10-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K/A

Amendment No. 1

þ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2011

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)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Name of each exchange on which registered
Common Stock, $0.01 par value per share	New York Stock Exchange
Preferred Share Purchase Rights, $0.01 par value per share	New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.                                                                                                                                                                            Yes  þ                No  ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.                                                                                                                                                                            Yes  ¨                No  þ

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 (§232.405 of this chapter) 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 if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K.  þ

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.

Large accelerated filer  þ                Accelerated filer  ¨                 Non-accelerated filer  ¨                    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

As of June 30, 2011, the aggregate market value of the registrant’s common stock held by non-affiliates of the registrant was $1,747,078,839 based on the closing sale price of $14.76 as reported on the New York Stock Exchange.

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

Class	Outstanding at March 30, 2012
Common Stock, $0.01 par value per share	172,936,914 shares

DOCUMENTS INCORPORATED BY REFERENCE

Document	Parts Into Which Incorporated
Proxy Statement for the Registrant’s May 16, 2012 Annual Meeting of Stockholders	Part III

Explanatory Note

The sole purpose of this Amendment No. 1 on Form 10-K/A is to submit the consolidated financial statements and related notes formatted in XBRL (eXtensible Business Reporting Language).

No other changes have been made to our Annual Report on Form 10-K for the fiscal year ended December 31, 2011, which was originally filed with the Securities and Exchange Commission on April 16, 2012 (the “Form 10-K”). This Amendment No. 1 to the Form 10-K speaks as of the original filing date of the Form 10-K, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-K.

PART IV

ITEM 15.

The following are filed as part of this Annual Report:

Financial Statements

See the index to the consolidated financial statements and related footnotes and other supplemental information included in Item 8 of this Annual Report, which identifies the financial statements filed herewith.

Financial Statement Schedules

All other schedules are omitted from this item because the information is inapplicable or is presented in the consolidated financial statements and related notes in Item 8 of this Annual Report.

1

EXHIBIT INDEX

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
2.1*	Purchase Agreement, dated as of July 22, 2010, among First Reserve Crestwood Holdings LLC, Cowtown Gas Processing L.P., Cowtown Pipeline L.P. and Quicksilver Resources Inc.		8-K		001-14837		2.1		7/23/10
2.2*	Purchase Agreement Amendment No. 1, dated as of September 17, 2010, among First Reserve Crestwood Holdings LLC, Cowtown Gas Processing L.P., Cowtown Pipeline L.P. and Quicksilver Resources Inc.		10-Q		001-14837		2.2		11/8/10
3.1	Amended and Restated Certificate of Incorporation of Quicksilver Resources Inc. filed with the Secretary of State of the State of Delaware on May 21, 2008		S-3		333-151847		4.1		6/23/08
3.2	Amended and Restated Certificate of Designation of Series A Junior Participating Preferred Stock of Quicksilver Resources Inc.		10-Q		001-14837		3.3		5/8/06
3.3	Amended and Restated Bylaws of Quicksilver Resources Inc.		8-K		001-14837		3.1		11/16/07
4.1	Indenture Agreement for 1.875% Convertible Subordinated Debentures Due 2024, dated as of November 1, 2004, between Quicksilver Resources Inc., as Issuer, and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		8-K		001-14837		4.1		11/1/04
4.2	First Supplemental Indenture, dated July 31, 2009, between Quicksilver Resources Inc. and The Bank of New York Mellon Trust Company, N.A., as trustee		10-Q		001-14837		4.2		8/10/09
4.3	Indenture, dated as of December 22, 2005, between Quicksilver Resources Inc. and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		S-3		333-130597		4.7		12/22/05
4.4	First Supplemental Indenture, dated as of March 16, 2006, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		8-K		001-14837		4.1		3/21/06

2

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
4.5	Second Supplemental Indenture, dated as of July 31, 2006, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		10-K		001-14837		4.5		3/15/10
4.6	Third Supplemental Indenture, dated as of September 26, 2006, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		10-Q		001-14837		4.1		11/7/06
4.7	Fourth Supplemental Indenture, dated as of October 31, 2007, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York, as Trustee (as successor in interest to JPMorgan Chase Bank, National Association)		10-K		001-14837		4.7		3/15/10
4.8	Fifth Supplemental Indenture, dated as of June 27, 2008, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Trust Company, N.A., as trustee		8-K		001-14837		4.1		6/30/08
4.9	Sixth Supplemental Indenture, dated as of July 10, 2008, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		8-K		001-14837		4.1		7/10/08
4.10	Seventh Supplemental Indenture, dated as of June 25, 2009, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		8-K		001-14837		4.1		6/26/09
4.11	Eighth Supplemental Indenture, dated as of August 14, 2009, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		8-K		001-14837		4.1		8/17/09
4.12	Ninth Supplemental Indenture, dated as of December 23, 2011, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		10-K		001-14837		4.12		4/16/12

3

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
4.13	Tenth Supplemental Indenture, dated as of December 23, 2011, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		10-K		001-14837		4.13		4/16/12
4.14	Eleventh Supplemental Indenture, dated as of December 23, 2011, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		10-K		001-14837		4.14		4/16/12
4.15	Twelfth Supplemental Indenture, dated as of December 23, 2011, among Quicksilver Resources Inc., the subsidiary guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee		10-K		001-14837		4.15		4/16/12
4.16	Amended and Restated Rights Agreement, dated as of December 20, 2005, between Quicksilver Resources Inc. and Mellon Investor Services LLC, as Rights Agent		8-A/A		001-14837		4.1		12/21/05
4.17	Amendment dated as of February 23, 2011 to the Amended and Restated Rights Agreement between Quicksilver Resources Inc. and Mellon Investor Services LLC, as rights agent		8-K		001-14837		4.1		2/24/11
10.1	Wells Agreement dated as of December 15, 1970, between Union Oil Company of California and Montana Power Company		S-4/A		333-29769		10.5		8/21/97
10.2**	Quicksilver Resources Inc. Amended and Restated 2004 Non-Employee Director Equity Plan		8-K		001-14837		10.4		5/25/07
10.3**	Form of Non-Qualified Stock Option Agreement pursuant to the Quicksilver Resources Inc. Amended and Restated 2004 Non-Employee Director Equity Plan		8-K		001-14837		10.4		1/28/05
10.4**	Quicksilver Resources Inc. Fourth Amended and Restated 2006 Equity Plan		10-K		001-14837		10.4		4/16/12
10.5**	Form of Restricted Share Award Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		8-K		001-14837		10.2		5/25/06
10.6**	Form of Restricted Stock Unit Award Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		8-K		001-14837		10.2		11/24/08

4

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.7**	Form of Quicksilver Resources Canada Inc. Restricted Stock Unit Award Agreement (Cash Settlement) pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		8-K		001-14837		10.3		11/24/08
10.8**	Form of Quicksilver Resources Canada Inc. Restricted Stock Unit Award Agreement (Stock Settlement) pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		8-K		001-14837		10.4		11/24/08
10.9**	Form of Incentive Stock Option Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		10-K		001-14837		10.9		4/16/12
10.10**	Form of Nonqualified Stock Option Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended		10-K		001-14837		10.10		4/16/12
10.11**	Form of Non-Employee Director Nonqualified Stock Option Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended (One-Year Vesting)		8-K		001-14837		10.8		5/25/06
10.12**	Form of Non-Employee Director Nonqualified Stock Option Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended (Three-Year Vesting)		8-K		001-14837		10.5		11/24/08
10.13**	Form of Non-Employee Director Restricted Share Award Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended (One-Year Vesting)		8-K		001-14837		10.7		5/25/06
10.14**	Form of Non-Employee Director Restricted Share Award Agreement pursuant to the Quicksilver Resources Inc. 2006 Equity Plan, as amended (Three-Year Vesting)		8-K		001-14837		10.2		5/25/07
10.15**	Quicksilver Resources Inc. 2010 Executive Bonus Plan		8-K		001-14837		10.1		12/10/09
10.16**	Quicksilver Resources Inc. 2011 Executive Bonus Plan		8-K		001-14837		10.1		2/25/11
10.17**	Description of 2011 Cash Bonuses		10-K		001-14837		10.17		4/16/12
10.18**	Quicksilver Resources Inc. Amended and Restated Change in Control Retention Incentive Plan		8-K		001-14837		10.9		11/24/08

5

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.19**	Quicksilver Resources Inc. Second Amended and Restated Key Employee Change in Control Retention Incentive Plan		8-K		001-14837		10.8		11/24/08
10.20**	Quicksilver Resources Inc. Amended and Restated Executive Change in Control Retention Incentive Plan		8-K		001-14837		10.7		11/24/08
10.21**	Form of Director and Officer Indemnification Agreement (filed as Exhibit 10.2 to the Company’s Form 10-Q filed on November 8, 2010 and included herein by reference)		10-Q		001-14837		10.2		11/8/10
10.22	Amended and Restated Credit Agreement, dated as of February 9, 2007, among Quicksilver Resources Inc. and the lenders identified therein		8-K		001-14837		10.1		2/12/07
10.23	Amended and Restated Credit Agreement, dated as of February 9, 2007, among Quicksilver Resources Canada Inc. and the lenders and/or agents identified therein		8-K		001-14837		10.2		2/12/07
10.24	First Amendment to Combined Credit Agreements, dated as of February 4, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-K		001-14837		10.30		3/15/10
10.25	Second Amendment to Combined Credit Agreements, dated as of May 8, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-K		001-14837		10.31		3/15/10
10.26	Third Amendment to Combined Credit Agreements, dated as of May 28, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-K		001-14837		10.32		3/15/10
10.27	Fourth Amendment to Combined Credit Agreements, dated as of June 20, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		8-K		001-14837		10.1		6/25/08

6

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.28	Fifth Amendment to Combined Credit Agreements, dated as of August 4, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		8-K		001-14837		10.1		8/5/08
10.29	Sixth Amendment to Combined Credit Agreements, dated as of September 30, 2008, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-K		001-14837		10.35		3/15/10
10.30	Seventh Amendment to Combined Credit Agreements, dated as of April 20, 2009, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-K		001-14837		10.36		3/15/10
10.31	Eighth Amendment to Combined Credit Agreements, dated as of May 28, 2009, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		8-K		001-14837		10.1		6/17/09
10.32	Letter Agreement, dated as of June 15, 2009, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		8-K		001-14837		10.1		6/17/09
10.33	Ninth Amendment to the Combined Credit Agreements, dated as of September 17, 2010, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		10-Q		001-14837		10.1		11/8/10
10.34	Tenth Amendment to the Combined Credit Agreements, dated as of December 21, 2010, among Quicksilver Resources Inc., Quicksilver Resources Canada Inc. and the agents and combined lenders identified therein		8-K		001-14837		10.1		12/22/10
10.35	Credit Agreement, dated as of September 6, 2011, among Quicksilver Resources Inc. and the agents and lenders identified therein		10-Q		001-14837		10.1		11/9/11

7

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.36	Amended and Restated U.S. Credit Agreement, dated as of December 22, 2011, among Quicksilver Resources Inc. and the agents and lenders identified therein		8-K		001-14837		10.1		12/27/11
10.37	Credit Agreement, dated as of September 6, 2011, among Quicksilver Resources Canada Inc. and the agents and lenders identified therein		10-Q		001-14837		10.2		11/9/11
10.38	Amended and Restated Canadian Credit Agreement, dated as of December 22, 2011, among Quicksilver Resources Canada Inc. and the agents and lenders identified therein		8-K		001-14837		10.2		12/27/11
10.39	Asset Purchase Agreement, dated as of May 15, 2009, among Quicksilver Resources Inc., as Seller, and ENI US Operating Co. Inc. and ENI Petroleum US LLC, as Buyers		8-K		001-14837		10.1		5/19/09
10.40	Asset Purchase Agreement, dated May 11, 2010, between Marshall R. Young Oil Co., as Seller, and Quicksilver Resources Inc., as Buyer		8-K		001-14837		10.1		5/12/10
10.41	Confidentiality Agreement dated October 24, 2010 among Quicksilver Resources Inc. and Quicksilver Energy L.P		8-K		001-14837		10.1		10/25/10
10.42	Confidentiality Agreement dated October 26, 2010 among Quicksilver Resources Inc. and SPO Partners II, L.P.		8-K		001-14837		10.1		10/26/10
10.43	Limited Waiver dated as of February 23, 2011 between Quicksilver Resources Inc. and Quicksilver Energy L.P.		8-K		001-14837		10.1		2/24/11
10.44	Limited Waiver dated as of February 23, 2011 between Quicksilver Resources Inc. and SPO Partners II, L.P.		8-K		001-14837		10.2		2/24/11
10.45	Project and Expenditure Authorization, dated as of April 6, 2011, between Quicksilver Resources Canada Inc. and Nova Gas Transmission Ltd.		8-K		001-14837		10.1		4/14/11
10.46	Commitment Letter Agreement, dated as of April 6, 2011, between Quicksilver Resources Canada Inc. and Nova Gas Transmission Ltd.		8-K		001-14837		10.2		4/14/11

8

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.47	Contribution Agreement dated December 23, 2011 among Quicksilver Resources Canada Inc., Fortune Creek Gathering and Processing Partnership and 0927530 B.C. Unlimited Liability Company		8-K		001-14837		10.1		12/27/11
10.48	Guaranty dated December 23, 2011 among Quicksilver Resources Inc., Fortune Creek Gathering and Processing Partnership and 0927530 B.C. Unlimited Liability Company		8-K		001-14837		10.2		12/27/11
10.49	Gas Gathering Agreement, effective December 1, 2009, between Cowtown Pipeline L.P. and Quicksilver Resources Inc.		8-K		001-33631		10.1		1/8/10
10.50	Amendment to Gas Gathering Agreement, dated as of October 1, 2010, by and between Quicksilver Resources Inc. and Cowtown Pipeline Partners L.P.		10-K		001-33631		10.18		2/25/11
10.51	Sixth Amendment and Restated Gas Gathering and Processing Agreement, dated September 1, 2008, among Quicksilver Resources Inc., Cowtown Pipeline Partners L.P. and Cowtown Gas processing Partners L.P.		10-Q		001-33631		10.1		11/6/08
10.52	Addendum and Amendment to Gas Gathering and Processing Agreement Mash Unit Lateral, effective January 1, 2009, among Quicksilver Resources Inc., Cowtown Pipeline Partners L.P. and Cowtown Processing Partners L.P.		10-K		001-33631		10.15		3/15/10
10.53	Second Amendment to Sixth Amendment and Restated Gas Gathering and Processing Agreement, date as of October 1, 2010, by and among Quicksilver Resources Inc., Cowtown Pipeline Partners L.P. and Cowtown Gas Processing Partners L.P.		10-K		001-33631		10.16		2/25/11
10.54	Amended and Restated Gas Gathering Agreement, effective September 1, 2008, between Cowtown Pipeline L.P. and Quicksilver Resources Inc.		10-K		001-14837		10.54		4/16/12
10.55	First Amendment to Amended and Restated Gas Gathering Agreement, dated September 29, 2009, between Cowtown Pipeline L.P. and Quicksilver Resources Inc.		10-K		001-14837		10.55		4/16/12

9

		Incorporated by Reference								Filed (†)  or Furnished (‡) Herewith (as indicated)
Exhibit No.	Exhibit Description	Form		SEC File No.		Exhibit		Filing Date
10.56	Second Amendment to Gas Gathering Agreement, dated October 1, 2010, between Cowtown Pipeline L.P. and Quicksilver Resources Inc.		10-K		001-14837		10.56		4/16/12
21.1*	List of subsidiaries of Quicksilver Resources Inc.		10-K		001-14837		21.1		4/16/12
23.1	Consent of Deloitte & Touche LLP		10-K		001-14837		23.1		4/16/12
23.2	Consent of Schlumberger Data and Consulting Services		10-K		001-14837		23.2		4/16/12
23.3	Consent of LaRoche Petroleum Consultants, Ltd.		10-K		001-14837		23.3		4/16/12
31.1	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002		10-K		001-14837		31.1		4/16/12
31.2	Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002		10-K		001-14837		31.2		4/16/12
32.1	Certification Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002		10-K		001-14837		32.1		4/16/12
99.1	Report of Schlumberger Data and Consulting Services		10-K		001-14837		99.1		4/16/12
99.2	Report of LaRoche Petroleum Consultants, Ltd.		10-K		001-14837		99.2		4/16/12
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										‡

* Excludes schedules and exhibits we agree to furnish supplementally to the SEC upon request

** Indicates a management contract or compensatory plan or arrangement

10

Signatures

Pursuant to the requirements of Section 13 or 15(d) 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.

	QUICKSILVER RESOURCES INC.
Date: April 16, 2012	By:	/S/    JOHN C. CIRONE
		Executive Vice President – General Counsel

XML

Property, Plant And Equipment (Tables)

12 Months Ended

Dec. 31, 2011

Property, Plant And Equipment [Abstract]

Schedule Of Property, Plant And Equipment

	As of December 31,
	2011		2010
	(In thousands)
Oil and gas properties
Subject to depletion	$	5,309,330	$	4,805,161
Unevaluated costs		433,341		314,543
Accumulated depletion		(2,516,195)		(2,279,385)
Net oil and gas properties		3,226,476		2,840,319
Other property and equipment
Pipelines and processing facilities		340,242		225,402
General properties		71,297		70,267
Accumulated depreciation		(177,496)		(72,743)
Net other property and equipment		234,043		222,926
Property, plant and equipment, net of accumulated depletion and depreciation	$	3,460,519	$	3,063,245

Schedule Of Charges For Impairment

		Pre-tax Charges for Impairment
	Segment	2011		2010		2009
		(in thousands)
U.S.
Oil and gas properties	Exploration and production	$	-	$	-	$	786,867
Other property and equipment	Midstream		57,996		28,611		-
Canada
Oil and gas properties	Exploration and production		49,063		19,386		192,673
		$	107,059	$	47,997	$	979,540

Schedule Of Unevaluated Natural Gas And Oil Properties Not Subject To Depletion

	December 31, 2011 Costs Incurred During										December 31, 2010 Costs Incurred During
	2011		2010		2009		Prior		Total		2010		2009		2008		Prior		Total
	(In thousands)										(In thousands)
Acquisition costs	$	119,936	$	39,307	$	8,408	$	126,756	$	294,407	$	42,117	$	7,482	$	111,929	$	76,192	$	237,720
Exploration costs		58,944		31,644		21,389		11,056		123,033		36,383		21,531		7,616		-		65,530
Capitalized interest		6,613		2,769		3,219		3,300		15,901		4,874		2,866		3,553		-		11,293
Total	$	185,493	$	73,720	$	33,016	$	141,112	$	433,341	$	83,374	$	31,879	$	123,098	$	76,192	$	314,543

Schedule Of Unevaluated Property Costs

	As of December 31,
	2011		2010
	(In thousands)
Barnett Shale	$	68,351	$	121,854
West Texas		49,750		-
Horn River Basin		180,604		160,663
Sandwash Basin		132,965		30,688
Other		1,671		1,338
Total	$	433,341	$	314,543

XML

Significant Accounting Policies (Schedule Of Consolidated Statement Of Income (Loss) And Comprehensive Income) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Significant Accounting Policies [Line Items]
Gain on sale of KGS										$ 493,953	[1],[2]
Depletion, depreciation and accretion										207,203
Operating income	(23,260)	67,981	78,676	(793)	554,330	65,092	108,867	75,845	122,604	804,134	[2]	(613,873)
Income before income taxes									147,909	713,828	[2]	(836,856)
Income tax expense									57,863	258,538	[2],[3]	(291,617)
Net income	23,531	28,686	108,587	(70,758)	327,377	26,569	90,744	10,600	90,046	455,290	[1],[2]	(545,239)
Net income attributable to Quicksilver					328,772	21,803	86,803	8,188	90,046	445,566	[2],[4]	(557,473)
Comprehensive income									174,717	454,417	[2]	(621,241)
Earnings per common share - basic	$ 0.14	$ 0.17	$ 0.63	$ (0.42)	$ 1.93	$ 0.13	$ 0.51	$ 0.05	$ 0.53	$ 2.62	[2],[4]	$ (3.30)
Earnings per common share - diluted	$ 0.14	$ 0.17	$ 0.61	$ (0.42)	$ 1.80	$ 0.13	$ 0.49	$ 0.05	$ 0.52	$ 2.50	[2],[4]	$ (3.30)
As Initially Reported [Member]
Significant Accounting Policies [Line Items]
Gain on sale of KGS										473,204
Depletion, depreciation and accretion										202,603
Operating income										787,985
Income before income taxes										697,679
Income tax expense										252,886
Net income										444,793
Net income attributable to Quicksilver										435,069
Comprehensive income										$ 443,920
Earnings per common share - basic										$ 2.56
Earnings per common share - diluted										$ 2.45

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

[3] Note 2 contains additional information regarding restated 2010 amounts.

[4] Note 2 contains additional information regarding restated 2010 amounts.

XML

Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Reconciliation Of Components Used To Compute Basic And Diluted Net Income Per Common Share

	Years Ended December 31,
	2011		2010 (3)		2009
	(In thousands, except per share data)
Net income (loss) attributable to Quicksilver	$	90,046	$	445,566	$	(557,473)
Basic income allocable to participating securities (1)		(1,106)		(5,698)		-
Basic net income (loss) attributable to Quicksilver	$	88,940	$	439,868	$	(557,473)
Impact of assumed conversions — interest on 1.875% convertible debentures, net of income taxes (2)		-		7,194		-
Income (loss) available to stockholders assuming conversion of convertible debentures	$	88,940	$	447,062	$	(557,473)
Weighted average common shares — basic		168,993		168,010		169,004
Effect of dilutive securities (2):
Share-based compensation awards		742		802		-
Convertible debentures		-		9,816		-
Weighted average common shares — diluted		169,735		178,628		169,004
Earnings (loss) per common share — basic	$	0.53	$	2.62	$	(3.30)
Earnings (loss) per common share — diluted	$	0.52	$	2.50	$	(3.30)

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

⁽²⁾ For 2011, the effects of 9.8 million shares associated with our convertible debentures for the period outstanding were antidilutive, and stock options and unvested restricted stock units representing 1.9 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2010, stock options and unvested restricted stock units representing 1.2 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2009, the effects of 9.8 million shares associated with our contingently convertible debt and all share-based compensation awards were antidilutive and, therefore, excluded from the diluted share calculations.

