.0		N/A	N/A	N/A	N/A	N/A
Significant restrictive covenants (7)(8)(9)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives and investments		- Incurrence of debt - Incurrence of liens and 1st lien cap -Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens and 1st lien cap -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 prior to acceleration (9)	Any time		Any time, subject to re-pricing event June 21, 2015: 101	Any time, subject to re-pricing event June 21, 2015: 101	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	July 1, 2019: 102.000 2020: par	Any time
Make-whole redemption prior to acceleration (9)	N/A		N/A	N/A	N/A	Callable prior to July 1, 2019 at make-whole call price of Treasury +50 bps	N/A
Change of control prior to acceleration (9)	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	Put at 101% of principal plus accrued interest
Equity clawback prior to acceleration (9)	N/A		N/A	N/A	N/A	Redeemable until July 1, 2016 at 111.00%, plus accrued interest for up to 35%	N/A
Estimated fair value as of March 31, 2015 (10)	$260.5 million		$353.1 million	$113.0 million	$53.3 million	$55.3 million	$3.5 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility, Second Lien Term Loan and Second Lien Notes due 2019 are guaranteed by certain of Quicksilver’s domestic subsidiaries and are secured (on a first priority basis with respect to the Amended and Restated U.S. Credit Facility and on a second priority basis with respect to the Second Lien Term Loan and the Second Lien Notes due 2019) 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, QPP Parent LLC and QPP Holdings LLC (collectively, the “Domestic Pledged Equity”), 65% of the equity interests of Quicksilver Resources Canada Inc. (“Quicksilver Canada”) and Quicksilver Production Partners Operating Ltd. (with respect to the Amended and Restated U.S. Credit Facility, 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 65% of the equity interests of Quicksilver Production Partners Operating Ltd. (which is on a ratable basis with the borrowings under the Amended and Restated U.S. 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 included in the table for the Combined Credit Agreements represents the global borrowing base immediately prior to the Chapter 11 filings.

⁽³⁾  Immediately prior to acceleration as a result of the Chapter 11 filings, the Combined Credit Agreements were required to be repaid 91 days prior to the maturity of the Senior Subordinated Notes, the Second Lien Term Loan or the Second Lien Notes due 2019, if on the applicable date any amount of such debt remained outstanding. Immediately prior to acceleration as a result of the Chapter 11 filings, the Second Lien Term Loan and Second Lien Notes due 2019 were required to be repaid (1) 91 days prior to the maturity of the 2019 Senior Notes if more than $100 million of the 2019 Senior Notes remained outstanding and (2) 91 days prior to the maturity of the Senior Subordinated Notes if on the applicable date the amount remaining outstanding was greater than $100 million. Immediately prior to acceleration as a result of the Chapter 11 filings, as then structured and assuming no changes in the amounts outstanding, amounts outstanding under the Combined Credit Agreements would have been due on October 2, 2015 and the Second Lien Term Loan and Second Lien Notes would have been due on January 1, 2016.

⁽⁴⁾  Represents the weighted average borrowing rate payable to lenders on our Combined Credit Agreement as of March 31, 2015.

⁽⁵⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated U.S. Credit Facility bore interest, at our election, at (i) adjusted LIBOR (as defined in the Amended and Restated U.S. Credit Facility) plus an applicable margin between 2.75% and 3.75%, or (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 1.75% and 2.75%. 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.50%.

⁽⁶⁾  Immediately prior to the Chapter 11 filings, amounts outstanding under the Amended and Restated Canadian Credit Facility bore interest, at our election, at (i) the CDOR Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%, (ii) the Canadian Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75%, (iii) the U.S. Prime Rate (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 1.75% and 2.75% or (iv) adjusted LIBOR (as defined in the Amended and Restated Canadian Credit Facility) plus an applicable margin between 2.75% and 3.75%. We also 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 Eurodollar loans, and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.50%.

⁽⁷⁾  The financial covenants and significant restrictive covenants were applicable to the Combined Credit Agreements immediately prior to the Chapter 11 filings and remain applicable to the Amended and Restated Canadian Credit Facility. However, pursuant to the Forbearance Agreement, the administrative agent and certain lenders agreed to, among other things, forbear from exercising their rights and remedies in connection with specified defaults under the Amended and Restated Canadian Credit Facility, including events of default related to our Chapter 11 filings or the failure to comply with the financial covenants, until the earlier of June 16, 2015 or certain other events specified in the Forbearance Agreement.