⁽³⁾ Note 2 contains additional information regarding restated 2010 amounts.

XML

Investment In BBEP (Financial Statement) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010		Sep. 30, 2011 BBEP [Member]	Sep. 30, 2010 BBEP [Member]
Business Acquisition [Line Items]
Current assets	$ 300,427	$ 238,172	[1]	$ 171,850	$ 145,233
Property, plant and equipment	3,460,519	3,063,245	[1]	1,765,247	1,728,256
Other assets	3,162	230		104,264	98,113
Current liabilities	334,173	442,351	[1]	85,608	85,035
Long-term debt	9,100			511,489	516,000
Other non-current liabilities	28,461	28,461	[1]	55,042	64,715
Partners' equity	$ 1,261,919	$ 1,069,905	[1]	$ 1,389,222	$ 1,305,852

[1] Note 2 contains additional information.

XML

Significant Accounting Policies (Schedule Of Consolidated Balance Sheet) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009	Dec. 31, 2008
Significant Accounting Policies [Line Items]
Oil and gas property, full cost method		$ 2,840,319
Property, plant and equipment, net	3,460,519	3,063,245	[1]
Accounts payable	142,672	147,108	[1]
Total current liabilities	334,173	442,351	[1]
Deferred income taxes	258,997	162,635	[1],[2]
Retained earnings	354,627	264,581	[1]
Total equity	1,261,919	1,069,905		696,822	1,211,563
As Initially Reported [Member]
Significant Accounting Policies [Line Items]
Oil and gas property, full cost method		2,844,919
Property, plant and equipment, net		3,067,845
Accounts payable		167,857
Total current liabilities		463,100
Deferred income taxes		156,983
Retained earnings		254,084
Total equity		$ 1,059,408

[1] Note 2 contains additional information.

[2] Note 2 contains additional information regarding restated 2010 amounts.

XML

Accrued Liabilities (Schedule Of Accrued Liabilities) (Details) New (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Accrued Liabilities [Abstract]
Interest payable	$ 68,091	$ 69,394
Accrued operating expenses	46,569	34,136
Prepayments from partners	33	4,490
Revenue payable	26,073	5,563
Accrued state income and franchise taxes		4,497
Accrued production and property taxes	815	2,448
Environmental liabilities	63	235
Accrued product purchases	295	345
Current asset retirement obligations	254	1,574
Other		222
Accrued liabilities, total	$ 142,193	$ 122,904	[1]

[1] Note 2 contains additional information.

XML

Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements of Cash Flows) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations	$ 253,053		$ 397,720	[1]	$ 612,303
Capital expenditures	(690,607)		(695,114)	[1]	(693,838)
Distribution to parent
Proceeds from sale of KGS			699,973	[1]
Proceeds from sale of BBEP units	272,965		34,016	[1]
Proceeds from sale of properties and equipment	4,163		9,953	[1]	220,974
Net cash flow used by investing activities	(413,479)		48,828	[1]	(472,864)
Issuance of debt	855,822		690,058	[1]	1,420,727
Repayments of debt	(843,108)		(1,031,736)	[1]	(1,649,630)
Partnership funds received	122,913
Purchase of treasury stock	(4,864)		(4,910)	[1]	(922)
Debt issuance costs	(12,506)		(3,111)	[1]	(32,472)
Proceeds from exercise of stock options	1,299		1,801	[1]	4,046
Gas Purchase Commitment - net			(44,119)		44,119
Issuance of KGS units			11,054	[1]	80,729
Distributions to parent
Distributions to noncontrolling interests			(13,550)	[1]	(9,925)
Excess tax benefits on exercise of stock options			3,513	[1]
Taxes paid on vested KGS equity compensation			(1,144)		(63)
Net cash flow provided by (used for) financing activities	119,556		(392,144)	[1]	(143,391)
Effect of exchange rates on cash	(921)		(1,252)	[1]	2,889
Net increase (decrease) in cash and equivalents	(41,791)		53,152	[1]	(1,063)
Cash and cash equivalents at beginning of period	54,937	[1]	1,785	[1]	2,848
Cash and cash equivalents at end of period	13,146		54,937	[1]	1,785	[1]
Quicksilver Resources Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations	202,043		288,164		358,405
Capital expenditures	(518,454)		(534,404)		(474,659)
Distribution to parent			80,276
Intercompany note			(243,620)
Proceeds from sale of KGS			699,973
Proceeds from sale of BBEP units	272,965		34,016
Proceeds from sale of properties and equipment	2,959		9,953		220,206
Net cash flow used by investing activities	(242,530)		289,814		(254,453)
Issuance of debt	587,500		478,500		1,305,137
Repayments of debt	(588,862)		(712,000)		(1,428,105)
Purchase of treasury stock	(4,864)		(4,910)		(922)
Debt issuance costs	(9,160)		(2,211)		(29,901)
Proceeds from exercise of stock options	1,299		1,801		4,046
Gas Purchase Commitment - net			(44,119)		44,119
Issuance of KGS units
Distributions to parent
Distributions to noncontrolling interests
Excess tax benefits on exercise of stock options			3,513
Net cash flow provided by (used for) financing activities	(14,087)		(523,046)		(105,626)
Effect of exchange rates on cash
Net increase (decrease) in cash and equivalents	(54,574)		54,932		(1,674)
Cash and cash equivalents at beginning of period	54,937		5		1,679
Cash and cash equivalents at end of period	363		54,937		5
Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations	2,225		651		73,202
Capital expenditures	(2,225)		(651)		(73,202)
Distribution to parent
Proceeds from sale of properties and equipment
Net cash flow used by investing activities	(2,225)		(651)		(73,202)
Issuance of debt
Repayments of debt
Purchase of treasury stock
Debt issuance costs
Proceeds from exercise of stock options
Gas Purchase Commitment - net
Issuance of KGS units
Distributions to parent
Distributions to noncontrolling interests
Net cash flow provided by (used for) financing activities
Effect of exchange rates on cash
Net increase (decrease) in cash and equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Restricted Non-Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations	48,785		78,959		148,280
Capital expenditures	(169,928)		(100,183)		(94,209)
Distribution to parent
Intercompany note			243,620
Investment in Fortune Creek	(12,783)
Proceeds from sale of properties and equipment	1,204				768
Net cash flow used by investing activities	(181,507)		(100,183)		(93,441)
Issuance of debt	268,322		68,358		59,590
Repayments of debt	(254,246)		(289,636)		(116,025)
Creation of partnership liability	122,913
Purchase of treasury stock
Debt issuance costs	(3,346)		(900)		(1,125)
Proceeds from exercise of stock options
Gas Purchase Commitment - net
Issuance of KGS units
Distributions to noncontrolling interests
Net cash flow provided by (used for) financing activities	133,643		21,442		(57,560)
Effect of exchange rates on cash	(921)		(1,252)		2,889
Net increase (decrease) in cash and equivalents			(1,034)		168
Cash and cash equivalents at beginning of period			1,034		866
Cash and cash equivalents at end of period					1,034
Restricted Subsidiary Eliminations [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations
Capital expenditures
Distribution to parent
Intercompany note
Proceeds from sale of KGS
Proceeds from sale of BBEP units
Proceeds from sale of properties and equipment
Net cash flow used by investing activities
Issuance of debt
Repayments of debt
Purchase of treasury stock
Debt issuance costs
Proceeds from exercise of stock options
Gas Purchase Commitment - net
Issuance of KGS units
Distributions to parent
Distributions to noncontrolling interests
Excess tax benefits on exercise of stock options
Taxes paid on vested KGS equity compensation
Net cash flow provided by (used for) financing activities
Effect of exchange rates on cash
Net increase (decrease) in cash and equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
Quicksilver And Restricted Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations	253,053		367,774		579,887
Capital expenditures	(690,607)		(635,238)		(642,070)
Distribution to parent			80,276
Proceeds from sale of KGS			699,973
Proceeds from sale of BBEP units	272,965		34,016
Investment in Fortune Creek	(12,783)
Proceeds from sale of properties and equipment	4,163		9,953		220,974
Net cash flow used by investing activities	(426,262)		188,980		(421,096)
Issuance of debt	855,822		546,858		1,364,727
Repayments of debt	(843,108)		(1,001,636)		(1,544,130)
Creation of partnership liability	122,913
Purchase of treasury stock	(4,864)		(4,910)		(922)
Debt issuance costs	(12,506)		(3,111)		(31,026)
Proceeds from exercise of stock options	1,299		1,801		4,046
Gas Purchase Commitment - net			(44,119)		44,119
Issuance of KGS units
Distributions to parent
Distributions to noncontrolling interests
Excess tax benefits on exercise of stock options			3,513
Net cash flow provided by (used for) financing activities	119,556		(501,604)		(163,186)
Effect of exchange rates on cash	(921)		(1,252)		2,889
Net increase (decrease) in cash and equivalents	(54,574)		53,898		(1,506)
Cash and cash equivalents at beginning of period	54,937		1,039		2,545
Cash and cash equivalents at end of period	363		54,937		1,039
Unrestricted Non-Guarantor Subsidiaries [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations			44,816		68,133
Capital expenditures			(52,470)		(54,818)
Distribution to parent			(80,276)
Proceeds from sale of BBEP units
Proceeds from sale of properties and equipment
Net cash flow used by investing activities			(132,746)		(54,818)
Issuance of debt			143,200		56,000
Repayments of debt			(30,100)		(105,500)
Debt issuance costs					(1,446)
Proceeds from exercise of stock options
Repayments to parent					(5,645)
Gas Purchase Commitment - net
Issuance of KGS units			11,054		80,729
Distributions to parent			(22,276)		(27,022)
Distributions to noncontrolling interests			(13,550)		(9,925)
Taxes paid on vested KGS equity compensation			(1,144)		(63)
Net cash flow provided by (used for) financing activities			87,184		(12,872)
Effect of exchange rates on cash
Net increase (decrease) in cash and equivalents			(746)		443
Cash and cash equivalents at beginning of period			746		303
Cash and cash equivalents at end of period					746
Fortune Creek [Member]
Schedule of Equity Method Investments [Line Items]
Partnership funds received	135,696
Creation of partnership liability	(122,913)
Net cash flow provided by (used for) financing activities	12,783
Net increase (decrease) in cash and equivalents	12,783
Cash and cash equivalents at end of period	12,783
Consolidating Eliminations [Member]
Schedule of Equity Method Investments [Line Items]
Net cash flow provided by operations			(14,870)		(35,717)
Capital expenditures			(7,406)		3,050
Distribution to parent
Proceeds from sale of BBEP units
Investment in Fortune Creek	12,783
Proceeds from sale of properties and equipment
Net cash flow used by investing activities	12,783		(7,406)		3,050
Issuance of debt
Repayments of debt
Partnership funds received	(12,783)
Purchase of treasury stock
Debt issuance costs
Proceeds from exercise of stock options
Repayments to parent					5,645
Gas Purchase Commitment - net
Issuance of KGS units
Distributions to parent			22,276		27,022
Distributions to noncontrolling interests
Net cash flow provided by (used for) financing activities	(12,783)		22,276		32,667
Effect of exchange rates on cash
Net increase (decrease) in cash and equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

[1] Note 2 contains additional information.

XML

Fortune Creek (Tables)

12 Months Ended

Dec. 31, 2011

Fortune Creek [Abstract]

Schedule Of Joint Venture Company Balances Recorded In The Parent Company Balance Sheet

(In thousands)
Cash and cash equivalents	$	12,783
Canadian value-added tax receivable		14,750
Property, plant and equipment, net		80,761
Total assets	$	108,294
Partnership liability	$	122,913
Asset retirement obligations		80
Total liabilities	$	122,993

XML

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2011

Significant Accounting Policies [Abstract]

Schedule Of Consolidated Statement Of Income (Loss) And Comprehensive Income

	Previously reported		Restated
Gain on sale of KGS	$	473,204	$	493,953
Depletion, depreciation and accretion		202,603		207,203
Operating income		787,985		804,134
Income before income taxes		697,679		713,828
Income tax expense		252,886		258,538
Net income		444,793		455,290
Net income attributable to Quicksilver		435,069		445,566
Comprehensive income		443,920		454,417
Earnings per common share - basic	$	2.56	$	2.62
Earnings per common share - diluted	$	2.45	$	2.50

Schedule Of Consolidated Balance Sheet

Consolidated Balance Sheet as of December 31, 2010
	Previously reported		Restated
Oil and gas properties, full cost method	$	2,844,919	$	2,840,319
Property, plant and equipment, net		3,067,845		3,063,245
Accounts payable		167,857		147,108
Total current liabilities		463,100		442,351
Deferred income taxes		156,983		162,635
Retained earnings		254,084		264,581
Total equity		1,059,408		1,069,905

XML

Long-Term Debt (Narrative) (Details)	12 Months Ended		12 Months Ended			0 Months Ended	12 Months Ended					1 Months Ended			12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011 Senior Secured Credit Facility [Member] USD ($)	Dec. 31, 2011 U.S. Credit Facility [Member] USD ($)	Sep. 30, 2011 U.S. Credit Facility [Member] USD ($)	Sep. 30, 2011 Canadian Credit Facility [Member] CAD	Nov. 01, 2011 Convertible Debentures [Member] USD ($)	Dec. 31, 2011 Convertible Debentures [Member] USD ($)	Dec. 31, 2010 Convertible Debentures [Member] USD ($)	Dec. 31, 2011 Amended And Restated United State And Canadian Credit Facility [Member] USD ($)	Dec. 31, 2011 Canadian Borrowing Base [Member] USD ($)	Dec. 31, 2011 Combined Credit Agreements [Member] USD ($)	Jun. 30, 2008 Senior Notes Due 2015 [Member] USD ($)	Jun. 30, 2009 Senior Notes Due 2016 [Member] USD ($)	Aug. 31, 2009 Senior Notes Due 2019 [Member] USD ($)	Dec. 31, 2009 Senior Subordinated Notes Due 2016 [Member] USD ($)
Debt Instrument [Line Items]
Credit facility		$ 1,000,000,000		$ 1,250,000,000	500,000,000						$ 1,750,000,000
Borrowing base				850,000,000	225,000,000						1,075,000,000
Letter of credit				75,000,000	100,000,000						175,000,000
Maturity date							November 1, 2024
Annual interest rate							1.875%
Debt conversion ratio							65.4418
Number debentures per unit of ratio							1,000
Debt conversion price							$ 18.34
Conversion price percentage per share							120.00%
Common stock, additional shares outstanding	171,600,000
Conversion of Stock, Shares Converted							9,816,270
Repayments to debenture holders						150,000,000
Unamortized discount							0	6,522,000
Carrying value of convertible debentures							18,000	143,478,000
Effective interest rate							6.75%	6.75%
Interest expense on convertible debentures							8,900,000	10,200,000
Contractual interest							2,300,000	2,800,000
Allocation of borrowing base from U.S. borrowing base to Canadian borrowing base at the time of redetermination	100.00%
Amount retained by U.S. borrowing base										50,000,000
Principal amount			1,075,000.000									475,000,000	600,000,000	300,000,000	350,000,000
Notes issued at par, par value												$ 98.66%	$ 96.72%	$ 97.61%
Proceeds from issue of senior notes at par													580,300,000	292,800,000
Debt instrument, interest percentage												8.25%	11.75%	9.125%	7.125%
Debt instrument maturity year												2015	2016	2019	2016
Line of Credit Facility, Increase, Additional Borrowings									250,000,000
Available borrowing under combined credit agreements											$ 798,100,000

XML

Property, Plant And Equipment (Schedule Of Property, Plant And Equipment) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Property, Plant And Equipment [Abstract]
Subject to depletion	$ 5,309,330	$ 4,805,161
Unevaluated costs	433,341	314,543
Accumulated depletion	(2,516,195)	(2,279,385)
Net oil and gas properties	3,226,476	2,840,319	[1]
Pipelines and processing facilities	340,242	225,402
General properties	71,297	70,267
Accumulated depreciation	(177,496)	(72,743)
Net other property and equipment	234,043	222,926	[1]
Property, plant and equipment - net	$ 3,460,519	$ 3,063,245	[1]

[1] Note 2 contains additional information.

XML

Income Taxes (Statutory Federal Income Tax Rate) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Income Taxes [Abstract]
U.S. federal statutory tax rate	35.00%	35.00%	[1]	35.00%
Permanent differences	1.51%	0.78%	[1]	(0.18%)
Noncontrolling interest benefit (expense)	0.00%	(0.48%)	[1]	0.71%
State income taxes net of federal deduction	0.12%	0.74%	[1]	0.38%
Foreign income taxes	2.41%	0.18%	[1]	(0.98%)
Other	0.08%	0.00%	[1]	(0.08%)
Effective income tax rate	39.12%	36.22%	[1]	34.85%

[1] Note 2 to contains additional information regarding restated 2010 amounts.

XML

Acquisitions And Divestitures (Operating Results) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Revenue	$ 223,097	$ 259,893	$ 248,446	$ 212,187	$ 239,903	$ 237,700	$ 228,570	$ 222,158	$ 943,623	$ 928,331	[1]	$ 832,735
Lease operating expense									102,874	84,836	[1]	79,027
PGT expense									(190,560)	(94,008)	[1]	(48,688)
Ad valorem taxes									29,226	34,156	[1]	23,881
Other operations									56,435	7,893	[1]	12,383
Depletion, depreciation and accretion										207,203
General and administrative expense									79,582	80,107	[1]	77,243
Impairment expense									107,059	47,997	[1],[2]	979,540
Operating income (loss)	(23,260)	67,981	78,676	(793)	554,330	65,092	108,867	75,845	122,604	804,134	[1]	(613,873)
Interest and other expense									(186,024)	(188,353)	[1]	(195,101)
Income (loss) before income taxes									147,909	713,828	[1]	(836,856)
Midstream Operations [Member]
Revenue										13,119		9,342
Lease operating expense
PGT expense										(57,679)	[3]	(74,196)	[3]
Ad valorem taxes										3,764		3,610
Other operations										3,444		5,233
Depletion, depreciation and accretion										19,732		24,502
General and administrative expense										5,034		3,229
Impairment expense										28,611
Operating income (loss)										10,213		46,964
Interest and other expense										(6,916)		(4,764)
Income (loss) before income taxes										3,297		42,200
Income tax expense										(1,265)		(15,428)
Results of midstream operations, net of income tax										$ 2,032		$ 26,772

[1] (1) Note 2 contains additional information.

[2] Note 2 contains additional information.

[3] Our KGS operations earned revenue from processing and gathering of our natural gas and NGL production. This revenue was consolidated as a reduction of processing, gathering and transportation expense for purposes of presenting our consolidated statements of income.

XML

Transactions With Related Parties (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended		1 Months Ended			0 Months Ended	12 Months Ended
	Dec. 31, 2009	Jun. 17, 2008	Oct. 31, 2011 Darden Family [Member]	Feb. 15, 2012 Darden Family [Member]	Dec. 31, 2011 Darden Family [Member]	Aug. 31, 2010 Mercury Exploration Company [Member]	Dec. 31, 2011 Mercury Exploration Company [Member]	Dec. 31, 2010 Mercury Exploration Company [Member]	Dec. 31, 2009 Mercury Exploration Company [Member]	Dec. 31, 2011 Rent On Buildings [Member] Darden Family [Member]	Dec. 31, 2010 Rent On Buildings [Member] Darden Family [Member]	Dec. 31, 2009 Rent On Buildings [Member] Darden Family [Member]	Dec. 31, 2011 Use Of Airplane [Member] Darden Family [Member]	Dec. 31, 2010 Use Of Airplane [Member] Darden Family [Member]	Dec. 31, 2009 Use Of Airplane [Member] Darden Family [Member]	Dec. 31, 2009 Charges For Delay In Leased Rent [Member]
Related Party Transaction [Line Items]
Percentage of ownership interest		22.00%		30.00%	30.00%
Payments to related parties										$ 0.2	$ 0.6	$ 0.7	$ 0.9	$ 0.8	$ 0.2	$ 0.2
Purchase price of the manufacturing facility			1.1
Land under lease by related party	5,000
Payments received for sublease rentals, employee insurance coverage and administrative services							0.1	0.3	0.3
Related party commission other revenues from transactions with related party							0.2
Commission from the lessor in connection with office space leased						$ 1.4

XML

Property, Plant And Equipment (Schedule Of Unevaluated Property Costs) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Total	$ 433,341	$ 314,543
Barnett Shale [Member]
Total	68,351	121,854
West Texas [Member]
Total	49,750
Horn River Basin [Member]
Total	180,604	160,663
Sandwash Basin [Member]
Total	132,965	30,688
Other [Member]
Total	$ 1,671	$ 1,338

XML

Income Taxes (Components Of Deferred Tax Assets And Liabilities) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Income Taxes [Abstract]
Net operating loss carry forwards	$ 136,492	$ 98,870	[1]
Investment in Fortune Creek	3,681
AMT tax credit	62,067	67,633	[1]	35,000
Settlements of interest rate swaps	7,664	9,672	[1]
Deferred compensation expense	17,865	8,401	[1]
Other	589	7,028	[1]
Less: Valuation allowance-Fortune Creek	(3,681)
Deferred tax assets	224,677	191,604	[1]
Property, plant and equipment	(420,564)	(297,798)	[1]
Gains from hedging and derivative activities	(95,373)	(49,153)	[1]
Unrealized gains reported in earnings	(12,999)
Investment in BBEP		(16,545)	[1]
Convertible debentures		(19,604)	[1]
Deferred tax liabilities	(528,936)	(383,100)	[1]
Total deferred tax asset (liability)	304,259	191,496	[1]
Current deferred income tax liability	(45,262)	(28,861)	[1],[2]
Non-current deferred income tax liability	$ (258,997)	$ (162,635)	[1],[2]

[1] Note 2 contains additional information regarding restated 2010 amounts.

[2] Note 2 contains additional information.

XML

Long-Term Debt (Schedule Of Maturities Of Long-Term Debt) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Debt Instrument [Line Items]
2012	$ 18
2013
2014
2015	438,000
2016	1,168,102
Thereafter	298,000
Long-term debt	1,904,120
Combined Credit Agreements [Member]
Debt Instrument [Line Items]
2013
2014
2016	227,482
Long-term debt	227,482
Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
2013
2014
2015	438,000
Long-term debt	438,000
Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
2013
2014
2016	590,620
Long-term debt	590,620
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
2013
2014
Thereafter	298,000
Long-term debt	298,000
Senior Subordinated Notes Due 2016 [Member]
Debt Instrument [Line Items]
2013
2014
2016	350,000
Long-term debt	350,000
Convertible Debentures [Member]
Debt Instrument [Line Items]
2012	18
2013
2014
Long-term debt	$ 18

XML

Income Taxes (Components Of Income Tax Expense) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Income (loss) before income taxes	$ 147,909	$ 713,828	[1]	$ (836,856)
U.S. [Member]
Income (loss) before income taxes	146,090	708,081		(744,053)
Canada [Member]
Income (loss) before income taxes	$ 1,819	$ 5,747		$ (92,803)

[1] (1) Note 2 contains additional information.

XML

Other Assets (Schedule Of Other Assets) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Other Assets [Abstract]
Deferred financing costs	$ 55,952	$ 60,233
Less accumulated amortization	(16,576)	(22,222)
Net deferred financing costs	39,376	38,011
Notes receivable	7,996
Other	3,162	230
Other assets, total	$ 50,534	$ 38,241

XML

Investment In BBEP (Changes In Balance Of Investment In BBEP) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Business Acquisition [Line Items]
Ending investment balance		$ 83,341	[1]
BBEP [Member]
Business Acquisition [Line Items]
Beginning investment balance	83,341	112,763
Income (loss) from earnings in BBEP	(8,439)	22,323
Distributions from BBEP	(19,830)	(20,905)
Disposal of BBEP Units	(55,072)	(30,840)
Ending investment balance		$ 83,341

[1] Note 2 contains additional information.

XML

Earnings Per Share

12 Months Ended

Dec. 31, 2011

Earnings Per Share [Abstract]

Earnings Per Share

18. EARNINGS PER SHARE

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

	Years Ended December 31,
	2011		2010 (3)		2009
	(In thousands, except per share data)
Net income (loss) attributable to Quicksilver	$	90,046	$	445,566	$	(557,473)
Basic income allocable to participating securities (1)		(1,106)		(5,698)		-
Basic net income (loss) attributable to Quicksilver	$	88,940	$	439,868	$	(557,473)
Impact of assumed conversions — interest on 1.875% convertible debentures, net of income taxes (2)		-		7,194		-
Income (loss) available to stockholders assuming conversion of convertible debentures	$	88,940	$	447,062	$	(557,473)
Weighted average common shares — basic		168,993		168,010		169,004
Effect of dilutive securities (2):
Share-based compensation awards		742		802		-
Convertible debentures		-		9,816		-
Weighted average common shares — diluted		169,735		178,628		169,004
Earnings (loss) per common share — basic	$	0.53	$	2.62	$	(3.30)
Earnings (loss) per common share — diluted	$	0.52	$	2.50	$	(3.30)

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

⁽²⁾ For 2011, the effects of 9.8 million shares associated with our convertible debentures for the period outstanding were antidilutive, and stock options and unvested restricted stock units representing 1.9 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2010, stock options and unvested restricted stock units representing 1.2 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2009, the effects of 9.8 million shares associated with our contingently convertible debt and all share-based compensation awards were antidilutive and, therefore, excluded from the diluted share calculations.

⁽³⁾ Note 2 contains additional information regarding restated 2010 amounts.

XML

Segment Information (Tables)

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Operating Income And Property And Equipment Costs Incurred

20. SEGMENT INFORMATION

We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, prior to the Crestwood Transaction, we operated in the midstream segment in the U.S., where we provided natural gas gathering and processing services predominantly through KGS. Following our announced partnership with KKR, we expect to have a midstream segment in Canada beginning in 2012 conducted through Fortune Creek. Revenue earned by KGS prior to the Crestwood Transaction for the gathering and processing of our gas has been eliminated on a consolidated basis as is the GPT recognized by our producing properties. We evaluate performance based on operating income and property and equipment costs incurred.

	Exploration & Production						Midstream									Quicksilver Consolidated
	U.S.			Canada						Corporate			Elimination
	(In thousands)
2011
Revenue	$	806,657		$	135,948		$	4,573		$	-		$	(3,555	)	$	943,623
DD&A		171,438			47,116			4,889			2,320			-			225,763
Impairment expense		-			49,063			57,996			-			-			107,059
Operating income (loss)		251,495			12,914			(59,903	)		(81,902	)		-			122,604
Property and equipment costs incurred		487,145			131,699			64,119			11,516			-			694,479
																	-
2010
Revenue	$	788,714		$	126,322		$	87,426		$	-		$	(74,131	)	$	928,331
DD&A (1)		136,361			45,335			23,523			1,984			-			207,203
Impairment expense		-			19,386			28,611			-			-			47,997
Operating income (loss) (1)		857,170			16,765			12,290			(82,091	)		-			804,134
Property and equipment costs incurred		452,044			123,348			154,271			5,146			-			734,809
2009
Revenue	$	634,321		$	188,770		$	99,817		$	-		$	(90,173	)	$	832,735
DD&A		134,066			38,965			26,682			1,674			-			201,387
Impairment expense		786,867			192,673			-			-			-			979,540
Operating income (loss)		(500,164	)		(81,529	)		46,737			(78,917	)		-			(613,873	)
Property and equipment costs incurred		391,916			91,949			115,655			2,161			-			601,681
Property, plant and equipment-net
December 31, 2011	$	2,752,101		$	677,695		$	21,477		$	9,246		$	-		$	3,460,519
December 31, 2010 (1)		2,398,439			581,775			68,389			14,642			-			3,063,245
December 31, 2009		1,968,430			491,528			71,264			11,623			-			2,542,845
Investment in equity affiliates
December 31, 2011	$	-		$	-		$	-		$	-		$	-		$	-
December 31, 2010		83,341			-			-			-			-			83,341
December 31, 2009		112,763			-			-			-			-			112,763

⁽¹⁾ Note 2 contains additional information regarding restated 2010 amounts.

XML

Long-Term Debt (Tables)

12 Months Ended

Dec. 31, 2011

Long-Term Debt [Abstract]

Schedule Of Long-Term Debt Instruments

	As of December 31,
	2011		2010
	(In thousands)
2007 Senior Secured Credit Facility	$	-	$	21,114
Combined Credit Agreements		227,482		-
Senior notes due 2015, net of unamortized discount of $2,980 and $4,134		435,020		470,866
Senior notes due 2016, net of unamortized discount of $13,643 and $16,395		576,977		583,605
Senior notes due 2019, net of unamortized discount of $5,945 and $6,504		292,055		293,496
Senior subordinated notes due 2016		350,000		350,000
Convertible debentures, net of unamortized discount of $0 and $6,522		18		143,478
Total debt		1,881,552		1,862,559
Unamortized deferred gain—terminated interest rate swaps		21,897		27,635
Current portion of long-term debt		(18)		(143,478)
Long-term debt	$	1,903,431	$	1,746,716

Schedule Of Maturities Of Long-Term Debt

	Total Indebtedness		Combined  Credit Agreement		Senior Notes due in 2015		Senior Notes due in 2016		Senior Notes due in 2019		Senior Subordinated Notes		Convertible Debentures
	(In thousands)
2012	$	18	$	-	$	-	$	-	$	-	$	-	$	18
2013		-		-		-		-		-		-		-
2014		-		-		-		-		-		-		-
2015		438,000		-		438,000		-		-		-		-
2016		1,168,102		227,482		-		590,620		-		350,000		-
Thereafter		298,000		-		-		-		298,000		-		-
	$	1,904,120	$	227,482	$	438,000	$	590,620	$	298,000	$	350,000	$	18

Repurchase Of Senior Notes

Instrument	Repurchase Price		Face Value		Premium  on Repurchase
	(In thousands)
Senior notes due 2015	$	38,134	$	37,000	$	1,134
Senior notes due 2016		10,646		9,380		1,266
Senior notes due 2019		2,160		2,000		160
	$	50,940	$	48,380	$	2,560

Schedule Of Outstanding Debt

	Priority on Collateral and Structural Seniority (1)
	Highest priority				Lowest priority
	Equal Priority	Equal priority
	Combined Credit Agreements	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	Senior Subordinated Notes
Principal amount	$1.075 billion (2)	$438 million	$591 million	$298 million	$350 million
Scheduled maturity date	September 6, 2016	August 1, 2015	January 1, 2016	August 15, 2019	April 1, 2016
Interest rate on outstanding borrowings at December 31, 2011 (3)	2.13%	8.25%	11.75%	9.125%	7.125%
Base interest rate options	LIBOR, ABR, CDOR (4) (5)	N/A	N/A	N/A	N/A
Financial covenants (6)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 2.5	N/A	N/A	N/A	N/A
Significant restrictive covenants (6)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions
Optional redemption (6)	Any time	August 1, 2012:     103.875 2013:     101.938         2014:      par	July 1, 2013:     105.875 2014:     102.938         2015:      par	August 15, 2014:     104.563 2015:     103.042 2016:     101.521          2017:     par	April 1,    2012:     102.375    2013:     101.188           2014:     par
Make-whole redemption (6)	N/A	Callable prior to August 1, 2012 at make-whole call price of Treasury + 50 bps	Callable prior to July 1, 2013 at make-whole call price of Treasury + 50 bps	Callable prior to August 15, 2014 at make-whole call price of Treasury + 50 bps	N/A
Change of control (6)	Event of default	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest
Equity clawback (6)	N/A	N/A	Redeemable until July 1, 2012 at 111.75%, plus accrued interest for up to 35%	Redeemable until August 15, 2012 at 109.125%, plus accrued interest for up to 35%	N/A
Estimated fair value (7)	$227. 5. million	$446.7 million	$669.7 million	$314.4 million	$346.5 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver's domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P. Cowtown Pipeline L.P., Barnett Shale Operating LLC, and Quicksilver Resources Partners Operating Ltd., and certain oil and gas properties and related assets of Quicksilver. Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by 100% of the equity interests of Quicksilver Resources Canada Inc. and its oil and gas properties and related assets, and certain oil and gas properties and related assets of Quicksilver. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾  The principal amount for the Combined Credit Agreements represents the borrowing base as of December 31, 2011.

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

⁽⁴⁾  Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%, (ii) ABR (as defined in the credit agreement), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR (as defined in the credit agreement) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 0.50% to 1.50%. We also pay a per annum fee on all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

⁽⁵⁾  Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the credit agreement) plus an applicable margin between 1.50% and 2.50%, (ii) the Canadian Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50%, (iii) the U.S. Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50% and (iv) eurodollar loans (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%. We pay a per annum fee on all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

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

⁽⁷⁾  The estimated fair value is determined based on market quotations on the balance sheet date for fixed rate obligations. We consider debt with variable interest rates to have a fair value equal to its carrying value.

XML

Property, Plant And Equipment (Schedule Of Unevaluated Natural Gas And Oil Properties Not Subject To Depletion) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Property, Plant and Equipment [Line Items]
Acquisition costs	$ 294,407	$ 237,720
Exploration costs	123,033	65,530
Capitalized interest	15,901	11,293
Total	433,341	314,543
Current Year [Member]
Property, Plant and Equipment [Line Items]
Acquisition costs	119,936	42,117
Exploration costs	58,944	36,383
Capitalized interest	6,613	4,874
Total	185,493	83,374
Before Current Year [Member]
Property, Plant and Equipment [Line Items]
Acquisition costs	39,307	7,482
Exploration costs	31,644	21,531
Capitalized interest	2,769	2,866
Total	73,720	31,879
Before Previous Year [Member]
Property, Plant and Equipment [Line Items]
Acquisition costs	8,408	111,929
Exploration costs	21,389	7,616
Capitalized interest	3,219	3,553
Total	33,016	123,098
Prior [Member]
Property, Plant and Equipment [Line Items]
Acquisition costs	126,756	76,192
Exploration costs	11,056
Capitalized interest	3,300
Total	$ 141,112	$ 76,192

XML

Quicksilver Stockholders' Equity (Common Shares And Treasury Share Activity) (Details)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Schedule Of Stockholders' Equity [Line Items]
Common Shares Issued, Beginning Balance	175,524,816
Treasury Shares Held, Beginning Balance	5,050,450
Stock options exercised	209,221
Common Shares Issued, Ending Balance	176,980,483
Treasury Shares Held, Ending Balance	5,379,702
Common Stock [Member]
Schedule Of Stockholders' Equity [Line Items]
Common Shares Issued, Beginning Balance	175,524,816	174,469,836	171,742,699
Stock options exercised	209,221	336,629	610,000
Restricted stock activity	1,246,446	718,351	2,117,137
Common Shares Issued, Ending Balance	176,980,483	175,524,816	174,469,836
Treasury Stock [Member]
Schedule Of Stockholders' Equity [Line Items]
Treasury Shares Held, Beginning Balance	5,050,450	4,704,448	4,572,795
Stock options exercised		16,908
Restricted stock activity	329,252	329,094	131,653
Treasury Shares Held, Ending Balance	5,379,702	5,050,450	4,704,448

XML

Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2011

Other Current Assets [Abstract]

Other Current Assets

	As of December 31,
	2011		2010
	(In thousands)
Inventories	$	25,503	$	27,388
Deposits		391		597
Other prepaid expense		3,260		2,665
	$	29,154	$	30,650

XML

Supplemental Selected Quarterly Financial Data (Tables)

12 Months Ended

Dec. 31, 2011

Supplemental Selected Quarterly Financial Data [Abstract]

Schedule Of Quarterly Financial Data

SUPPLEMENTAL SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents selected quarterly financial data derived from our consolidated financial statements. This summary should be read in conjunction with our consolidated financial statements and related notes also contained in this Item 8 to our Annual Report on Form 10-K.

	Quarter Ended
	March 31			June 30		September 30		December 31
	(In thousands, except per share data)
2011 (1) (5)
Operating revenue	$	212,187		$	248,446	$	259,893	$	223,097
Operating income		(793	)		78,676		67,981		(23,260	)
Net income		(70,758	)		108,587		28,686		23,531
Basic net earnings per share	$	(0.42	)	$	0.63	$	0.17	$	0.14
Diluted net earnings per share		(0.42	)		0.61		0.17		0.14
2010 (2) (3) (4)
Operating revenue	$	222,158		$	228,570	$	237,700	$	239,903
Operating income		75,845			108,867		65,092		554,330
Net income		10,600			90,744		26,569		327,377
Net income attributable to Quicksilver		8,188			86,803		21,803		328,772
Basic net earnings per share	$	0.05		$	0.51	$	0.13	$	1.93
Diluted net earnings per share		0.05			0.49		0.13		1.80

⁽¹⁾ Operating income for the first quarter of 2011 includes a charge of $49.1 million for impairment of the Canadian oil and gas properties to net realizable value.

⁽²⁾ Operating income for the third quarter of 2010 includes a charge of $28.6 million for impairment of the HDCS to net realizable value.

⁽³⁾ Operating income for the fourth quarter of 2010 includes a gain on sale of $494.0 million for the sale of all of our interests in KGS and a charge of $19.4 million for the impairment of our Canadian oil and gas properties.

⁽⁴⁾ Note 2 to the consolidated financial statements contains additional information regarding restated 2010 amounts. Given the sale of our interests in KGS occurred in October 2010, only the fourth quarter of 2010 was affected.

⁽⁵⁾ Operating income for fourth quarter 2011 includes gains of $217.9 million from the sale of BBEP Units. Operating income also includes charges for impairment of $58.0 million for our HCDS and certain midstream assets in Texas.

XML

Other Current Assets (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Other Current Assets [Abstract]
Inventories	$ 25,503	$ 27,388
Deposits	391	597
Other prepaid expense	3,260	2,665
Other current assets	$ 29,154	$ 30,650	[1]

[1] Note 2 contains additional information.

XML

Derivatives And Fair Value Measurements (Price Collars And Swaps For Anticipated Natural Gas And NGL Production) (Details)	12 Months Ended
	Dec. 31, 2011 MBbls MMcf
Derivatives And Fair Value Measurements [Abstract]
Gas 2012	165
NGL 2012	7.0
Gas 2013	105
Gas 2014-2015	65
Gas 2016-2021	35

XML

Quicksilver Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2011

Quicksilver Stockholders' Equity [Abstract]

Common Shares And Treasury Share Activity

	Common     Shares Issued		Treasury     Shares Held
Balance at January 1, 2009		171,742,699		4,572,795
Stock options exercised		610,000		-
Restricted stock activity		2,117,137		131,653
Balance at December 31, 2009		174,469,836		4,704,448
Stock options exercised		336,629		16,908
Restricted stock activity		718,351		329,094
Balance at December 31, 2010		175,524,816		5,050,450
Stock options exercised		209,221		-
Restricted stock activity		1,246,446		329,252
Balance at December 31, 2011		176,980,483		5,379,702

Estimated Fair Value Of Stock Options Granted

	2011	2010	2009
Weighted average grant date fair value	$9.16	$ 9.88	$3.36
Weighted average grant date	Jan 3, 2011	Jan 4, 2010	Jan 2, 2009
Weighted average risk-free interest rate	2.38%	3.00%	1.90%
Expected life (in years)	6.0	6.0	6.0
Weighted average volatility	66.77%	66.76%	56.76%
Expected dividends	-	-	-

Stock Option Activity

	Shares		Weighted Average   Exercise Price		Weighted Average Remaining   Contractual   Life		Aggregate   Intrinsic Value
					(In years)		(In thousands)
Outstanding at January 1, 2011		3,348,642	$	11.10
Granted		834,970		14.88
Exercised		(209,221)		6.21
Cancelled		(150,231)		10.78
Expired		(63,464)		23.62
Outstanding at December 31, 2011		3,760,696	$	12.01		7.5	$	922
Exercisable at December 31, 2011		1,815,782	$	11.79		6.8	$	597

Restricted Stock And RSU Activity And KGS Phantom 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, 2011		2,329,089	$	11.27		372,633	$	10.31
Granted		1,389,404		13.89		214,515		14.88
Vested		(1,115,235)		12.17		(154,505)		9.88
Cancelled		(142,958)		12.23		(62,797)		13.19
Outstanding at December 31, 2011		2,460,300	$	12.29		369,846	$	13.12

XML

Significant Accounting Policies

12 Months Ended

Dec. 31, 2011

Significant Accounting Policies [Abstract]

Significant Accounting Policies

2. SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

Our consolidated financial statements include our accounts and all of our majority-owned subsidiaries and companies over which we exercise control through majority voting rights or other means of control. We eliminate all inter-company balances and transactions in preparing consolidated financial statements. We account for our ownership in unincorporated partnerships and companies, including BBEP, under the equity method when we have significant influence over those entities, but because of terms of the ownership agreements, we do not meet the criteria for consolidation of the entities.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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. Management believes its 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.

Significant estimates underlying these financial statements include the estimated quantities of proved natural gas, NGL and oil reserves (including the associated future net cash flows from those proved reserves) used to compute depletion expense, the full cost ceiling limitation and estimates of current revenue. Other estimates that require assumptions concerning future events and substantial judgment include the estimated fair values of

derivatives, asset retirement obligations and employee stock-based compensation. Income taxes also involve the use of considerable judgment in the estimation and evaluation of deferred income tax assets and our ability to recover operating loss carry-forwards and assessment of uncertain tax positions.

Cash Equivalents

Cash equivalents consist of time deposits and liquid debt investments with original maturities of three months or less at the time of purchase.

Accounts Receivable

We sell our natural gas, NGL and oil production to various purchasers. Each of our counterparties is reviewed as to credit worthiness prior to the extension of credit and on a regular basis thereafter. Although we do not require collateral, we require appropriate credit ratings and, in some instances, obtain parental guarantees. Receivables are generally collected within 30 to 60 days. When collections of specific amounts due are no longer reasonably assured, we establish an allowance for doubtful accounts though we have not had a significant instance of nonpayment. During 2011, two purchasers individually accounted for 15% and 11% of cash collected for our consolidated natural gas, NGL and oil sales. During 2010, two purchasers individually accounted for 17% and 12% of cash collected for our consolidated natural gas, NGL and oil sales.

Hedging and Derivatives

We enter into derivatives to mitigate risk associated with the prices received from our natural gas, NGL and oil production. We may also utilize derivatives to hedge the risk associated with interest rates on our outstanding debt. All derivatives are recognized as either an asset or liability on the balance sheet measured at their fair value determined by reference to published future market prices and interest rates.