The following table sets forth the minimum EBITDAX covenant for the Amended and Restated U.S. Credit Facility immediately prior to the Chapter 11 filings and for the Amended and Restated Canadian Credit Facility:

	Minimum EBITDAX Covenant
	(in millions)
Six months ending March 31, 2015	$	59.0
Nine months ending June 30, 2015	87.25
Twelve months ending September 30, 2015	120.5
Twelve months ending December 31, 2015	122.0

Immediately prior to the Chapter 11 filings, the minimum required interest coverage ratio for the Amended and Restated U.S. Credit Facility for the first and second quarters of 2016 was 1.50 and 2.00, respectively. The minimum required interest coverage ratio for the Amended and Restated Canadian Credit Facility for the first and second quarters of 2016 is 1.50 and 2.00, respectively.

⁽⁸⁾  Immediately prior to acceleration as a result of our Chapter 11 filings, our indentures required us to reinvest or repay senior debt with net cash proceeds from certain asset sales within one year.

⁽⁹⁾  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.

⁽¹⁰⁾  The estimated fair value is determined using market quotations based on recent trade activity for fixed rate obligations (“Level 2” inputs). Our Second Lien Term Loan and Second Lien Notes feature variable interest rates and we estimate their fair value by using market quotations based on recent trade activity (“Level 3” input). We consider our Combined Credit Agreements, which have a variable interest rate, to have a fair value equal to their carrying value (“Level 1” input).

QRI & Restricted Subsidiaries Indenture Financials (Balance Sheet) [Table Text Block]

	March 31, 2015			December 31, 2014
	(in thousands)
ASSETS
Current assets	$	373,012		$	421,533
Property and equipment	692,938			715,931
Investment in subsidiaries (equity method)	(86,091		)	(82,360		)
Other assets	7,668			62,245
Total assets	$	987,527		$	1,117,349
LIABILITIES AND EQUITY
Current liabilities	301,099			2,137,532
Long-term liabilities	108,816			117,688
Liabilities subject to compromise	1,851,073			—
Stockholders’ equity	(1,273,461		)	(1,137,871		)
Total liabilities and equity	$	987,527		$	1,117,349

QRI & Restricted Subsidiaries Indenture Financials (Income Statement) [Table Text Block]

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Revenue	$	104,757		$	91,786
Operating expenses	94,868			105,957
Equity in net earnings of subsidiaries	(1,067		)	(1,282		)
Operating income (loss)	8,822			(15,453		)
Interest expense and other	(62,328		)	(40,729		)
Reorganization items, net	(60,645		)	—
Income tax expense	(1,536		)	(2,651		)
Net loss	$	(115,687	)	$	(58,833	)
Other comprehensive loss	(12,721		)	(12,105		)
Comprehensive loss	$	(128,408	)	$	(70,938	)

QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) [Table Text Block]

	For the Three Months Ended March 31,
	2015			2014
	(in thousands)
Net cash flow provided by (used in) operating activities	$	89,209		$	(20,109	)
Capital expenditures	(15,187		)	(38,720		)
Investment in subsidiary	—			(26,395		)
Proceeds from sale of properties and equipment	1,332			1,026
Purchases of marketable securities	—			(55,682		)
Maturities and sales of marketable securities	—			124,694
Net cash flow provided by (used in) investing activities	(13,855		)	4,923
Issuance of debt	26,235			—
Repayments of debt	(36,700		)	—
Debt issuance costs paid	(80		)	(162		)
Purchase of treasury stock	(115		)	(2,271		)
Net cash flow used in financing activities	(10,660		)	(2,433		)
Effect of exchange rates on cash	4,699			(2,357		)
Net change in cash and equivalents	69,393			(19,976		)
Cash and equivalents at beginning of period	221,838			88,028
Cash and equivalents at end of period	$	291,231		$	68,052