To designate a derivative as a cash flow hedge, we document at the hedge's inception our assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the item hedged. This assessment, which is updated at least quarterly, includes performing regression analysis and is generally based on the most recent relevant historical correlation between the derivative and the item hedged. If, during the derivative's term, we determine the hedge is no longer highly effective, hedge accounting is prospectively discontinued and any remaining unrealized gains or losses, based on the effective portion of the derivative at that date, are reclassified to earnings as revenue or interest expense when the underlying transaction occurs.

For derivatives that qualify as cash flow hedges, the effective portions of gains and losses are deferred in accumulated other comprehensive income and recognized in revenue or interest expense in the period in which the hedged transaction is recognized. Gains or losses on derivatives terminated prior to their original expiration date are deferred and recognized as earnings during the period that the hedge covered. If the hedged transaction is no longer probable, the deferred gain or loss would be immediately recorded to earnings. Changes in value of ineffective portions of hedges, if any, are recognized currently as a component of other revenue.

For derivatives that qualify as fair value hedges, such as interest rate swaps, the gains or losses are recognized currently in earnings, while the gains or losses on the hedged items adjust the carrying value of the hedged items and are recognized currently in earnings. Any gains or losses on the derivatives not offset by the gains or losses on the hedged items are recognized as the value of ineffectiveness in the hedge relationships.

We enter into derivatives with counterparties who are our lenders. All versions of our credit facility provide for collateralization of amounts outstanding from our derivatives in addition to amounts outstanding under the facility. Additionally, default on any of our obligations under derivatives with counterparty lenders could result in acceleration of the amounts outstanding under the credit facility. Our credit facility and our internal credit policies require that any counterparties, including facility lenders, with whom we enter into commodity derivatives have credit ratings that meet or exceed BBB- or Baa3 from Standard and Poor's or Moody's, respectively. The fair value for each derivative takes credit risk into consideration, whether it be our counterparties' or our own. Derivatives are classified as current or non-current derivative assets and liabilities, based on the expected timing of settlements.

Investments in Equity Affiliates

During December 2011, we liquidated our investment in BBEP which we had accounted for using the equity method. Prior to this liquidation, we reviewed our investment for impairment whenever events or circumstances indicated that the investment's carrying amount may not be recoverable. We recorded our portion of BBEP's earnings during the quarter in which its financial statements become publicly available. Consequently, our 2011, 2010 and 2009 annual results of operations include BBEP's earnings for the 12 months ended September 30, 2011, 2010 and 2009. Note 7 contains more information on our BBEP investment.

Property, Plant, and Equipment

We follow the full cost method in accounting for our oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in cost centers on a country-by-country basis. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from disposals reduce the accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is calculated and recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved oil and gas reserves. We may exclude costs associated with unevaluated properties from amounts subject to depletion.

Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations or the cost center ceiling. The cost center ceiling is defined as the sum of (1) estimated future net revenue from proved reserves, discounted at 10% per annum, including the effects of derivatives that hedge our oil and gas revenue, (2) the cost of properties not being amortized, (3) the lower of cost or market value of unproved properties included in the cost being amortized, less (4) income tax effects related to differences between the book and tax basis of the natural gas and oil properties. If the net book value reduced by the related net deferred income tax liability and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required. Note 8 to these financial statements contains further discussion of the ceiling test.

All other properties and equipment are stated at original cost and depreciated using the straight-line method based on estimated useful lives ranging from five to forty years.

Inventory

Inventories were comprised of $23.2 million and $25.3 million of materials and parts and $2.3 million and $2.1 million of NGLs as of December 31, 2011 and 2010, respectively. Our materials, parts and supplies inventory is primarily comprised of oil and gas drilling or repair items such as tubing, casing, chemicals, operating supplies and ordinary maintenance materials and parts. The materials, parts and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out cost basis. "Market," in the context of inventory valuation, represents net realizable value, which is the amount that we are allowed to bill to the joint accounts under joint operating agreements to which we are a party. Impairments for materials and supplies inventories are recorded as lease operating expense in the accompanying consolidated statements of operations.

Asset Retirement Obligations

We record the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depletion or depreciation over the asset's useful life. Changes in the liability for the asset retirement obligations are recognized for (1) the passage of time and (2) revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized for the impacts of increasing the discounted fair value to its estimated settlement value.

Revenue Recognition

Revenue is recognized when title to the products transfer to the purchaser. We use the "sales method" to account for our production revenue, whereby we recognize revenue on all production sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A receivable or liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of December 31, 2011 and 2010, our aggregate production imbalances were not material.

Environmental Compliance and Remediation

Environmental compliance costs, including ongoing maintenance and monitoring, are expensed as incurred. Those environmental remediation costs which improve a property are capitalized.

Debt

We record all debt instruments at face value. When an issuance of debt is made at other than par, a discount or premium is separately recorded. The discount or premium is amortized over the life of the debt using the effective interest method. We separately accounted for the liability and equity components of our convertible debentures, which resulted in our recognizing interest expense at our effective borrowing rate in effect at the time of issuance. Note 11 contains further information regarding our convertible debentures.

Income Taxes

Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must reflect tax rates expected to be in effect in years in which the temporary differences reverse. Canadian taxes are calculated at rates expected to be in effect in Canada. U.S. deferred tax liabilities are not recognized on profits that are expected to be permanently reinvested in Canada and thus not considered available for distribution to the parent company. Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance.

Stock-based Compensation

We measure and recognize compensation expense for all share-based payment awards made to employees and directors based on their estimated fair value at the time the awards are granted. Our board of directors may elect to issue awards payable in cash. For all awards, we recognize the expense associated with the awards over the vesting period. The liability for fair value of cash awards is reassessed at every balance sheet date, such that the vested portion of the liability is adjusted to reflect revised fair value through compensation expense.

Disclosure of Fair Value of Financial Instruments

Our financial instruments include cash, time deposits, accounts receivable, notes payable, accounts payable, long-term debt and financial derivatives. The fair value of long-term debt is estimated as the present value of future cash flows discounted at rates consistent with comparable maturities and includes consideration of credit risk. The carrying amounts reflected in the balance sheet for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value.

Foreign Currency Translation

Our Canadian subsidiary maintains its general ledger using the Canadian dollar. All balance sheet accounts of our Canadian operations are translated into U.S. dollars at the period end exchange rate and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are made directly to a component of accumulated other comprehensive income within stockholders' equity. Gains and losses from foreign currency transactions are included in the consolidated results of operations.

Noncontrolling Interests in Consolidated Subsidiaries

Noncontrolling interests reflect the fractional outside ownership of our majority-owned and consolidated subsidiaries. Until we sold all of our interests in KGS in October 2010, we included the results of operations and financial position of KGS in our consolidated financial statements and recognized the portion of KGS' results of operations attributable to unaffiliated unitholders as a component of "income attributable to noncontrolling interests."

Immaterial Restatement

The consolidated financial statements as of and for the year ended December 31, 2010 have been restated to increase the previously recognized gain related to the sale of our interests in KGS by $20.7 million and to provide additional deferred taxes on the increased gain. The previously reported gain excluded certain liabilities for intercompany transactions related to services performed by KGS for our U.S. exploration and production segment, which should have been included in the gain calculation. Additional depletion expense was recognized due to the inclusion of additional future development costs in the 2010 depletion calculation. The results of this restatement, which had no impact on our total cash flow from operations, investing and financing activities as reported, were as follows:

Consolidated Statement of Income (Loss) and Comprehensive Income

For the year ended December 31, 2010

	Previously reported		Restated
Gain on sale of KGS	$	473,204	$	493,953
Depletion, depreciation and accretion		202,603		207,203
Operating income		787,985		804,134
Income before income taxes		697,679		713,828
Income tax expense		252,886		258,538
Net income		444,793		455,290
Net income attributable to Quicksilver		435,069		445,566
Comprehensive income		443,920		454,417
Earnings per common share - basic	$	2.56	$	2.62
Earnings per common share - diluted	$	2.45	$	2.50

Consolidated Balance Sheet as of December 31, 2010
	Previously reported		Restated
Oil and gas properties, full cost method	$	2,844,919	$	2,840,319
Property, plant and equipment, net		3,067,845		3,063,245
Accounts payable		167,857		147,108
Total current liabilities		463,100		442,351
Deferred income taxes		156,983		162,635
Retained earnings		254,084		264,581
Total equity		1,059,408		1,069,905

In addition to the restatement as described above, we restated amounts within the condensed consolidating financial information which is more fully described in Note 19. The effects of these restatements did not have an effect on retained earnings as of or prior to December 31, 2009.

Variable Interest Entities

An entity is a variable interest entity (VIE) if it meets the criteria outlined in ASC 810, Consolidation (formerly FASB Interpretation No. 46(R)), which are: (1) the entity has equity that is insufficient to permit the

entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity's operations or that do not absorb their proportionate share of the expected losses or receive the expected returns of the entity.

VIEs require assessment of who is the primary beneficiary and for whether the primary beneficiary should consolidate the VIE. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the variable interest entity that most significantly impacts the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. Application of the VIE consolidation requirements may require the exercise of significant judgment by management.

In December 2011, we began to include the financial position of Fortune Creek in our consolidated financial statements. The results from operations for Fortune Creek for 2011 were immaterial. Note 16 contains additional discussion regarding the Fortune Creek.

Earnings per Share

We report basic earnings per common share, which excludes the effect of potentially diluted securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. The calculation of earnings per share is found at Note 18.

Recently Issued Accounting Standards

Accounting standard-setting organizations frequently issue new or revised accounting rules. We regularly review all new pronouncements to determine their impact, if any, on our financial statements. No pronouncements materially affecting our financial statements have been issued since the filing of our 2010 Annual Report on Form 10-K.

XML

Derivatives And Fair Value Measurements (Reduction Of Interest Expense Over The Life Of The Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Derivatives And Fair Value Measurements [Abstract]
2012	$ 5,315
2013	5,769
2014	6,261
2015	4,824
2016	569
Reduction of interest expense over the life of the debt instruments, total	$ 22,738

XML

Asset Retirement Obligations (Tables)

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligations [Abstract]

Estimated Asset Retirement Obligation Activity

	As of December 31,
	2011		2010
	(In thousands)
Beginning asset retirement obligations	$	57,809	$	48,581
Additional liability incurred		6,134		2,440
Change in estimates		20,573		2,042
Accretion expense		2,696		2,568
Asset retirement costs incurred		(2,857)		(1,184)
Gain on settlement of liability		816		1,264
Reclassification of liability of operations previously held for sale		1,431		-
Currency translation adjustment		(780)		2,098
Ending asset retirement obligations		85,822		57,809
Less current portion		(254)		(1,574)
Long-term asset retirement obligation	$	85,568	$	56,235

XML

Employee Benefits

12 Months Ended

Dec. 31, 2011

Employee Benefits [Abstract]

Employee Benefits

22. EMPLOYEE BENEFITS

Quicksilver has a 401(k) retirement plan available to all U.S. full time employees who are at least 21 years of age. We make matching contributions and a fixed annual contribution and have the ability to make discretionary contributions to the plan. Expense associated with company contributions was $2.3 million, $2.5 million and $2.3 million for 2011, 2010 and 2009, respectively.

We have a retirement plan available to all Canadian employees. The plan provides for a match of employees' contributions by us and a fixed annual contribution. Expense associated with company contributions for 2011, 2010 and 2009 was $0.8 million for each year.

We maintain a self-funded health benefit plan that covers all eligible U.S. employees. The plan has been reinsured on an individual claim and total group claim basis. We have an individual stop loss of $125,000 and an aggregating stop loss of $175,000. For 2011, 2010 and 2009 we recognized expense of $4.8 million, $3.5 million and $4.6 million, respectively, for this plan.

XML

Supplemental Cash Flow Information

12 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

Supplemental Cash Flow Information

21. SUPPLEMENTAL CASH FLOW INFORMATION

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

	Years Ended December 31,
	2011		2010		2009
	(In thousands)
Interest, net of capitalized interest	$	170,814	$	136,459	$	128,217
Income taxes		(4,249)		78,083		(41,267)

Other significant non-cash transactions are as follows:

	Years Ended December 31,
	2011		2010		2009
	(In thousands)
Working capital related to capital expenditures	$	107,586	$	100,587	$	118,294
Conveyance of 3,619,901 BBEP common units for producing properties		-		54,407		-
Quicksilver common shares received for cashless exercise of 34,415 stock options		-		214		-
Note receivable received for sale of land and building		5,300		-		-

XML

Quicksilver Stockholders' Equity (Restricted Stock And RSU Activity And KGS Phantom Activity) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 1, 2011, Shares	3,348,642
Granted, Shares	834,970
Cancelled, Shares	(150,231)
Outstanding at December 31, 2011, Shares	3,760,696
Payable In Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 1, 2011, Shares	2,329,089
Granted, Shares	1,389,404
Vested, Shares	(1,115,235)
Cancelled, Shares	(142,958)
Outstanding at December 31, 2011, Shares	2,460,300
Outstanding at January 1, 2011, Weighted Avg Grant Date Fair Value	11.27
Granted, Weighted Avg Grant Date Fair Value	13.89
Vested, Weighted Avg Grant Date Fair Value	12.17
Cancelled, Weighted Avg Grant Date Fair Value	12.23
Outstanding at December 31, 2011, Wtd Avg Grant Date Fair Value	12.29
Payable In Cash [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Outstanding at January 1, 2011, Shares	372,633
Granted, Shares	214,515
Vested, Shares	(154,505)
Cancelled, Shares	(62,797)
Outstanding at December 31, 2011, Shares	369,846
Outstanding at January 1, 2011, Weighted Avg Grant Date Fair Value	10.31
Granted, Weighted Avg Grant Date Fair Value	14.88
Vested, Weighted Avg Grant Date Fair Value	9.88
Cancelled, Weighted Avg Grant Date Fair Value	13.19
Outstanding at December 31, 2011, Wtd Avg Grant Date Fair Value	13.12

XML

Acquisitions And Divestitures (Narrative) (Details) (USD $)	3 Months Ended	12 Months Ended				3 Months Ended		12 Months Ended					1 Months Ended		3 Months Ended	12 Months Ended	1 Months Ended	12 Months Ended
	Sep. 30, 2010	Sep. 30, 2011	Sep. 30, 2009	Dec. 31, 2008	Jun. 17, 2008	Sep. 30, 2010 KGS Holdings LLC [Member]	Oct. 31, 2010 KGS Holdings LLC [Member]	Dec. 31, 2011 KGS GP LLC [Member]	Oct. 31, 2010 KGS GP LLC [Member]	Oct. 31, 2010 Common Units [Member]	Oct. 31, 2010 Subordinated Units [Member]	Oct. 31, 2011 General Partner Units [Member]	May 31, 2010 Lake Arlington [Member]	Jun. 30, 2009 Eni Transaction [Member]	Sep. 30, 2010 HCDS [Member]	Dec. 31, 2010 Amount Due In 2012 [Member]	Jun. 30, 2009 Contractual Rights [Member] Eni Transaction [Member]	Dec. 31, 2011 Contractual Rights [Member] Eni Transaction [Member] ft	Sep. 30, 2010 Promissory Note Issued [Member]
Acquisitions And Divestitures [Line Items]
Percentage of ownership interest					22.00%		100.00%		100.00%				25.00%	27.50%
Amended oil and gas production costs per unit of production								0.55
Cash received from proceeds	$ 700,000,000					$ 8,000,000								$ 279,700,000
Recognized gain		494,000,000											35,400,000
Earnings in future earn-out payments		72,000,000														41,000,000
Impairment charges			86,400,000	320,400,000											28,600,000
Shares sold or conveyed										5,696,752	11,513,625	469,944	3,619,901
Carrying values of notes issued																			58,000,000
Acquisition cash transactions													62,100,000
Acquisition market value transaction													54,400,000
Business acquisition carrying value per BBEP													5.24
Business acquisition fair value per BBEP													15.03
Strategic alliance proceeds received to complete construction of facilities														$ 19,200,000
Turnkey drilling and completion costs, per linear foot																	994
Cumulative drilling completed, feet																		137,184
Carrying values of notes issued																		130,743
Drilling required to be completed																		191,819

XML

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Significant Components Of Deferred Tax Assets And Liabilities

	As of December 31,
	2011		2010 (1)
	(In thousands)
Deferred tax assets:
Net operating loss carry-forwards	$	136,492	$	98,870
Investment in Fortune Creek		3,681		-
AMT tax credit		62,067		67,633
Settlements of interest rate swaps		7,664		9,672
Deferred compensation expense		17,865		8,401
Other		589		7,028
Less: Valuation allowance — Fortune Creek		(3,681)		-
Deferred tax assets		224,677		191,604
Deferred tax liabilities:
Property, plant and equipment		(420,564)		(297,798)
Gains from hedging and derivative activities		(95,373)		(49,153)
Unrealized gains reported in earnings		(12,999)		-
Investment in BBEP		-		(16,545)
Convertible debentures		-		(19,604)
Deferred tax liabilities		(528,936)		(383,100)
Total deferred tax asset (liability)	$	(304,259)	$	(191,496)
Reflected in the consolidated balance sheets as:
Non-current deferred income tax asset	$	-	$	-
Current deferred income tax liability		(45,262)		(28,861)
Non-current deferred income tax liability		(258,997)		(162,635)
	$	(304,259)	$	(191,496)

Components of net income (loss) before income tax

	2011		2010		2009
			(In thousands)
U.S.	$	146,090	$	708,081	$	(744,053)
Canada		1,819		5,747		(92,803)
Total	$	147,909	$	713,828	$	(836,856)

Components Of Income Tax Expense

	2011		2010 (1)		2009
			(In thousands)
Current state income tax expense (benefit)	$	(1,706)	$	4,501	$	(2)
Current U.S. federal income tax expense (benefit)		(5,565)		67,632		(202)
Current Canadian income tax expense		642		1,038		-
Total current income tax expense (benefit)		(6,629)		73,171		(204)
Deferred state income tax expense (benefit)		1,980		3,674		(4,928)
Deferred U.S. federal income tax expense (benefit)		58,890		179,400		(262,217)
Deferred Canadian income tax expense (benefit)		3,622		2,293		(24,268)
Total deferred income tax expense (benefit)		64,492		185,367		(291,413)
Total income tax expense (benefit)	$	57,863	$	258,538	$	(291,617)

Statutory Federal Income Tax Rate

	2011		2010 (1)		2009
U.S. federal statutory tax rate		35.00%		35.00%		35.00%
Permanent differences		1.51%		0.78%		(0.18%)
Noncontrolling interest benefit (expense)		0.00%		(0.48%)		0.71%
State income taxes net of federal deduction		0.12%		0.74%		0.38%
Canadian income taxes		2.41%		0.18%		(0.98%)
Other		0.08%		0.00%		(0.08%)
Effective income tax rate		39.12%		36.22%		34.85%

Total Amounts Of Unrecognized Tax Benefits

	As of December 31,
	2011		2010
	(In thousands)
Beginning unrecognized tax benefits	$	9,219	$	9,219
Changes		-		-
Ending unrecognized tax benefits	$	9,219	$	9,219

XML

Transactions With Related Parties

12 Months Ended

Dec. 31, 2011

Transactions With Related Parties [Abstract]

Transactions With Related Parties

23. TRANSACTIONS WITH RELATED PARTIES

As of February 15, 2012, members of the Darden family and entities controlled by them beneficially own approximately 30% of our outstanding common stock. Thomas Darden, Glenn Darden and Anne Darden Self are officers and directors of Quicksilver.

We paid $0.2 million in 2011, $0.6 million in 2010, and $0.7 million in 2009 for rent and property management services on buildings owned by entities controlled by members of the Darden family. Rental rates were determined based on comparable rates charged by third parties. In October 2011, we agreed to purchase a manufacturing facility from an entity controlled by members of the Darden family for $1.1 million. We previously leased this facility from the seller for the manufacture of oil and gas equipment.

During 2011, 2010 and 2009, we paid $0.9 million, $0.8 million and $0.2 million for use of an airplane owned by an entity controlled by members of the Darden family. Usage rates were determined based upon comparable rates charged by third parties.

 We paid $0.2 million in 2009 primarily for delay rentals under leases for over 5,000 acres held by a related entity. The lease terms were determined based on comparable prices and terms granted to third parties with respect to similar leases in the area. No payments were made in 2011 or 2010.

Payments received in 2011, 2010 and 2009 from Mercury for sublease rentals, employee insurance coverage and administrative services were $0.1 million, $0.3 million, and $0.3 million, respectively.

An entity affiliated with Mercury received $0.2 million in commission for the sale and purchases of property to unrelated third parties in 2011. The entity also received a $1.4 million commission from the lessor in connection with office space leased as of August 2010.

XML

Supplemental Selected Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

Supplemental Selected Quarterly Financial Data [Abstract]

Supplemental Selected Quarterly Financial Data

SUPPLEMENTAL SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

The following table presents selected quarterly financial data derived from our consolidated financial statements. This summary should be read in conjunction with our consolidated financial statements and related notes also contained in this Item 8 to our Annual Report on Form 10-K.

	Quarter Ended
	March 31			June 30		September 30		December 31
	(In thousands, except per share data)
2011 (1) (5)
Operating revenue	$	212,187		$	248,446	$	259,893	$	223,097
Operating income		(793	)		78,676		67,981		(23,260	)
Net income		(70,758	)		108,587		28,686		23,531
Basic net earnings per share	$	(0.42	)	$	0.63	$	0.17	$	0.14
Diluted net earnings per share		(0.42	)		0.61		0.17		0.14
2010 (2) (3) (4)
Operating revenue	$	222,158		$	228,570	$	237,700	$	239,903
Operating income		75,845			108,867		65,092		554,330
Net income		10,600			90,744		26,569		327,377
Net income attributable to Quicksilver		8,188			86,803		21,803		328,772
Basic net earnings per share	$	0.05		$	0.51	$	0.13	$	1.93
Diluted net earnings per share		0.05			0.49		0.13		1.80

⁽¹⁾ Operating income for the first quarter of 2011 includes a charge of $49.1 million for impairment of the Canadian oil and gas properties to net realizable value.

⁽²⁾ Operating income for the third quarter of 2010 includes a charge of $28.6 million for impairment of the HDCS to net realizable value.

⁽³⁾ Operating income for the fourth quarter of 2010 includes a gain on sale of $494.0 million for the sale of all of our interests in KGS and a charge of $19.4 million for the impairment of our Canadian oil and gas properties.

⁽⁴⁾ Note 2 to the consolidated financial statements contains additional information regarding restated 2010 amounts. Given the sale of our interests in KGS occurred in October 2010, only the fourth quarter of 2010 was affected.

⁽⁵⁾ Operating income for fourth quarter 2011 includes gains of $217.9 million from the sale of BBEP Units. Operating income also includes charges for impairment of $58.0 million for our HCDS and certain midstream assets in Texas.

XML

Nature Of Operations

12 Months Ended

Dec. 31, 2011

Nature Of Operations [Abstract]

Nature Of Operations

1. NATURE OF OPERATIONS

We are an independent oil and gas company incorporated in the state of Delaware and headquartered in Fort Worth, Texas. We engage in the acquisition, exploration, development, production and sale of natural gas, NGLs and oil in North America. As of December 31, 2011, our significant oil and gas reserves and operations are located in:

• Texas

• U.S. Rocky Mountains

• Alberta

• British Columbia

We have offices located in:

• Fort Worth, Texas

• Glen Rose, Texas

• Cut Bank, Montana

• Steamboat Springs, Colorado

• Calgary, Alberta

• Fort Nelson, British Columbia

Our results of operations are largely dependent on the difference between the prices received for our natural gas, NGL and oil products and the cost to find, develop, produce and market such resources. Natural gas, NGL and oil prices are subject to fluctuations in response to changes in supply, market uncertainty and a variety of other factors beyond our control. These factors include worldwide political instability, quantities of natural gas in storage, foreign supply of natural gas and oil, the price of foreign imports, the level of consumer demand and the price of available alternative fuels. We actively manage a portion of the financial risk relating to natural gas, NGL and oil price volatility through derivatives.

XML

Significant Accounting Policies (Policy)

12 Months Ended

Dec. 31, 2011

Significant Accounting Policies [Abstract]

Basis Of Presentation

Basis of Presentation

Our consolidated financial statements include our accounts and all of our majority-owned subsidiaries and companies over which we exercise control through majority voting rights or other means of control. We eliminate all inter-company balances and transactions in preparing consolidated financial statements. We account for our ownership in unincorporated partnerships and companies, including BBEP, under the equity method when we have significant influence over those entities, but because of terms of the ownership agreements, we do not meet the criteria for consolidation of the entities.

Use Of Estimates

Use of Estimates

The preparation of financial statements in conformity with GAAP requires our management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities, the 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. Management believes its 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.

Significant estimates underlying these financial statements include the estimated quantities of proved natural gas, NGL and oil reserves (including the associated future net cash flows from those proved reserves) used to compute depletion expense, the full cost ceiling limitation and estimates of current revenue. Other estimates that require assumptions concerning future events and substantial judgment include the estimated fair values of

derivatives, asset retirement obligations and employee stock-based compensation. Income taxes also involve the use of considerable judgment in the estimation and evaluation of deferred income tax assets and our ability to recover operating loss carry-forwards and assessment of uncertain tax positions.

Cash Equivalents

Cash Equivalents

Cash equivalents consist of time deposits and liquid debt investments with original maturities of three months or less at the time of purchase.

Accounts Receivable

Accounts Receivable

We sell our natural gas, NGL and oil production to various purchasers. Each of our counterparties is reviewed as to credit worthiness prior to the extension of credit and on a regular basis thereafter. Although we do not require collateral, we require appropriate credit ratings and, in some instances, obtain parental guarantees. Receivables are generally collected within 30 to 60 days. When collections of specific amounts due are no longer reasonably assured, we establish an allowance for doubtful accounts though we have not had a significant instance of nonpayment. During 2011, two purchasers individually accounted for 15% and 11% of cash collected for our consolidated natural gas, NGL and oil sales. During 2010, two purchasers individually accounted for 17% and 12% of cash collected for our consolidated natural gas, NGL and oil sales.

Hedging And Derivatives

Hedging and Derivatives

We enter into derivatives to mitigate risk associated with the prices received from our natural gas, NGL and oil production. We may also utilize derivatives to hedge the risk associated with interest rates on our outstanding debt. All derivatives are recognized as either an asset or liability on the balance sheet measured at their fair value determined by reference to published future market prices and interest rates.

To designate a derivative as a cash flow hedge, we document at the hedge's inception our assessment that the derivative will be highly effective in offsetting expected changes in cash flows from the item hedged. This assessment, which is updated at least quarterly, includes performing regression analysis and is generally based on the most recent relevant historical correlation between the derivative and the item hedged. If, during the derivative's term, we determine the hedge is no longer highly effective, hedge accounting is prospectively discontinued and any remaining unrealized gains or losses, based on the effective portion of the derivative at that date, are reclassified to earnings as revenue or interest expense when the underlying transaction occurs.

For derivatives that qualify as cash flow hedges, the effective portions of gains and losses are deferred in accumulated other comprehensive income and recognized in revenue or interest expense in the period in which the hedged transaction is recognized. Gains or losses on derivatives terminated prior to their original expiration date are deferred and recognized as earnings during the period that the hedge covered. If the hedged transaction is no longer probable, the deferred gain or loss would be immediately recorded to earnings. Changes in value of ineffective portions of hedges, if any, are recognized currently as a component of other revenue.

For derivatives that qualify as fair value hedges, such as interest rate swaps, the gains or losses are recognized currently in earnings, while the gains or losses on the hedged items adjust the carrying value of the hedged items and are recognized currently in earnings. Any gains or losses on the derivatives not offset by the gains or losses on the hedged items are recognized as the value of ineffectiveness in the hedge relationships.

We enter into derivatives with counterparties who are our lenders. All versions of our credit facility provide for collateralization of amounts outstanding from our derivatives in addition to amounts outstanding under the facility. Additionally, default on any of our obligations under derivatives with counterparty lenders could result in acceleration of the amounts outstanding under the credit facility. Our credit facility and our internal credit policies require that any counterparties, including facility lenders, with whom we enter into commodity derivatives have credit ratings that meet or exceed BBB- or Baa3 from Standard and Poor's or Moody's, respectively. The fair value for each derivative takes credit risk into consideration, whether it be our counterparties' or our own. Derivatives are classified as current or non-current derivative assets and liabilities, based on the expected timing of settlements.

Investments In Equity Affiliates

Investments in Equity Affiliates

During December 2011, we liquidated our investment in BBEP which we had accounted for using the equity method. Prior to this liquidation, we reviewed our investment for impairment whenever events or circumstances indicated that the investment's carrying amount may not be recoverable. We recorded our portion of BBEP's earnings during the quarter in which its financial statements become publicly available. Consequently, our 2011, 2010 and 2009 annual results of operations include BBEP's earnings for the 12 months ended September 30, 2011, 2010 and 2009. Note 7 contains more information on our BBEP investment.

Property, Plant And Equipment

Property, Plant, and Equipment

We follow the full cost method in accounting for our oil and gas properties. Under the full cost method, all costs associated with the acquisition, exploration and development of oil and gas properties are capitalized and accumulated in cost centers on a country-by-country basis. This includes any internal costs that are directly related to development and exploration activities, but does not include any costs related to production, general corporate overhead or similar activities. Proceeds received from disposals reduce the accumulated cost except when the sale represents a significant disposal of reserves, in which case a gain or loss is calculated and recognized. The sum of net capitalized costs and estimated future development and dismantlement costs for each cost center is depleted on the equivalent unit-of-production method, based on proved oil and gas reserves. We may exclude costs associated with unevaluated properties from amounts subject to depletion.

Under the full cost method, net capitalized costs are limited to the lower of unamortized cost reduced by the related net deferred tax liability and asset retirement obligations or the cost center ceiling. The cost center ceiling is defined as the sum of (1) estimated future net revenue from proved reserves, discounted at 10% per annum, including the effects of derivatives that hedge our oil and gas revenue, (2) the cost of properties not being amortized, (3) the lower of cost or market value of unproved properties included in the cost being amortized, less (4) income tax effects related to differences between the book and tax basis of the natural gas and oil properties. If the net book value reduced by the related net deferred income tax liability and asset retirement obligations exceeds the cost center ceiling limitation, a non-cash impairment charge is required. Note 8 to these financial statements contains further discussion of the ceiling test.

All other properties and equipment are stated at original cost and depreciated using the straight-line method based on estimated useful lives ranging from five to forty years.

Inventory

Inventory

Inventories were comprised of $23.2 million and $25.3 million of materials and parts and $2.3 million and $2.1 million of NGLs as of December 31, 2011 and 2010, respectively. Our materials, parts and supplies inventory is primarily comprised of oil and gas drilling or repair items such as tubing, casing, chemicals, operating supplies and ordinary maintenance materials and parts. The materials, parts and supplies inventory is primarily acquired for use in future drilling operations or repair operations and is carried at the lower of cost or market, on a first-in, first-out cost basis. "Market," in the context of inventory valuation, represents net realizable value, which is the amount that we are allowed to bill to the joint accounts under joint operating agreements to which we are a party. Impairments for materials and supplies inventories are recorded as lease operating expense in the accompanying consolidated statements of operations.

Asset Retirement Obligations

Asset Retirement Obligations

We record the fair value of the liability for asset retirement obligations in the period in which it is legally or contractually incurred. Upon initial recognition of the asset retirement liability, an asset retirement cost is capitalized by increasing the carrying amount of the asset by the same amount as the liability. In periods subsequent to initial measurement, the asset retirement cost is recognized as expense through depletion or depreciation over the asset's useful life. Changes in the liability for the asset retirement obligations are recognized for (1) the passage of time and (2) revisions to either the timing or the amount of estimated cash flows. Accretion expense is recognized for the impacts of increasing the discounted fair value to its estimated settlement value.

Revenue Recognition

Revenue Recognition

Revenue is recognized when title to the products transfer to the purchaser. We use the "sales method" to account for our production revenue, whereby we recognize revenue on all production sold to our purchasers, regardless of whether the sales are proportionate to our ownership in the property. A receivable or liability is recognized only to the extent that we have an imbalance on a specific property greater than the expected remaining proved reserves. As of December 31, 2011 and 2010, our aggregate production imbalances were not material.

Environmental Compliance And Remediation

Environmental Compliance and Remediation

Environmental compliance costs, including ongoing maintenance and monitoring, are expensed as incurred. Those environmental remediation costs which improve a property are capitalized.

Debt

Debt

We record all debt instruments at face value. When an issuance of debt is made at other than par, a discount or premium is separately recorded. The discount or premium is amortized over the life of the debt using the effective interest method. We separately accounted for the liability and equity components of our convertible debentures, which resulted in our recognizing interest expense at our effective borrowing rate in effect at the time of issuance. Note 11 contains further information regarding our convertible debentures.

Income Taxes

Income Taxes

Deferred income taxes are established for all temporary differences between the book and the tax basis of assets and liabilities. In addition, deferred tax balances must reflect tax rates expected to be in effect in years in which the temporary differences reverse. Canadian taxes are calculated at rates expected to be in effect in Canada. U.S. deferred tax liabilities are not recognized on profits that are expected to be permanently reinvested in Canada and thus not considered available for distribution to the parent company. Net operating loss carry-forwards and other deferred tax assets are reviewed annually for recoverability, and, if necessary, are recorded net of a valuation allowance.

Stock-Based Compensation

Stock-based Compensation

We measure and recognize compensation expense for all share-based payment awards made to employees and directors based on their estimated fair value at the time the awards are granted. Our board of directors may elect to issue awards payable in cash. For all awards, we recognize the expense associated with the awards over the vesting period. The liability for fair value of cash awards is reassessed at every balance sheet date, such that the vested portion of the liability is adjusted to reflect revised fair value through compensation expense.

Disclosure Of Fair Value Of Financial Instruments

Disclosure of Fair Value of Financial Instruments

Our financial instruments include cash, time deposits, accounts receivable, notes payable, accounts payable, long-term debt and financial derivatives. The fair value of long-term debt is estimated as the present value of future cash flows discounted at rates consistent with comparable maturities and includes consideration of credit risk. The carrying amounts reflected in the balance sheet for financial assets classified as current assets and the carrying amounts for financial liabilities classified as current liabilities approximate fair value.

Foreign Currency Translation

Foreign Currency Translation

Our Canadian subsidiary maintains its general ledger using the Canadian dollar. All balance sheet accounts of our Canadian operations are translated into U.S. dollars at the period end exchange rate and statement of income items are translated at the weighted average exchange rate for the period. The resulting translation adjustments are made directly to a component of accumulated other comprehensive income within stockholders' equity. Gains and losses from foreign currency transactions are included in the consolidated results of operations.

Noncontrolling Interests In Consolidated Subsidiaries

Noncontrolling Interests in Consolidated Subsidiaries

Noncontrolling interests reflect the fractional outside ownership of our majority-owned and consolidated subsidiaries. Until we sold all of our interests in KGS in October 2010, we included the results of operations and financial position of KGS in our consolidated financial statements and recognized the portion of KGS' results of operations attributable to unaffiliated unitholders as a component of "income attributable to noncontrolling interests."

Immaterial Restatement

The consolidated financial statements as of and for the year ended December 31, 2010 have been restated to increase the previously recognized gain related to the sale of our interests in KGS by $20.7 million and to provide additional deferred taxes on the increased gain. The previously reported gain excluded certain liabilities for intercompany transactions related to services performed by KGS for our U.S. exploration and production segment, which should have been included in the gain calculation. Additional depletion expense was recognized due to the inclusion of additional future development costs in the 2010 depletion calculation. The results of this restatement, which had no impact on our total cash flow from operations, investing and financing activities as reported, were as follows:

Consolidated Statement of Income (Loss) and Comprehensive Income

For the year ended December 31, 2010

	Previously reported		Restated
Gain on sale of KGS	$	473,204	$	493,953
Depletion, depreciation and accretion		202,603		207,203
Operating income		787,985		804,134
Income before income taxes		697,679		713,828
Income tax expense		252,886		258,538
Net income		444,793		455,290
Net income attributable to Quicksilver		435,069		445,566
Comprehensive income		443,920		454,417
Earnings per common share - basic	$	2.56	$	2.62
Earnings per common share - diluted	$	2.45	$	2.50

Consolidated Balance Sheet as of December 31, 2010
	Previously reported		Restated
Oil and gas properties, full cost method	$	2,844,919	$	2,840,319
Property, plant and equipment, net		3,067,845		3,063,245
Accounts payable		167,857		147,108
Total current liabilities		463,100		442,351
Deferred income taxes		156,983		162,635
Retained earnings		254,084		264,581
Total equity		1,059,408		1,069,905

In addition to the restatement as described above, we restated amounts within the condensed consolidating financial information which is more fully described in Note 19. The effects of these restatements did not have an effect on retained earnings as of or prior to December 31, 2009.

Variable Interest Entities

Variable Interest Entities

An entity is a variable interest entity (VIE) if it meets the criteria outlined in ASC 810, Consolidation (formerly FASB Interpretation No. 46(R)), which are: (1) the entity has equity that is insufficient to permit the

entity to finance its activities without additional subordinated financial support from other parties, or (2) the entity has equity investors that cannot make significant decisions about the entity's operations or that do not absorb their proportionate share of the expected losses or receive the expected returns of the entity.

VIEs require assessment of who is the primary beneficiary and for whether the primary beneficiary should consolidate the VIE. The primary beneficiary is identified as the variable interest holder that has both the power to direct the activities of the variable interest entity that most significantly impacts the entity's economic performance and the obligation to absorb losses or the right to receive benefits from the entity that could potentially be significant to the variable interest entity. Application of the VIE consolidation requirements may require the exercise of significant judgment by management.

In December 2011, we began to include the financial position of Fortune Creek in our consolidated financial statements. The results from operations for Fortune Creek for 2011 were immaterial. Note 16 contains additional discussion regarding the Fortune Creek.

Earnings Per Share

Earnings per Share

We report basic earnings per common share, which excludes the effect of potentially diluted securities, and diluted earnings per common share, which includes the effect of all potentially dilutive securities unless their impact is antidilutive. The calculation of earnings per share is found at Note 18.

XML

Long-Term Debt (Schedule Of Outstanding Debt) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011		Jun. 17, 2008
Debt Instrument [Line Items]
Equity interests			22.00%
Commitment fee percentage	0.50%
U.S. Credit Facility [Member]
Debt Instrument [Line Items]
Principal amount	1,075,000.000
Equity interests	100.00%
Interest rate description	(i) adjusted LIBOR (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%, (ii) ABR (as defined in the credit agreement), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR (as defined in the credit agreement) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 0.50% to 1.50%.
Canadian Credit Facility [Member]
Debt Instrument [Line Items]
Equity interests	100.00%
Interest rate description	(i) the CDOR Rate (as defined in the credit agreement) plus an applicable margin between 1.50% and 2.50%, (ii) the Canadian Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50%, (iii) the U.S. Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50% and (iv) eurodollar loans (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%.
Maximum [Member]
Debt Instrument [Line Items]
Equity interests			41.00%
Commitment fee percentage	0.50%
Minimum [Member]
Debt Instrument [Line Items]
Equity interests			32.00%
Commitment fee percentage	0.375%
Highest [Member] | Combined Credit Agreements [Member]
Debt Instrument [Line Items]
Scheduled maturity date	Sep. 06, 2016	[1],[2]
Interest rate on outstanding borrowings at December 31, 2011	2.13%	[1],[2],[3]
Base interest rate options	LIBOR, ABR, CDOR (4) (5)	[1],[2],[4],[5]
Financial covenants	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 2.5	[1],[2],[6]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	[1],[2],[6]
Optional redemption	Any time	[1],[2],[6]
Make-whole redemption	N/A	[1],[2],[6]
Change of control	Event of default	[1],[2],[6]
Equity clawback	N/A	[1],[2],[6]
Equal [Member] | Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Principal amount	438,000,000	[1]
Scheduled maturity date	Aug. 01, 2015	[1]
Interest rate on outstanding borrowings at December 31, 2011	8.25%	[1],[3]
Base interest rate options	N/A	[1]
Financial covenants	N/A	[1],[6]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[1],[6]
Optional redemption	August 1, 2012: 103.875 2013: 101.938 2014: par	[1],[6]
Make-whole redemption	Callable prior to August 1, 2012 at make-whole call price of Treasury + 50 bps	[1],[6]
Change of control	Put at 101% of principal plus accrued interest	[1],[6]
Equity clawback	N/A	[1],[6]
Estimated fair value	446,700,000	[1],[7]
Equal [Member] | Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Principal amount	591,000,000	[1]
Scheduled maturity date	Jan. 01, 2016	[1]
Interest rate on outstanding borrowings at December 31, 2011	11.75%	[1],[3]
Base interest rate options	N/A	[1]
Financial covenants	N/A	[1],[6]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[1],[6]
Optional redemption	July 1, 2013: 105.875 2014: 102.938 2015: par	[1],[6]
Make-whole redemption	Callable prior to July 1, 2013 at make-whole call price of Treasury + 50 bps	[1],[6]
Change of control	Put at 101% of principal plus accrued interest	[1],[6]
Equity clawback	Redeemable until July 1, 2012 at 111.75%, plus accrued interest for up to 35%	[1],[6]
Estimated fair value	669,700,000	[1],[7]
Equal [Member] | Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Principal amount	298,000,000	[1]
Scheduled maturity date	Aug. 15, 2019	[1]
Interest rate on outstanding borrowings at December 31, 2011	9.125%	[1],[3]
Base interest rate options	N/A	[1]
Financial covenants	N/A	[1],[6]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[1],[6]
Optional redemption	August 15, 2014: 104.563 2015: 103.042 2016: 101.521 2017: par	[1],[6]
Make-whole redemption	Callable prior to August 15, 2014 at make-whole call price of Treasury + 50 bps	[1],[6]
Change of control	Put at 101% of principal plus accrued interest	[1],[6]
Equity clawback	Redeemable until August 15, 2012 at 109.125%, plus accrued interest for up to 35%	[1],[6]
Estimated fair value	314,400,000	[1],[7]
Lowest [Member] | Senior Subordinated Notes [Member]
Debt Instrument [Line Items]
Principal amount	350,000,000	[1]
Scheduled maturity date	Apr. 01, 2016	[1]
Interest rate on outstanding borrowings at December 31, 2011	7.125%	[1],[3]
Base interest rate options	N/A	[1]
Financial covenants	N/A	[1],[6]
Significant restrictive covenants	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	[1],[6]
Optional redemption	April 1, 2012: 102.375 2013: 101.188 2014: par	[1],[6]
Make-whole redemption	N/A	[1],[6]
Change of control	Put at 101% of principal plus accrued interest	[1],[6]
Equity clawback	N/A	[1],[6]
Estimated fair value	346,500,000	[1],[7]

[1] Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver's domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P. Cowtown Pipeline L.P., Barnett Shale Operating LLC, and Quicksilver Resources Partners Operating Ltd., and certain oil and gas properties and related assets of Quicksilver. Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by 100% of the equity interests of Quicksilver Resources Canada Inc. and its oil and gas properties and related assets, and certain oil and gas properties and related assets of Quicksilver. The other debt presented is based upon structural seniority and priority of payment.