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Long-Term Debt QRI & Restricted Subsidiaries Indenture Financials (Cash Flow) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Indenture Disclosure Financials [Line Items]
Net cash flow provided by (used in) operating activities	$ 87,990	$ (19,984)
Payments to Acquire Property, Plant, and Equipment	15,187	38,729
Proceeds from sale of properties and equipment	1,332	1,026
Payments to Acquire Marketable Securities	0	55,682
Proceeds from Sale and Maturity of Marketable Securities		124,694
Net cash provided by (used in) investing activities	(13,855)	31,309
Issuance of debt	26,235	0
Repayments of Long-term Debt	36,700	0
Payments of Debt Issuance Costs	80	162
Payments Related to Tax Withholding for Share-based Compensation	115	2,271
Net cash provided by (used in) financing activities	(11,598)	(31,905)
Effect of Exchange Rate on Cash and Cash Equivalents	5,774	731
Net increase (decrease) in cash and equivalents	68,311	(19,849)
Cash and Cash Equivalents, at Carrying Value	291,840	69,254	223,529	89,103
Quicksilver And Restricted Subsidiaries [Member]
Indenture Disclosure Financials [Line Items]
Net cash flow provided by (used in) operating activities	89,209	(20,109)
Payments to Acquire Property, Plant, and Equipment	15,187	38,720
Investment in subsidiary	0	(26,395)
Proceeds from sale of properties and equipment	1,332	1,026
Payments to Acquire Marketable Securities	0	55,682
Proceeds from Sale and Maturity of Marketable Securities	0	124,694
Net cash provided by (used in) investing activities	(13,855)	4,923
Issuance of debt	26,235	0
Repayments of Long-term Debt	36,700	0
Payments of Debt Issuance Costs	80	162
Payments Related to Tax Withholding for Share-based Compensation	115	2,271
Net cash provided by (used in) financing activities	(10,660)	(2,433)
Effect of Exchange Rate on Cash and Cash Equivalents	4,699	(2,357)
Net increase (decrease) in cash and equivalents	69,393	(19,976)
Cash and Cash Equivalents, at Carrying Value	$ 291,231	$ 68,052	$ 221,838	$ 88,028

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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, 2015	Mar. 31, 2014
Derivatives, Fair Value [Line Items]
Settlements in production revenue	$ (5,258)	$ (7,850)

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Condensed Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Dec. 31, 2014
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	$ 18,253	$ 18,803
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	191,573,739	187,802,994
Treasury stock, shares	8,363,784	7,444,372

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Divestitures

3 Months Ended

Mar. 31, 2015

Discontinued Operations and Disposal Groups [Abstract]

Divestitures

DIVESTITURES

In May 2014, we completed the sale of our Niobrara Asset to Southwestern Energy Company. The purchase price was subject to customary purchase price adjustments, which resulted in Southwestern paying us $95.6 million. We determined that the Southwestern Transaction did not represent a significant disposal of reserves under GAAP, therefore we reduced the balance of U.S. oil and gas properties by the amount of these proceeds and we did not recognize a gain or loss.

Note 3 to the consolidated financial statements in our 2014 Annual Report on Form 10-K contains additional information on other divestitures.

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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, 2015	Mar. 31, 2014
Revenue	$ 104,757	$ 91,786
Operating expenses	92,708	102,840
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	12,049	(11,054)
Reorganization Items	(60,645)	0
Fortune Creek accretion	(3,228)	(4,401)
Interest expense and other	(62,327)	(40,727)
Income tax (expense) benefit	(1,536)	(2,651)
Net income (loss)	(115,687)	(58,833)
Other comprehensive income (loss)	(12,721)	(12,105)
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	(128,408)	(70,938)
Quicksilver Resources Inc. [Member]
Revenue	74,473	62,910
Operating expenses	68,966	75,401
Equity in net earnings of subsidiaries	(25,716)	(5,689)
Operating income (loss)	(20,209)	(18,180)
Reorganization Items	(60,645)
Fortune Creek accretion	0	0
Interest expense and other	(32,867)	(38,011)
Income tax (expense) benefit	(1,966)	(2,642)
Net income (loss)	(115,687)	(58,833)
Other comprehensive income (loss)	(11,115)	(8,798)
Equity in OCI of subsidiaries	(1,606)	(3,307)
Comprehensive income (loss)	(128,408)	(70,938)
Restricted Guarantor Subsidiaries [Member]
Revenue	5,707	374
Operating expenses	605	291
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	5,102	83
Reorganization Items	0
Fortune Creek accretion	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	(29)
Net income (loss)	5,102	54
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	5,102	54
Restricted Non-Guarantor Subsidiaries [Member]
Revenue	24,960	28,502
Operating expenses	25,680	30,265
Equity in net earnings of subsidiaries	(1,067)	(1,282)
Operating income (loss)	(1,787)	(3,045)
Reorganization Items	0
Fortune Creek accretion	0	0
Interest expense and other	(29,461)	(2,718)
Income tax (expense) benefit	430	20
Net income (loss)	(30,818)	(5,743)
Other comprehensive income (loss)	(1,606)	(3,307)
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	(32,424)	(9,050)
Quicksilver And Restricted Subsidiaries [Member]
Revenue	104,757	91,786
Operating expenses	94,868	105,957
Equity in net earnings of subsidiaries	(1,067)	(1,282)
Operating income (loss)	8,822	(15,453)
Reorganization Items	(60,645)	0
Interest expense and other	(62,328)	(40,729)
Income tax (expense) benefit	(1,536)	(2,651)
Net income (loss)	(115,687)	(58,833)
Other comprehensive income (loss)	(12,721)	(12,105)
Comprehensive income (loss)	(128,408)	(70,938)
Unrestricted Non-Guarantor Subsidiaries [Member]
Revenue	0	0
Operating expenses	0	0
Equity in net earnings of subsidiaries	2,161	3,119
Operating income (loss)	2,161	3,119
Reorganization Items	0
Fortune Creek accretion	0	0
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	2,161	3,119
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	2,161	3,119
Fortune Creek [Member]
Revenue	2,888	4,942
Operating expenses	728	1,825
Equity in net earnings of subsidiaries	0	0
Operating income (loss)	2,160	3,117
Reorganization Items	0
Fortune Creek accretion	0	0
Interest expense and other	1	2
Income tax (expense) benefit	0	0
Net income (loss)	2,161	3,119
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	0	0
Comprehensive income (loss)	2,161	3,119
Consolidating Eliminations [Member]
Revenue	(3,271)	(4,942)
Operating expenses	(3,271)	(4,942)
Equity in net earnings of subsidiaries	24,622	3,852
Operating income (loss)	24,622	3,852
Reorganization Items	0
Fortune Creek accretion	(3,228)	(4,401)
Interest expense and other	0	0
Income tax (expense) benefit	0	0
Net income (loss)	21,394	(549)
Other comprehensive income (loss)	0	0
Equity in OCI of subsidiaries	1,606	3,307
Comprehensive income (loss)	$ 23,000	$ 2,758