[2] The principal amount for the Combined Credit Agreements represents the borrowing base as of December 31, 2011.

[3] Represents the weighted average borrowing rate payable to lenders.

[4] Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%, (ii) ABR (as defined in the credit agreement), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR (as defined in the credit agreement) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 0.50% to 1.50%. We also pay a per annum fee on all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

[5] Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the credit agreement) plus an applicable margin between 1.50% and 2.50%, (ii) the Canadian Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50%, (iii) the U.S. Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50% and (iv) eurodollar loans (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%. We pay a per annum fee on all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

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

[7] The estimated fair value is determined based on market quotations on the balance sheet date for fixed rate obligations. We consider debt with variable interest rates to have a fair value equal to its carrying value.

XML

Other Assets (Tables)

12 Months Ended

Dec. 31, 2011

Other Assets [Abstract]

Schedule Of Other Assets

	As of December 31,
	2011			2010
	(In thousands)
Deferred financing costs	$	55,952		$	60,233
Less accumulated amortization		(16,576	)		(22,222	)
Net deferred financing costs		39,376			38,011
Notes receivable		7,996			-
Other		3,162			230
	$	50,534		$	38,241

XML

Significant Accounting Policies (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Significant Accounting Policies [Line Items]
Estimated future net revenue discount rate	10.00%
Gain on sale of interest		$ 20.7
Maximum [Member]
Significant Accounting Policies [Line Items]
Receivables number of due days	60
Minimum [Member]
Significant Accounting Policies [Line Items]
Receivables number of due days	30
Purchaser One [Member]
Significant Accounting Policies [Line Items]
Purchases made by customer percentage	15.00%	17.00%
Purchaser Two [Member]
Significant Accounting Policies [Line Items]
Purchases made by customer percentage	11.00%	12.00%
Materials And Parts [Member]
Significant Accounting Policies [Line Items]
Inventory	23.2	25.3
NGLs [Member]
Significant Accounting Policies [Line Items]
Inventory	2.3	$ 2.1

XML

Property, Plant And Equipment (Narrative) (Details) (USD $)	1 Months Ended	12 Months Ended				3 Months Ended		12 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2009	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009	Mar. 31, 2011 Canadian Oil And Gas Properties [Member]	Dec. 31, 2010 Canadian Oil And Gas Properties [Member]	Dec. 31, 2011 Midstream Assets Texas [Member]	Sep. 30, 2010 HCDS Asset [Member]	Dec. 31, 2011 HCDS Asset [Member]	Dec. 31, 2011 Maximum [Member]	Dec. 31, 2011 Minimum [Member]
Property, Plant and Equipment [Line Items]
Percentage decrease of AECO stated price		12.00%
Impairment related to oil and gas properties		$ 107,059,000	$ 47,997,000	[1],[2]	$ 979,540,000	$ 49,100,000	$ 19,400,000		$ 28,600,000
Additional impairment charges	102,100,000							44,700,000		13,300,000
Capitalized overhead costs related to exploration and development activities		18,300,000	17,700,000		17,100,000
Depletion per Mcfe		1.35	1.30		1.36
Depreciation Expense		$ 20,300,000	$ 35,000,000		$ 37,300,000
Estimated years for evaluation of acquisition costs											10	8

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

XML

Consolidated Statements Of Income (Loss) And Comprehensive Income (Loss) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Revenue
Production	$ 800,543	$ 856,349	[1]	$ 796,698
Sales of purchased natural gas	86,645	64,089	[1]	23,654
Other	56,435	7,893	[1]	12,383
Total revenue	943,623	928,331	[1]	832,735
Operating expense
Lease operating	102,874	84,836	[1]	79,027
Gathering, processing and transportation	190,560	94,008	[1]	48,688
Production and ad valorem taxes	29,226	34,156	[1]	23,881
Costs of purchased natural gas	85,398	65,321	[1]	30,158
Other operating	557	4,522	[1]	6,684
Depletion, depreciation and accretion	225,763	207,203	[1],[2]	201,387
Impairment	107,059	47,997	[1],[2]	979,540
General and administrative	79,582	80,107	[1]	77,243
Total expense	821,019	618,150	[1]	1,446,608
Gain on sale of KGS		493,953	[1],[2]
Operating income (loss)	122,604	804,134	[1]	(613,873)
Income (loss) from earnings of BBEP	(8,439)	22,323	[1]	75,444
Impairment of investment in BBEP				(102,084)
Other income (expense) - net	219,768	75,724	[1]	(1,242)
Interest expense	(186,024)	(188,353)	[1]	(195,101)
Income (loss) before income taxes	147,909	713,828	[1]	(836,856)
Income tax (expense) benefit	(57,863)	(258,538)	[1],[3]	291,617
Net income (loss)	90,046	455,290	[1],[2]	(545,239)
Net income attributable to noncontrolling interests		(9,724)	[1]	(12,234)
Net income (loss) attributable to Quicksilver	90,046	445,566	[1],[4]	(557,473)
Other comprehensive income (loss)
Reclassification adjustments related to settlements of derivative contracts - net of income tax	(58,125)	(164,016)	[1]	(211,863)
Net change in derivative fair value - net of income tax	156,160	156,850	[1]	125,989
Foreign currency translation adjustment	(13,364)	16,017	[1]	22,106
Comprehensive income (loss)	$ 174,717	$ 454,417	[1]	$ (621,241)
Earnings (loss) per common share - basic	$ 0.53	$ 2.62	[1],[4]	$ (3.30)
Earnings (loss) per common share - diluted	$ 0.52	$ 2.50	[1],[4]	$ (3.30)

[1] (1) Note 2 contains additional information.

[2] Note 2 contains additional information.

[3] Note 2 contains additional information regarding restated 2010 amounts.

[4] Note 2 contains additional information regarding restated 2010 amounts.

XML

Commitments And Contingencies (Tables)

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Summary Of Contractual Obligations

	GPT     Contracts (1)		Drilling Rig     Contracts (2)		Operating     Leases (3)		Purchase     Obligations (4)
	(In thousands)
2012	$	67,341	$	23,948	$	5,484	$	11,355
2013		82,807		806		4,715		-
2014		111,894		-		4,478		-
2015		143,095		-		4,158		-
2016		147,692		-		3,285		-
Thereafter		477,583		-		18,627		-
Total	$	1,030,412	$	24,754	$	40,747	$	11,355

Cumulative Letters Of Credit

	NGTL Cumulative
	Financial Assurances (1)
	(C$ in thousands)		(US$ in thousands)
July 1, 2012	$	68,264	$	67,124
October 1, 2012		109,816	$	107,982
July 1, 2013		148,400	$	145,922
October 1, 2013		257,400	$	253,101

⁽¹⁾  A letter of credit for C$32.6 million is outstanding for the NGTL Project as of December 31, 2011.

XML

Quicksilver Stockholders' Equity (Narrative) (Details) (USD $)

12 Months Ended

12 Months Ended

Dec. 31, 2011

Dec. 31, 2010

Dec. 31, 2009

May 31, 2009

Jun. 17, 2008

Jan. 31, 2008

Dec. 31, 2006

Dec. 31, 2011

Restricted Stock [Member]

Dec. 31, 2011

Stock Option [Member]

Feb. 15, 2012

Darden Family [Member]

Dec. 31, 2011

Darden Family [Member]

Dec. 31, 2011

Derivatives [Member]

Dec. 31, 2010

Derivatives [Member]

Dec. 31, 2011

Foreign Currency Translation [Member]

Dec. 31, 2010

Foreign Currency Translation [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Common stock, shares authorized

400,000,000

400,000,000

3,700,000

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

Common units

171,600,000

Stockholders equity note, stock split

In 2003, our Board of Directors declared a dividend distribution of one preferred share purchase right for each share of common stock then outstanding. Each right, when it becomes exercisable, entitles stockholders to buy one one-thousandth of a share of Quicksilver's Series A Junior Participating Preferred Stock at an exercise price of $90, after adjustments to reflect the two-for-one stock split in January 2008.

Preferred stock exercise price

$ 90

Special right exercisable in case of acquisition proposal by any individual or group, percentage of proposal

15.00%

Percentage of ownership interest

22.00%

30.00%

30.00%

Common share redeemable rate for board of directors in case of proposal of acquisition

$ 0.01

Common stock reserved for issuance

15,000,000

14,000,000

Stock option expiration term, years

10

Number of shares available for issuance

12,600,000

14,100,000

Shares available for grant for participant tax withholding obligations

900,000

600,000

Unexercised options weighted exercise price

$ 12.03

Unexercised options weighted average remaining contractual term, years

7.5

Expenses for all unvested stock options

$ 7,000,000

$ 6,700,000

$ 4,500,000

Total intrinsic values of options

1,200,000

2,800,000

4,300,000

Unrecognized compensation cost

17,300,000

13,900,000

Unrecognized compensation cost, period of recognition, years

2

Estimated grant date fair value

19,300,000

Fair value of unvested RSU settled in cash

2,500,000

5,500,000

Total unvested compensation

13,900,000

13,300,000

14,600,000

Total fair value of restricted shares and RSUs vested

13,600,000

16,400,000

11,000,000

Accumulated other comprehensive income

$ 214,858,000

$ 130,187,000

^[1]

$ 195,200,000

$ 97,200,000

$ 19,700,000

$ 33,000,000

[1] Note 2 contains additional information.

XML

Consolidated Statements Of Equity (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Consolidated Statements Of Equity [Abstract]
Income tax effect related to hedge derivative contract settlements reclassified into earnings from accumulated other comprehensive income	$ 26,679	$ 84,835	$ 99,004
Income tax effect related to net change in derivative fair value	$ 73,339	$ 78,616	$ 57,007

XML

Fortune Creek (Narrative) (Details) (USD $) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Fortune Creek [Abstract]
Area of business	30,000,000
Contract period, years	10
Payments to acquire interest in joint venture	$ 125
Percentage of interest by parent in the partnership	50.00%
Length of gathering line contributed to partnership, miles	20
Diameter of gathering line contributed to partnership, inches	20

XML

Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments Under Input Levels) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2010	Dec. 31, 2009	Dec. 31, 2011 Asset Derivatives [Member]	Dec. 31, 2010 Asset Derivatives [Member]	Dec. 31, 2011 Asset Derivatives [Member] Fair Value, Inputs, Level 2 [Member] Commodity Contracts [Member]	Dec. 31, 2010 Asset Derivatives [Member] Fair Value, Inputs, Level 2 [Member] Commodity Contracts [Member]	Dec. 31, 2011 Asset Derivatives [Member] Fair Value, Inputs, Level 3 [Member] Commodity Contracts [Member]	Dec. 31, 2010 Asset Derivatives [Member] Fair Value, Inputs, Level 3 [Member] Commodity Contracts [Member]	Dec. 31, 2011 Liability Derivatives [Member]	Dec. 31, 2010 Liability Derivatives [Member]	Dec. 31, 2011 Liability Derivatives [Member] Fair Value, Inputs, Level 2 [Member] Commodity Contracts [Member]	Dec. 31, 2010 Liability Derivatives [Member] Fair Value, Inputs, Level 2 [Member] Commodity Contracts [Member]	Dec. 31, 2010 Liability Derivatives [Member] Fair Value, Inputs, Level 3 [Member] Commodity Contracts [Member]
Derivatives, Fair Value [Line Items]
Estimated fair value of derivative instruments	$ 146,762	$ 105,364	$ 346,827	$ 146,762	$ 195,838	$ 146,762	$ 150,989		$ 4,028		$ 4,028

XML

Quicksilver Stockholders' Equity (Stock Option Activity) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 Y
Quicksilver Stockholders' Equity [Abstract]
Outstanding at January 1, 2011, Shares	3,348,642
Granted, Shares	834,970
Exercised, Shares	(209,221)
Cancelled, Shares	(150,231)
Expired, Shares	(63,464)
Outstanding at December 31, 2011, Shares	3,760,696
Exercisable at December 31, 2011, Shares	1,815,782
Outstanding at January 1, 2011, Wtd Avg Exercise Price	$ 11.10
Granted, Wtd Avg Exercise Price	$ 14.88
Exercised, Wtd Avg Exercise Price	$ 6.21
Cancelled, Wtd Avg Exercise Price	$ 10.78
Expired, Wtd Avg Exercise Price	$ 23.62
Outstanding at December 31, 2011, Wtd Avg Exercise Price	$ 12.01
Exercisable at December 31, 2011, Wtd Avg Exercise Price	$ 11.79
Outstanding at December 31, 2011, Wtd Avg Remaining Contractual Life, Years	7.5
Outstanding at December 31, 2011, Aggregate Intrinsic Value	$ 922
Exercisable at December 31, 2011, Wtd Avg Remaining Contractual Life, Years	6.8
Exercisable at December 31, 2011, Aggregate Intrinsic Value	$ 597

XML

Derivatives And Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2011

Derivatives And Fair Value Measurements [Abstract]

Estimated Fair Value Of Derivative Instruments Under Input Levels

	Asset Derivatives As of December 31,				Liability Derivatives As of December 31,
	2011		2010		2011		2010
	(in thousands)				(in thousands)
Level 2 inputs	$	195,838	$	146,762	$	4,028	$	-
Level 3 inputs		150,989		-		-		-
Total	$	346,827	$	146,762	$	4,028	$	-

Changes In Level 3 Fair Values

	As of December 31,
	2011		2010
	(In thousands)
Balance at beginning of period	$	-	$	-
Total gains for the period:
Included in OCI		105,137		-
Included in earnings		45,852		-
Balance at end of period	$	150,989	$	-
Total gains for the period included in earnings attributable to the change in unrealized gains related to assets held at the reporting date	$	45,852	$	-

Price Collars And Swaps For Anticipated Natural Gas And NGL Production

Production	Daily Production Volume
Year	Gas	NGL
	MMcfd	MBbld
2012	165	7
2013	105	-
2014-2015	65	-
2016-2021	35	-

Reduction Of Interest Expense Over The Life Of The Debt Instruments

(In thousands)
2012	$	5,315
2013		5,769
2014		6,261
2015		4,824
2016		569
	$	22,738

Schedule Of Gas Purchase Commitment Activity

	As of December 31,
	2010
	(in thousands)
Beginning liability at fair value	$	50,744
Decrease due to gas volumes purchased		(35,057	)
Decrease due to changes in gas volumes		(9,062	)
Embedded derivative		(6,625	)
Ending liability at fair value	$	-

Estimated Fair Value Of Derivative Instruments

	Asset Derivatives				Liability Derivatives
	As of December 31,				As of December 31,
	2011		2010		2011		2010
	(In thousands)				(In thousands)
Derivatives designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	165,484	$	97,863	$	2,639	$	8,658
Noncurrent derivative assets		183,982		63,419		-		5,862
Current derivative liabilities		-		-		4,028		-
Total derivatives designated as hedges	$	349,466	$	161,282	$	6,667	$	14,520
Total derivatives	$	349,466	$	161,282	$	6,667	$	14,520

Carrying Value Of Derivatives

	For the Years Ended December 31,
	2011		2010
	Commodity		Gas Purchase		Fair Value		Commodity
	Derivatives		Commitment		Derivatives		Derivatives		Total
	(In thousands)
Derivative fair value at beginning of period		$ 146,762		$ (6,625)		$ 4,108		$ 107,881		$ 105,364
Change in net amounts receivable and payable		(759)		-		(9,180)		(3,451)		(12,631)
Net settlements reported in revenue		(84,046)		-		-		(190,504)		(190,504)
Net settlements reported in interest expense		-		-		(10,848)		-		(10,848)
Cash settlements reported in long-term debt		-		-		(30,816)		-		(30,816)
Unrealized change in fair value of Gas Purchase
Commitment reported in costs of purchased gas		-		6,625		-		-		6,625
Change in fair value of effective interest swaps		-		-		46,736		-		46,736
Ineffectiveness reported in other revenue		5,928		-		-		(2,629)		(2,629)
Unrealized gains reported in other revenue		45,852		-		-		-		-
Unrealized gains reported in OCI		229,062		-		-		235,465		235,465
Derivative fair value at end of period		$ 342,799		$ -		$ -		$ 146,762		$ 146,762

XML

Derivatives And Fair Value Measurements (Carrying Value Of Derivatives) (Details) (USD $) In Thousands, unless otherwise specified	1 Months Ended	12 Months Ended
	Aug. 31, 2011	Dec. 31, 2010	Dec. 31, 2011 Commodity Derivatives [Member]	Dec. 31, 2010 Commodity Derivatives [Member]	Dec. 31, 2010 Gas Purchase Commitment [Member]	Dec. 31, 2010 Fair Value Derivatives [Member]
Derivatives, Fair Value [Line Items]
Derivative fair value at beginning of period		$ 105,364	$ 146,762	$ 107,881	$ (6,625)	$ 4,108
Change in net amounts receivable and payable		(12,631)	(759)	(3,451)		(9,180)
Net settlements reported in revenue		(190,504)	(84,046)	(190,504)
Net settlements reported in interest expense		(10,848)				(10,848)
Cash settlements reported in long-term debt		(30,816)				(30,816)
Unrealized change in fair value of Gas Purchase Commitment reported in costs of purchased gas		6,625			6,625
Change in fair value of effective interest swaps		46,736				46,736
Ineffectiveness reported in other revenue		(2,629)	5,928	(2,629)
Unrealized gains reported in other revenue	48,900		45,852
Unrealized gains reported in OCI		235,465	229,062	235,465
Derivative fair value at end of period		$ 146,762	$ 342,799	$ 146,762

XML

Noncontrolling Interests And KGS

12 Months Ended

Dec. 31, 2011

Noncontrolling Interests And KGS [Abstract]

Noncontrolling Interests And KGS

15. NONCONTROLLING INTERESTS AND KGS

KGS issued 4,000,000 newly issued common units in December 2009 in the KGS Secondary Offering and received $80.3 million, net of underwriters' discount and other offering costs. The portion of these proceeds related to our initial ownership interests, $50.2 million, was recognized as an increase to "Additional Paid-in Capital" on our consolidated balance sheet. In January 2010, the underwriters exercised their option to purchase an additional 549,200 newly issued common units for $11.1 million. As a result we recognized an additional $6.7

million to "Additional Paid-in Capital" in January 2010. KGS offered additional units to the public to provide funding for its acquisition of certain midstream assets from us, which was completed in January 2010 for $95.2 million.

With the closing of the Crestwood Transaction, we no longer consolidate the KGS (or CMLP as it is now known) in our financial statements. Accordingly, we no longer have noncontrolling interests attributable to it within our financial statements.

XML

Accounts Receivable (Tables)

12 Months Ended

Dec. 31, 2011

Accounts Receivable [Abstract]

Schedule Of Accounts Receivable

	As of December 31,
	2011		2010
	(In thousands)
Accrued production	$	57,220	$	36,144
Joint interest billings		7,770		8,172
Income taxes		13,332		17,368
Canadian value added taxes		14,750		-
Other		2,247		1,776
Allowance for doubtful accounts		(37)		(80)
	$	95,282	$	63,380

XML

Quicksilver Stockholders' Equity (Estimated Fair Value Of Stock Options Granted) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Quicksilver Stockholders' Equity [Abstract]
Weighted average grant date fair value	$ 9.16	$ 9.88	$ 3.36
Weighted average grant date	Jan 3, 2011	Jan 4, 2010	Jan 2, 2009
Weighted average risk-free interest rate	2.38%	3.00%	1.90%
Expected life (in years)	6.0	6.0	6.0
Weighted average volatility	66.77%	66.76%	56.76%
Expected dividends

XML

Quicksilver Stockholders' Equity

12 Months Ended

Dec. 31, 2011

Quicksilver Stockholders' Equity [Abstract]

Quicksilver Stockholders' Equity

17. 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 December 31, 2011, we had 171.6 million shares of common stock outstanding.

The following table shows common share and treasury share activity since January 1, 2009:

	Common     Shares Issued		Treasury     Shares Held
Balance at January 1, 2009		171,742,699		4,572,795
Stock options exercised		610,000		-
Restricted stock activity		2,117,137		131,653
Balance at December 31, 2009		174,469,836		4,704,448
Stock options exercised		336,629		16,908
Restricted stock activity		718,351		329,094
Balance at December 31, 2010		175,524,816		5,050,450
Stock options exercised		209,221		-
Restricted stock activity		1,246,446		329,252
Balance at December 31, 2011		176,980,483		5,379,702

Quicksilver Stockholder Rights Plan

In 2003, our Board of Directors declared a dividend distribution of one preferred share purchase right for each share of common stock then outstanding. Each right, when it becomes exercisable, entitles stockholders to buy one one-thousandth of a share of Quicksilver's Series A Junior Participating Preferred Stock at an exercise price of $90, after adjustments to reflect the two-for-one stock split in January 2008.

The rights will be exercisable only if such a person or group acquires 15% or more of our common stock or announces a tender offer the consummation of which would result in ownership by such a person or group (an "Acquiring Person") of 15% or more of common stock. This 15% threshold does not apply to certain members of the Darden family and affiliated entities, which collectively owned, directly or indirectly, approximately 30% of our common stock at February 15, 2012.

If an Acquiring Person acquires 15% or more of our outstanding common stock, each right will entitle its holder to purchase, at the right's then-current exercise price, a number of our common shares having a market value of twice such price. If we are acquired in a merger or other business combination transaction after an Acquiring Person has acquired 15% or more of our outstanding common stock, each right will entitle its holder to purchase, at the right's then-current exercise price, a number of the acquiring company's common shares having a market value of twice such price.

Prior to the acquisition by an Acquiring Person of beneficial ownership of 15% or more of our common stock, the rights are redeemable for $0.01 per right at the option of our Board of Directors.

Stock-Based Compensation

2006 Equity Plan

In 2006, our Board of Directors and our stockholders approved the 2006 Equity Plan, under which 14 million shares of common stock were reserved for issuance as grants of stock options, appreciation rights, restricted shares, restricted stock units, performances shares, performance units and senior executive plan bonuses. In May 2009, stockholders approved an amendment to the 2006 Equity Plan, which increased the number of shares available for issuance to 15 million. Our executive officers, other employees, consultants and non-employee directors are eligible to participate in the 2006 Equity Plan. Options reflect an exercise price of no less than the fair market value on the date of grant and have a term that expires 10 years from the date of grant. At December 31, 2011 and 2010, 12.6 million shares and 14.1 million shares (including 0.9 million shares and 0.6 million shares, respectively, surrendered to us to satisfy participants' tax withholding obligations which then became available for future issuance under the 2006 Equity Plan), respectively, were available for issuance under the 2006 Equity Plan.

Stock Options

The following summarizes the values from and assumptions for the Black-Scholes option pricing model:

	2011	2010	2009
Weighted average grant date fair value	$9.16	$ 9.88	$3.36
Weighted average grant date	Jan 3, 2011	Jan 4, 2010	Jan 2, 2009
Weighted average risk-free interest rate	2.38%	3.00%	1.90%
Expected life (in years)	6.0	6.0	6.0
Weighted average volatility	66.77%	66.76%	56.76%
Expected dividends	-	-	-

The following table summarizes our stock option activity for 2011:

	Shares		Weighted Average   Exercise Price		Weighted Average Remaining   Contractual   Life		Aggregate   Intrinsic Value
					(In years)		(In thousands)
Outstanding at January 1, 2011		3,348,642	$	11.10
Granted		834,970		14.88
Exercised		(209,221)		6.21
Cancelled		(150,231)		10.78
Expired		(63,464)		23.62
Outstanding at December 31, 2011		3,760,696	$	12.01		7.5	$	922
Exercisable at December 31, 2011		1,815,782	$	11.79		6.8	$	597

We estimate that a total of 3.7 million stock options will become vested including those options already exercisable. The unexercised options have a weighted average exercise price of $12.03 and a weighted average remaining contractual life of 7.5 years.

Compensation expense related to stock options of $7.0 million, $6.7 million and $4.5 million was recognized for 2011, 2010 and 2009, respectively. The total intrinsic value of options exercised during 2011, 2010 and 2009, was $1.2 million, $2.8 million and $4.3 million, respectively.

Restricted Stock and Stock Units

The following table summarizes our restricted stock and stock unit activity for 2011:

	Payable in shares				Payable in cash
	Shares		Weighted Average Grant Date Fair Value		Shares		Weighted Average Grant Date Fair Value
Outstanding at January 1, 2011		2,329,089	$	11.27		372,633	$	10.31
Granted		1,389,404		13.89		214,515		14.88
Vested		(1,115,235)		12.17		(154,505)		9.88
Cancelled		(142,958)		12.23		(62,797)		13.19
Outstanding at December 31, 2011		2,460,300	$	12.29		369,846	$	13.12

At December 31, 2010, we had unrecognized compensation cost related to outstanding unvested restricted stock and RSUs of $13.9 million. As of December 31, 2011, the unrecognized compensation cost related to outstanding unvested restricted stock and RSUs was $17.3 million, which is expected to be recognized in

expense over the next 2 years. Grants of restricted stock and RSUs during 2011 had an estimated grant date fair value of $19.3 million. The fair value of RSUs settled in cash was $2.5 million and $5.5 million at December 31, 2011 and 2010, respectively. For 2011, 2010 and 2009, compensation expense of $13.9 million, $13.3 million and $14.6 million, respectively, was recognized. The total fair value of shares vested during 2011, 2010 and 2009 was $13.6 million, $16.4 million and $11.0 million, respectively.

Accumulated Other Comprehensive Income

At December 31, 2011, AOCI included $195.2 million and $19.7 million for derivatives and foreign currency translation, respectively. At December 31, 2010, AOCI included $97.2 million and $33.0 million for derivatives and foreign currency translation, respectively. All of these balances were attributable to us.

XML

Investment In BBEP (Narrative) (Details) (USD $)	1 Months Ended					3 Months Ended	12 Months Ended								1 Months Ended		12 Months Ended
	Feb. 28, 2011	May 31, 2010	Mar. 31, 2009	Jun. 30, 2008	Nov. 30, 2007	Sep. 30, 2009	Dec. 31, 2011	Sep. 30, 2011	Dec. 31, 2010		Sep. 30, 2010	Sep. 30, 2009	Dec. 31, 2008	Jun. 17, 2008	Oct. 31, 2010 BBEP [Member]	Sep. 30, 2010 BBEP [Member]	Dec. 31, 2011 BBEP [Member]	Sep. 30, 2011 BBEP [Member]	Sep. 30, 2010 BBEP [Member]	Sep. 30, 2009 BBEP [Member]	Jun. 17, 2008 Maximum [Member]	Jun. 17, 2008 Minimum [Member]
Business Acquisition [Line Items]
BBEP Units as partial consideration		3,600,000			21,400,000
Common units of investee disposed, units															650,000	1,400,000	15,700,000
Disposal price per unit															$ 17.72	$ 5.82	$ 17.40
Common units of investee owned, units																$ 16.22
Gain on sale and disposition of BBEP units							217,893,000		57,584,000	[1]					7,700,000	14,400,000
Commons units issued by investee	4,900,000
Common units of investee repurchase and retired units				14,400,000
Percentage of ownership interest														22.00%							41.00%	32.00%
Impairment charge per BBEP			6.53										7.05
Aggregate fair value			139,400,000										150,500,000
Estimated fair value													150,500,000
Weighted average carrying value							$ 3.51
Carrying value			241,500,000										470,900,000.0
Impairment charges												86,400,000	320,400,000
Additional impairment charges			102,100,000
Unrealized gain on commodity derivatives								24,000,000			(12,100,000)	181,900,000
Unrealized gains on interest rate swaps																		3,300,000	5,200,000	11,100,000
Realized gain on commodity derivatives						$ 70,600,000

[1] Note 2 contains additional information.

XML

Employee Benefits (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Employee Benefits [Line Items]
Age limit for retirement plan	21
Aggregate stop loss for health benefit plan	$ 175,000
Individual stop loss for health benefit plan	125,000
Expenses associated with health benefit plan	4,800,000	3,500,000	4,600,000
United States Of America [Member]
Employee Benefits [Line Items]
Expenses associated with company contributions	2,300,000	2,500,000	2,300,000
Canada [Member]
Employee Benefits [Line Items]
Expenses associated with company contributions	$ 800,000	$ 800,000	$ 800,000

XML

Consolidated Statements Of Cash Flows (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Operating activities:
Net income (loss)	$ 90,046		$ 455,290	[1],[2]	$ (545,239)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depletion, depreciation and accretion	225,763		207,203	[1],[2]	201,387
Impairment expense	107,059		47,997	[1],[2]	979,540
Deferred income tax expense (benefit)	64,492		185,367	[1]	(291,414)
Non-cash (gain) loss from hedging and derivative activities	(51,780)		(58,892)	[1]	6,756
Gain on sale of KGS			(493,953)	[1],[2]
Divestiture expenses			2,555	[1]
Stock-based compensation	20,862		25,990	[1]	20,815
Non-cash interest expense	16,510		17,226	[1]	45,532
Gain on disposition of BBEP units	(217,893)		(57,584)	[1]
Loss (income) from BBEP in excess of cash distributions	28,269		(1,417)	[1]	(64,344)
Impairment of investment in BBEP					102,084
Other	1,311		(168)	[1]	747
Changes in assets and liabilities
Accounts receivable	(31,803)		(9,501)	[1]	77,527
Derivative assets at fair value			30,816	[1]	54,896
Prepaid expenses and other assets	(6,017)		6,364	[1]	3,061
Accounts payable	(11,434)		33,957	[1]	(12,320)
Income taxes payable	(4,803)		4,611	[1]	60
Accrued and other liabilities	22,471		1,859	[1]	33,215
Net cash provided by operating activities	253,053		397,720	[1]	612,303
Investing activities:
Capital expenditures	(690,607)		(695,114)	[1]	(693,838)
Proceeds from sale of KGS			699,973	[1]
Proceeds from sale of BBEP units	272,965		34,016	[1]
Proceeds from sale of properties and equipment	4,163		9,953	[1]	220,974
Net cash provided (used) by investing activities	(413,479)		48,828	[1]	(472,864)
Financing activities:
Issuance of debt	855,822		690,058	[1]	1,420,727
Repayments of debt	(843,108)		(1,031,736)	[1]	(1,649,630)
Debt issuance costs paid	(12,506)		(3,111)	[1]	(32,472)
Partnership funds received	122,913
Gas Purchase Commitment assumed					58,294
Gas Purchase Commitment repayments			(44,119)	[1]	(14,175)
Issuance of KGS common units - net offering costs			11,054	[1]	80,729
Distributions paid on KGS common units			(13,550)	[1]	(9,925)
Proceeds from exercise of stock options	1,299		1,801	[1]	4,046
Excess tax benefits on exercise of stock options			3,513	[1]
Taxes paid on vesting of KGS equity compensation			(1,144)	[1]	(63)
Purchase of treasury stock	(4,864)		(4,910)	[1]	(922)
Net cash provided (used) by financing activities	119,556		(392,144)	[1]	(143,391)
Effect of exchange rate changes in cash	(921)		(1,252)	[1]	2,889
Net change in cash	(41,791)		53,152	[1]	(1,063)
Cash and cash equivalents at beginning of period	54,937	[1]	1,785	[1]	2,848
Cash and cash equivalents at end of period	$ 13,146		$ 54,937	[1]	$ 1,785	[1]

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

XML

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Current assets
Cash and cash equivalents	$ 13,146	$ 54,937	[1]
Accounts receivable - net of allowance for doubtful accounts	95,282	63,380	[1]
Derivative assets at fair value	162,845	89,205	[1]
Other current assets	29,154	30,650	[1]
Total current assets	300,427	238,172	[1]
Investment in equity-method affiliates		83,341	[1]
Property, plant and equipment - net
Oil and gas properties, full cost method (including unevaluated costs of $433,341 and $314,543, respectively)	3,226,476	2,840,319	[1]
Other property and equipment	234,043	222,926	[1]
Property, plant and equipment - net	3,460,519	3,063,245	[1]
Assets of midstream operations held for sale		27,178	[1]
Derivative assets at fair value	183,982	57,557	[1]
Other assets	50,534	38,241	[1]
Total assets	3,995,462	3,507,734	[1]
LIABILITIES AND EQUITY
Current portion of long-term debt	18	143,478	[1]
Accounts payable	142,672	147,108	[1]
Accrued liabilities	142,193	122,904	[1]
Derivative liabilities at fair value	4,028		[1]
Current deferred tax liability	45,262	28,861	[1],[2]
Total current liabilities	334,173	442,351	[1]
Long-term debt	1,903,431	1,746,716	[1]
Liabilities of midstream operations held for sale		1,431	[1]
Partnership liability	122,913
Asset retirement obligations	85,568	56,235	[1]
Other liabilities	28,461	28,461	[1]
Deferred income taxes	258,997	162,635	[1],[2]
Commitments and contingencies (Note 14)			[1]
Equity
Preferred stock, par value $0.01, 10,000,000 shares authorized, none outstanding			[1]
Common stock, $0.01 par value, 400,000,000 shares authorized, and 176,980,483 and 175,524,816 shares issued, respectively	1,770	1,755	[1]
Additional paid in capital	737,015	714,869	[1]
Treasury stock of 5,379,702 and 5,050,450 shares, respectively	(46,351)	(41,487)	[1]
Accumulated other comprehensive income	214,858	130,187	[1]
Retained earnings	354,627	264,581	[1]
Total equity	1,261,919	1,069,905	[1]
Total liabilities and equity	$ 3,995,462	$ 3,507,734	[1]

[1] Note 2 contains additional information.

[2] Note 2 contains additional information regarding restated 2010 amounts.

XML

Accrued Liabilities

12 Months Ended

Dec. 31, 2011

Accrued Liabilities [Abstract]

Accrued Liabilities

10. ACCRUED LIABILITIES

Accrued liabilities consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
Interest payable	$	68,091	$	69,394
Accrued operating expense		46,569		34,136
Prepayments from partners		33		4,490
Revenue payable		26,073		5,563
Accrued state income and franchise taxes		-		4,497
Accrued production and property taxes		815		2,448
Environmental liabilities		63		235
Accrued product purchases		295		345
Current asset retirement obligations		254		1,574
Other		-		222
	$	142,193	$	122,904

XML

Condensed Consolidating Financial Information (Schedule of Condensed Consolidated Statements Of Income (Loss)) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Revenue	$ 223,097	$ 259,893	$ 248,446	$ 212,187	$ 239,903	$ 237,700	$ 228,570	$ 222,158	$ 943,623	$ 928,331	[1]	$ 832,735
Operating expenses									821,019	618,150		1,446,608
Gain on sale of subsidiary										493,953
Equity in net earnings of subsidiaries
Operating income (loss)	(23,260)	67,981	78,676	(793)	554,330	65,092	108,867	75,845	122,604	804,134	[1]	(613,873)
Income from earnings of BBEP									(8,439)	22,323	[1]	75,444
Impairment of investment in BBEP												(102,084)
Interest expense and other									33,744	(112,629)		(196,343)
Income tax (expense) benefit									(57,863)	(258,538)	[1],[2]	291,617
Discontinued operations
Net income (loss)	23,531	28,686	108,587	(70,758)	327,377	26,569	90,744	10,600	90,046	455,290	[1],[3]	(545,239)
Net income attributable to noncontrolling interests										(9,724)	[1]	(12,234)
Net income (loss) attributable to Quicksilver					328,772	21,803	86,803	8,188	90,046	445,566	[1],[4]	(557,473)
Quicksilver Resources Inc. [Member]
Revenue									778,741	788,714		634,321
Operating expenses									603,582	494,373		1,202,124
Gain on sale of subsidiary										493,953
Equity in net earnings of subsidiaries									(40,725)	(7,666)		(52,643)
Operating income (loss)									134,434	780,628		(620,446)
Income from earnings of BBEP									(8,439)	22,323		75,444
Impairment of investment in BBEP												(102,084)
Interest expense and other									39,252	(96,953)		(180,980)
Income tax (expense) benefit									(75,201)	(260,432)		270,593
Discontinued operations
Net income (loss)									90,046	445,566		(557,473)
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										445,566		(557,473)
Guarantor Subsidiaries [Member]
Revenue									4,573	6,863		4,395
Operating expenses									64,476	37,508		9,413
Gain on sale of subsidiary
Equity in net earnings of subsidiaries										15,228		27,161
Operating income (loss)									(59,903)	(15,417)		22,143
Income from earnings of BBEP
Impairment of investment in BBEP
Interest expense and other									18			3,725
Income tax (expense) benefit									20,960	5,396		(9,054)
Discontinued operations
Net income (loss)									(38,925)	(10,021)		16,814
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										(10,021)		16,814
Restricted Non-Guarantor Subsidiaries [Member]
Revenue									163,864	126,322		188,769
Operating expenses									156,516	113,768		273,969
Gain on sale of subsidiary
Equity in net earnings of subsidiaries
Operating income (loss)									7,348	12,554		(85,200)
Income from earnings of BBEP
Impairment of investment in BBEP
Interest expense and other									(5,526)	(6,868)		(8,526)
Income tax (expense) benefit									(3,622)	(3,331)		24,269
Discontinued operations
Net income (loss)									(1,800)	2,355		(69,457)
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										2,355		(69,457)
Restricted Subsidiary Eliminations [Member]
Revenue										(3,197)		(2,014)
Operating expenses										(3,197)		(2,014)
Gain on sale of subsidiary
Equity in net earnings of subsidiaries										7,666		52,643
Operating income (loss)										7,666		52,643
Income from earnings of BBEP
Impairment of investment in BBEP
Interest expense and other
Income tax (expense) benefit
Discontinued operations
Net income (loss)										7,666		52,643
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										7,666		52,643
Quicksilver And Restricted Subsidiaries [Member]
Revenue										918,702		825,471
Operating expenses										642,452		1,483,492
Gain on sale of subsidiary										493,953
Equity in net earnings of subsidiaries										15,228		27,161
Operating income (loss)										785,431		(630,860)
Income from earnings of BBEP										22,323		75,444
Impairment of investment in BBEP												(102,084)
Interest expense and other										(103,821)		(185,781)
Income tax (expense) benefit										(258,367)		285,808
Discontinued operations
Net income (loss)										445,566		(557,473)
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										445,566		(557,473)
Unrestricted Non-Guarantor Subsidiaries [Member]
Revenue										82,299		91,706
Operating expenses										48,368		47,610
Gain on sale of subsidiary
Equity in net earnings of subsidiaries
Operating income (loss)										33,931		44,096
Income from earnings of BBEP
Impairment of investment in BBEP
Interest expense and other										(8,808)		(8,518)
Income tax (expense) benefit										(171)		5,809
Discontinued operations												(1,992)
Net income (loss)										24,952		39,395
Net income attributable to noncontrolling interests										(9,724)		(12,234)
Net income (loss) attributable to Quicksilver										15,228		27,161
Consolidating Eliminations [Member]
Revenue									(3,555)	(72,670)		(84,442)
Operating expenses									(3,555)	(72,670)		(84,494)
Gain on sale of subsidiary
Equity in net earnings of subsidiaries									40,725	(15,228)		(27,161)
Operating income (loss)									40,725	(15,228)		(27,109)
Income from earnings of BBEP
Impairment of investment in BBEP
Interest expense and other												(2,044)
Income tax (expense) benefit
Discontinued operations												1,992
Net income (loss)									40,725	(15,228)		(27,161)
Net income attributable to noncontrolling interests
Net income (loss) attributable to Quicksilver										$ (15,228)		$ (27,161)

[1] (1) Note 2 contains additional information.

[2] Note 2 contains additional information regarding restated 2010 amounts.

[3] Note 2 contains additional information.

[4] Note 2 contains additional information regarding restated 2010 amounts.

XML

Noncontrolling Interest And KGS (Narrative) (Details) (USD $)	1 Months Ended		12 Months Ended
	Jan. 31, 2010	Dec. 31, 2009	Dec. 31, 2010
Noncontrolling Interest [Line Items]
Newly issued common units	549,200	4,000,000
Proceeds from secondary offering	$ 11,100,000	$ 80,300,000
Disposition of KGS partnership interests			(113,330,000)
KGS Holdings LLC [Member]
Noncontrolling Interest [Line Items]
Proceeds from public offering	95,200,000
Disposition of KGS partnership interests	$ 6,700,000	$ 50,200,000

XML

Commitments And Contingencies (Summary Of Contractual Obligations) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011		Dec. 31, 2010	Dec. 31, 2009
Contractual Obligations [Line Items]
GPT Contracts, 2012	$ 67,341,000	[1]
GPT Contracts, 2013	82,807,000	[1]
GPT Contracts, 2014	111,894,000	[1]
GPT Contracts, 2015	143,095,000	[1]
GPT Contracts, 2016	147,692,000	[1]
GPT Contracts, Thereafter	477,583,000	[1]
GPT Contracts, Total	1,030,412,000	[1]
Drilling Rig Contracts, 2012	23,948,000	[2]
Drilling Rig Contracts, 2013	806,000	[2]
Drilling Rig Contracts, 2014		[2]
Drilling Rig Contracts, 2015		[2]
Drilling Rig Contracts, 2016		[2]
Drilling Rig Contracts, Thereafter		[2]
Drilling Rig Contracts, Total	24,754,000	[2]
Operating Leases, 2012	5,484,000	[3]
Operating Leases, 2013	4,715,000	[3]
Operating Leases, 2014	4,478,000	[3]
Operating Leases, 2015	4,158,000	[3]
Operating Leases, 2016	3,285,000	[3]
Operating Leases, Thereafter	18,627,000	[3]
Operating Leases, Total	40,747,000	[3]
Purchase Obligations, 2012	11,355,000	[4]
Purchase Obligations, 2013		[4]
Purchase Obligations, 2014		[4]
Purchase Obligations, 2015		[4]
Purchase Obligations, 2016		[4]
Purchase Obligations, Thereafter		[4]
Purchase Obligations, Total	11,355,000	[4]
Rent expense for operating leases	4,800,000		4,300,000	4,100,000
Maximum [Member]
Contractual Obligations [Line Items]
Drilling rig contracts outstanding payment	27,005
Minimum [Member]
Contractual Obligations [Line Items]
Drilling rig contracts outstanding payment	$ 12,500

[1] Under contracts with various third parties, we are obligated to provide minimum daily natural gas volume for gathering, processing, fractionation and transportation, as determined on a monthly basis, or pay for any deficiencies at a specified reservation fee rate. Our gathering and transportation contracts with CMLP have no minimum volume requirement and, therefore, are not reported in the above amounts.

[2] We lease drilling rigs from third parties for use in our development and exploration programs. The outstanding drilling rig contracts require payment of a specified day rate ranging from $12,500 to $27,005 for the entire lease term regardless of our utilization of the drilling rigs.

[3] We lease office buildings and other property under operating leases. Rent expense for operating leases with terms exceeding one month was $4.8 million in 2011, $4.3 million in 2010 and $4.1 million in 2009.

[4] At December 31, 2011, we were under contract to purchase goods and services for use in field and gas plant operations.