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Quicksilver Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2015

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

Stock Option Activity

	Shares		Weighted Average Exercise Price		Weighted Average Remaining Contractual Life	Aggregate Intrinsic Value
					(in years)	(in thousands)
Outstanding at January 1, 2015	6,590,773		$	7.83
Expired	(152,366	)	11.39
Outstanding at March 31, 2015	6,438,407		$	7.74	4.9	$	—
Exercisable at March 31, 2015	5,334,087		$	9.00	4.3	$	—

Restricted Stock And Stock Unit Activity

	Payable in shares				Payable in cash
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2015	8,056,265		$	2.54	863,975		$	3.33
Granted	3,124,674		0.19		—		—
Vested	(3,137,665	)	3.15		(422,562	)	3.82
Forfeited	(73,007	)	2.64		(3,859	)	2.93
Outstanding at March 31, 2015	7,970,267		$	1.38	437,554		$	2.86

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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, 2015	Mar. 31, 2014
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Inputs Reconciliation, Gain (Loss) Included in Earnings	$ 109,240	$ 17,883
Balance at beginning of period	44,959	23,485
Balance at end of period	0	7,201
Total gains (losses) included in net derivative gains (losses) attributable to the change in unrealized gains (losses) related to assets still held at the reporting date	0	(15,576)
Derivative gains (losses) [Member]
Settlements	$ 64,281	$ 1,599

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Segment Information

3 Months Ended

Mar. 31, 2015

Segment Reporting [Abstract]

Segment Information

SEGMENT INFORMATION

We operate in two geographic areas, 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. In Canada, our midstream operation is the Fortune Creek partnership. 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)
2015
Revenue	$	74,473	$	24,536		$	8,636	$	—		$	(2,888	)	$	104,757
DD&A	6,932		7,358			558		441			—			15,289
Operating income (loss)	23,550		534			7,262		(19,297		)	—			12,049
Property and equipment costs incurred	13,268		976			43		111			—			14,398
2014
Revenue	$	62,903	$	27,962		$	5,863	$	—		$	(4,942	)	$	91,786
DD&A	7,379		4,827			1,243		506			—			13,955
Operating income (loss)	2,181		(611		)	3,201		(15,825		)	—			(11,054		)
Property and equipment costs incurred	33,216		8,954			11		91			—			42,272
Property, plant and equipment-net
March 31, 2015	$	423,583	$	251,814		$	25,590	$	3,454		$	—		$	704,441
December 31, 2014	416,901		280,830			27,205		3,844			—			728,780
Total assets
March 31, 2015	$	800,731	$	254,689		$	26,478	$	3,454		$	—		$	1,085,352
December 31, 2014	881,906		285,695			42,857		3,844			—			1,214,302