XML

Document And Entity Information (USD $)	12 Months Ended
	Dec. 31, 2011	Mar. 30, 2012	Jun. 30, 2011
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2011
Document Fiscal Year Focus	2011
Document Fiscal Period Focus	FY
Entity Registrant Name	QUICKSILVER RESOURCES INC
Entity Central Index Key	0001060990
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		172,936,914
Entity Well-known Seasoned Issuer	Yes
Entity Public Float			$ 1,747,078,839
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No

XML

Long-Term Debt

12 Months Ended

Dec. 31, 2011

Long-Term Debt [Abstract]

Long-Term Debt

11. LONG-TERM DEBT

Long-term debt consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
2007 Senior Secured Credit Facility	$	-	$	21,114
Combined Credit Agreements		227,482		-
Senior notes due 2015, net of unamortized discount of $2,980 and $4,134		435,020		470,866
Senior notes due 2016, net of unamortized discount of $13,643 and $16,395		576,977		583,605
Senior notes due 2019, net of unamortized discount of $5,945 and $6,504		292,055		293,496
Senior subordinated notes due 2016		350,000		350,000
Convertible debentures, net of unamortized discount of $0 and $6,522		18		143,478
Total debt		1,881,552		1,862,559
Unamortized deferred gain—terminated interest rate swaps		21,897		27,635
Current portion of long-term debt		(18)		(143,478)
Long-term debt	$	1,903,431	$	1,746,716

Maturities are as follows:

	Total Indebtedness		Combined  Credit Agreement		Senior Notes due in 2015		Senior Notes due in 2016		Senior Notes due in 2019		Senior Subordinated Notes		Convertible Debentures
	(In thousands)
2012	$	18	$	-	$	-	$	-	$	-	$	-	$	18
2013		-		-		-		-		-		-		-
2014		-		-		-		-		-		-		-
2015		438,000		-		438,000		-		-		-		-
2016		1,168,102		227,482		-		590,620		-		350,000		-
Thereafter		298,000		-		-		-		298,000		-		-
	$	1,904,120	$	227,482	$	438,000	$	590,620	$	298,000	$	350,000	$	18

Credit Facilities

In September 2011, we terminated and replaced our $1.0 billion global 2007 Senior Secured Credit Facility with new separate five-year syndicated senior secured revolving credit facilities for our U.S. and Canadian operations. The $1.25 billion Initial U.S. Credit Facility had a borrowing base of $850 million, including a letter of credit capacity of $75 million, as of September 30, 2011. The C$500 million Initial Canadian Credit Facility had a borrowing base of C$225 million, including a letter of credit capacity of C$100 million, as of September 30, 2011. The borrowing base for each facility was to be re-determined at least semi-annually based upon engineering reports and such other information deemed appropriate by the applicable administrative agent, in a manner consistent with its normal oil and gas lending criteria as it exists at the time of such redetermination.

During December 2011, the Initial U.S. Credit Facility and the Initial Canadian Credit Facility were amended and restated by the Combined Credit Agreements. The Combined Credit Agreements provide for an up to five-year combined revolving credit facility pursuant to which revolving credit loans and letters of credit may be provided to Quicksilver and Quicksilver Resources Canada Inc., as applicable, from time to time in an amount not to exceed the lesser of the borrowing base or commitments. The $1.75 billion Combined Credit Agreements have a global borrowing base of $1.075 billion, including a global letter of credit capacity of $175 million, as of December 31, 2011. The Combined Credit Agreements' availability is governed by a global borrowing base. The global borrowing base and the U. S. borrowing base will be re-determined at least semi-annually based upon engineering reports and such other information deemed appropriate by the global administrative agent, in a manner consistent with its normal oil and gas lending criteria as it exists at the time of such redetermination. At the time of each such redetermination up to 100% of the U. S. borrowing base (less a $50 million minimum retained amount) may be allocated to the Canadian borrowing base. The commitments under each of the Amended and Restated U.S. Credit Facility and the Amended and Restated Canadian Credit Facility may be increased by an amount up to $250 million, subject to certain conditions, without the consent of the lenders.

Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver's domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P. Cowtown Pipeline L.P., Barnett Shale Operating LLC, and Quicksilver Resources Partners Operating Ltd. and certain oil and gas properties and related assets of Quicksilver. Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by 100% of the equity interests of Quicksilver Resources Canada Inc. and its oil and gas properties and related assets and certain oil and gas properties and related assets of Quicksilver. At December 31, 2011, there was $798.1 million available under the Combined Credit Agreements.

The Amended and Restated U.S. Credit Facility also provides for the extension of swingline loans to Quicksilver. Borrowings under the Amended and Restated U.S. Credit Facility bear interest at a variable annual rate based on adjusted LIBOR or ABR plus, in each case, an applicable margin, provided that each swingline loan shall be comprised entirely of ABR loans. Borrowings under the Amended and Restated Canadian Credit Facility may be made in U.S. dollars or Canadian dollars and will be comprised entirely of Canadian prime loans, Canadian Deposit Offer Rate ("CDOR") loans, U.S. prime loans or eurodollar loans, in each case, plus an applicable margin. The applicable margin under both credit facilities adjusts as the utilization of the global borrowing base changes.

Our ability to remain in compliance with the financial covenants in our Combined Credit Agreements may be affected by events beyond our control, including market prices for our products. Any future inability to comply with these covenants, unless waived by the requisite lenders, could adversely affect our liquidity by rendering us unable to borrow further under our credit facilities and by accelerating the maturity of our indebtedness.

Senior Notes Due 2015

In June 2008, we issued $475 million of senior notes due 2015, which are unsecured senior obligations of Quicksilver. The notes were issued at 98.66% of par. Interest at the rate of 8.25% is payable semiannually on February 1 and August 1.

Senior Notes Due 2016

In June 2009, we issued $600 million of senior notes due 2016, which are unsecured senior obligations. The notes were issued at 96.72% of par, which resulted in proceeds of $580.3 million that were used to repay a portion of the Senior Secured Second Lien Facility. Interest at the rate of 11.75% is payable semiannually on January 1 and July 1.

Senior Notes Due 2019

In August 2009, we issued $300 million of senior notes due 2019, which are unsecured senior obligations. The notes were issued at 97.61% of par, which resulted in proceeds of $292.8 million that were used to repay a portion of our 2007 Senior Secured Credit Facility. Interest at the rate of 9.125% is payable semiannually on February 15 and August 15.

Senior Subordinated Notes

In 2009, we issued $350 million of senior subordinated notes due 2016. The senior subordinated notes are unsecured senior subordinated obligations and bear interest at the rate of 7.125% which is payable semiannually on April 1 and October 1.

Senior Note Repurchases

During 2011, we repurchased the following senior notes in open market transactions:

Instrument	Repurchase Price		Face Value		Premium  on Repurchase
	(In thousands)
Senior notes due 2015	$	38,134	$	37,000	$	1,134
Senior notes due 2016		10,646		9,380		1,266
Senior notes due 2019		2,160		2,000		160
	$	50,940	$	48,380	$	2,560

Convertible Debentures

The convertible debentures due November 1, 2024 are contingently convertible into shares of our common stock. The debentures bear interest at an annual rate of 1.875% payable semi-annually on May 1 and November 1. Additionally, holders of the debentures can require us to repurchase all or a portion of their debentures on November 1, 2011, 2014 and 2019 at a price equal to the principal amount thereof plus accrued and unpaid interest. The debentures are convertible into shares of our common stock at a rate of 65.4418 shares for each $1,000 debenture, subject to adjustment. Generally, except upon the occurrence of specified events including certain changes of control, holders of the debentures are not entitled to exercise their conversion rights unless the closing price of our stock is at least $18.34 (120% of the conversion price per share) for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the preceding fiscal quarter. Upon conversion, we have the option to deliver any combination of our common stock and cash. Should all debentures be converted to our common stock, an additional 9,816,270 shares, subject to adjustment, would become outstanding; however, as of January 1, 2011, the debentures were not convertible based on share prices for the quarter ended December 31, 2010. We reported these obligations as current obligations in our December 31, 2010 balance sheet.

On November 1, 2011, we repurchased substantially all of the debentures for $150.0 million, after they were presented to us for repurchase by debenture holders. The repurchase transaction was completed utilizing borrowings from the Initial U.S. Credit Facility. During the first quarter of 2012, we repurchased the remaining debentures.

At December 31, 2010, the remaining unamortized discount on the debentures was $6.5 million, resulting in a carrying value of $143.5 million. The remaining discount was accreted to face value through October 2011. For 2011 and 2010, interest expense on our convertible debentures, recognized at an effective interest rate of 6.75%, was $8.9 million and $10.2 million, respectively, including contractual interest of $2.3 million for 2011 and $2.8 million for 2010.

Summary of All Outstanding Debt

As of December 31, 2011, the following subsidiaries are guarantors under our debt obligations: Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P., Cowtown Pipeline L.P., and Barnett Shale Operating LLC. The following table summarizes other significant aspects of our long-term debt outstanding at December 31, 2011:

	Priority on Collateral and Structural Seniority (1)
	Highest priority				Lowest priority
	Equal Priority	Equal priority
	Combined Credit Agreements	2015 Senior Notes	2016 Senior Notes	2019 Senior Notes	Senior Subordinated Notes
Principal amount	$1.075 billion (2)	$438 million	$591 million	$298 million	$350 million
Scheduled maturity date	September 6, 2016	August 1, 2015	January 1, 2016	August 15, 2019	April 1, 2016
Interest rate on outstanding borrowings at December 31, 2011 (3)	2.13%	8.25%	11.75%	9.125%	7.125%
Base interest rate options	LIBOR, ABR, CDOR (4) (5)	N/A	N/A	N/A	N/A
Financial covenants (6)	- Minimum current ratio of 1.0 - Minimum EBITDA to cash interest expense ratio of 2.5	N/A	N/A	N/A	N/A
Significant restrictive covenants (6)	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions - Limitations on derivatives	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions	- Incurrence of debt - Incurrence of liens - Payment of dividends - Equity purchases - Asset sales - Affiliate transactions
Optional redemption (6)	Any time	August 1, 2012:     103.875 2013:     101.938         2014:      par	July 1, 2013:     105.875 2014:     102.938         2015:      par	August 15, 2014:     104.563 2015:     103.042 2016:     101.521          2017:     par	April 1,    2012:     102.375    2013:     101.188           2014:     par
Make-whole redemption (6)	N/A	Callable prior to August 1, 2012 at make-whole call price of Treasury + 50 bps	Callable prior to July 1, 2013 at make-whole call price of Treasury + 50 bps	Callable prior to August 15, 2014 at make-whole call price of Treasury + 50 bps	N/A
Change of control (6)	Event of default	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest	Put at 101% of principal plus accrued interest
Equity clawback (6)	N/A	N/A	Redeemable until July 1, 2012 at 111.75%, plus accrued interest for up to 35%	Redeemable until August 15, 2012 at 109.125%, plus accrued interest for up to 35%	N/A
Estimated fair value (7)	$227. 5. million	$446.7 million	$669.7 million	$314.4 million	$346.5 million

⁽¹⁾  Borrowings under the Amended and Restated U.S. Credit Facility are guaranteed by certain of Quicksilver's domestic subsidiaries and are secured by 100% of the equity interests of each of Cowtown Pipeline Management, Inc., Cowtown Pipeline Funding, Inc., Cowtown Gas Processing L.P. Cowtown Pipeline L.P., Barnett Shale Operating LLC, and Quicksilver Resources Partners Operating Ltd., and certain oil and gas properties and related assets of Quicksilver. Borrowings under the Amended and Restated Canadian Credit Facility are guaranteed by Quicksilver and certain of its domestic subsidiaries and are secured by 100% of the equity interests of Quicksilver Resources Canada Inc. and its oil and gas properties and related assets, and certain oil and gas properties and related assets of Quicksilver. The other debt presented is based upon structural seniority and priority of payment.

⁽²⁾  The principal amount for the Combined Credit Agreements represents the borrowing base as of December 31, 2011.

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

⁽⁴⁾  Amounts outstanding under the Amended and Restated U.S. Credit Facility bear interest, at our election, at (i) adjusted LIBOR (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%, (ii) ABR (as defined in the credit agreement), which is the greatest of (a) the prime rate announced by JPMorgan, (b) the federal funds rate plus 0.50% and (c) adjusted LIBOR (as defined in the credit agreement) plus 1.0%, plus, in each case under scenario (ii), an applicable margin between 0.50% to 1.50%. We also pay a per annum fee on all letters of credit issued under the Amended and Restated U.S. Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated U.S. Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

⁽⁵⁾  Amounts outstanding under the Amended and Restated Canadian Credit Facility bear interest, at our election, at (i) the CDOR Rate (as defined in the credit agreement) plus an applicable margin between 1.50% and 2.50%, (ii) the Canadian Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50%, (iii) the U.S. Prime Rate (as defined in the credit agreement) plus an applicable margin between 0.50% and 1.50% and (iv) eurodollar loans (as defined in the credit agreement) plus an applicable margin between 1.50% to 2.50%. We pay a per annum fee on all letters of credit issued under the Amended and Restated Canadian Credit Facility equal to the applicable margin and a commitment fee on the unused availability under the Amended and Restated Canadian Credit Facility of 0.375% to 0.50%, in each case, based on global borrowing base usage.

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

⁽⁷⁾  The estimated fair value is determined based on market quotations on the balance sheet date for fixed rate obligations. We consider debt with variable interest rates to have a fair value equal to its carrying value.

XML

Long-Term Debt (Schedule Of Long-Term Debt Instruments) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Debt Instrument [Line Items]
Senior secured credit facility	$ 49,400
Total debt	1,881,552	1,862,559
Unamortized deferred gain - terminated interest rate swaps	21,897	27,635
Current portion of long-term debt	(18)	(143,478)	[1]
Long-term debt	1,903,431	1,746,716	[1]
2007 Senior Secured Credit Facility [Member]
Debt Instrument [Line Items]
Senior secured credit facility		21,114
Combined Credit Agreements [Member]
Debt Instrument [Line Items]
Senior secured credit facility	227,482
Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Senior notes	435,020	470,866
Unamortized discount	2,980	4,134
Senior notes maturity period	2015
Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Senior notes	576,977	583,605
Unamortized discount	13,643	16,395
Senior notes maturity period	2016
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Senior notes	292,055	293,496
Unamortized discount	5,945	6,504
Senior notes maturity period	2019
Senior Subordinated Notes Due 2016 [Member]
Debt Instrument [Line Items]
Senior notes	350,000	350,000
Senior notes maturity period	2016
Convertible Debentures [Member]
Debt Instrument [Line Items]
Convertible debentures, net of unamortized discount	18	143,478
Unamortized discount	$ 0	$ 6,522

[1] Note 2 contains additional information.

XML

Commitments And Contingencies (Narrative) (Details) In Millions, unless otherwise specified	12 Months Ended
	Dec. 31, 2011 USD ($) MMcf	Sep. 30, 2011 CAD	Apr. 30, 2011 CAD
Commitments And Contingencies [Abstract]
Estimated construction costs			257.4
Taxes on estimated construction costs			27.6
Liabilities subject to compromise, early contract termination fees		26.4
Minimum volume for contract extension, MMcf	1,000
Oil and gas delivery commitments and contracts, agreement duration (in years)	10
Minimum volume delivery in the event of contract extension per day	106
Surety bonds	9.1
Outstanding letters of credit	49.4
Liabilities for environmental matters	$ 0.1

XML

Consolidated Balance Sheets (Parenthetical) (USD $) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Consolidated Balance Sheets [Abstract]
Unevaluated costs of oil and gas properties	$ 433,341	$ 314,543
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	176,980,483	175,524,816
Treasury stock, shares	5,379,702	5,050,450

XML

Accounts Receivable

12 Months Ended

Dec. 31, 2011

Accounts Receivable [Abstract]

Accounts Receivable

5. ACCOUNTS RECEIVABLE

Accounts receivable consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
Accrued production	$	57,220	$	36,144
Joint interest billings		7,770		8,172
Income taxes		13,332		17,368
Canadian value added taxes		14,750		-
Other		2,247		1,776
Allowance for doubtful accounts		(37)		(80)
	$	95,282	$	63,380

XML

Derivatives And Fair Value Measurements

12 Months Ended

Dec. 31, 2011

Derivatives And Fair Value Measurements [Abstract]

Derivatives And Fair Value Measurements

4. DERIVATIVES AND FAIR VALUE MEASUREMENTS

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

	Asset Derivatives As of December 31,				Liability Derivatives As of December 31,
	2011		2010		2011		2010
	(in thousands)				(in thousands)
Level 2 inputs	$	195,838	$	146,762	$	4,028	$	-
Level 3 inputs		150,989		-		-		-
Total	$	346,827	$	146,762	$	4,028	$	-

The fair value of "Level 2" derivative instruments included in these disclosures was estimated using prices quoted in active markets for the periods covered by the derivatives and the value reported by counterparties. The fair value of derivative instruments designated "Level 3" was estimated using prices quoted in markets where there is insufficient market activity for consideration as "Level 2" instruments. Currently, only our natural gas hedges with an original tenure of 10 years utilize "Level 3" inputs, primarily related to comparatively less market data available for their later term compared with our other shorter term hedges. 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 the credit adjusted risk free rate.

The following table identifies the changes in "Level 3" fair values for the periods indicated:

	As of December 31,
	2011		2010
	(In thousands)
Balance at beginning of period	$	-	$	-
Total gains for the period:
Included in OCI		105,137		-
Included in earnings		45,852		-
Balance at end of period	$	150,989	$	-
Total gains for the period included in earnings attributable to the change in unrealized gains related to assets held at the reporting date	$	45,852	$	-

Commodity Price Derivatives

As of December 31, 2011, we had price collars and swaps hedging our anticipated natural gas and NGL production as follows:

Production	Daily Production Volume
Year	Gas	NGL
	MMcfd	MBbld
2012	165	7
2013	105	-
2014-2015	65	-
2016-2021	35	-

On August 31, 2011, we designated our 10-year natural gas swaps as hedges. Unrealized gains of $48.9 million were recognized from the date we entered into them through that date and have been reported in "other revenue." After the designation date, additional unrealized gains and losses, net of hedge ineffectiveness, have been recognized in AOCI until the associated sale of natural gas production occurs. These gains were partially offset by a decrease in fair value of the related hedge assets due to credit risk of our counterparties as of December 31, 2011.

Interest Rate Derivatives

In June 2009, we entered into interest rate swaps on our $475 million senior notes due 2015 and our $350 million senior subordinated notes effectively converting the interest on those issues from a fixed to a floating rate indexed to a one-month LIBOR. The maturity dates and all other significant terms were the same as those of the underlying debt. Under these swaps, we paid a variable interest rate and received the fixed rate applicable to the underlying debt. The interest income or expense was accrued as earned and recorded as an adjustment to the interest expense accrued on the fixed-rate debt. The interest rate swaps were designated as fair value hedges of the underlying debt. The value of the contracts, excluding the net interest accrual, amounted to a net asset of $4.1 million and a $4.1 million offsetting fair value adjustment to the debt hedged as of December 31, 2009. No ineffectiveness was recorded in connection with the fair value hedges. The 2010 and 2009 average effective interest rates on the 2015 Senior Notes were 6.5% and 5.1%, respectively. The 2010 and 2009 average effective interest rates on the Senior Subordinated Notes were 5.4% and 3.7%, respectively.

In February 2010, we executed the early settlement of the 2009 interest rate swaps that were designated as fair value hedges of our senior notes due 2015 and our senior subordinated notes. We received cash of $18.0 million in the settlement, including $3.7 million for interest previously accrued and earned, and recognized the remaining $14.3 million as a fair value adjustment to our debt.

In February 2010, we entered into new interest swaps to hedge the same debt instruments. We executed early settlement of a portion of the 2010 interest rate swaps in May 2010 and the remaining 2010 interest swaps

in July 2010 for $6.8 million and $16.7 million, respectively. These settlements included $7.0 million for interest previously accrued and earned. The remaining cash of $16.5 million was recognized as a fair value adjustment to our debt.

The remaining deferral of these early settlements from all interest rate swaps will continue to be recognized as a reduction of interest expense over the life of the associated underlying debt instruments currently scheduled as follows:

(In thousands)
2012	$	5,315
2013		5,769
2014		6,261
2015		4,824
2016		569
	$	22,738

Gas Purchase Commitment

We recognized a liability at the time of the Eni Transaction pursuant to the Gas Purchase Commitment based on the estimated production volume attributable to Eni through December 31, 2010, which then totaled 22.2 Bcf. The Gas Purchase Commitment contained an embedded derivative that was adjusted to fair value throughout the period of the commitment, which expired on December 31, 2010. The following summarizes activity to the Gas Purchase Commitment:

	As of December 31,
	2010
	(in thousands)
Beginning liability at fair value	$	50,744
Decrease due to gas volumes purchased		(35,057	)
Decrease due to changes in gas volumes		(9,062	)
Embedded derivative		(6,625	)
Ending liability at fair value	$	-

All Derivatives

The estimated fair value of all of our derivatives at December 31, 2011 and 2010 were as follows:

	Asset Derivatives				Liability Derivatives
	As of December 31,				As of December 31,
	2011		2010		2011		2010
	(In thousands)				(In thousands)
Derivatives designated as hedges:
Commodity contracts reported in:
Current derivative assets	$	165,484	$	97,863	$	2,639	$	8,658
Noncurrent derivative assets		183,982		63,419		-		5,862
Current derivative liabilities		-		-		4,028		-
Total derivatives designated as hedges	$	349,466	$	161,282	$	6,667	$	14,520
Total derivatives	$	349,466	$	161,282	$	6,667	$	14,520

The increase in carrying value of our commodity price derivatives since December 31, 2010 principally resulted from the overall decline in market prices for natural gas relative to the prices in our open derivative instruments at December 31, 2011 and due to more coverage of future production. These increases were partially offset by monthly settlements received during 2011.

The changes in the carrying value of our derivatives for 2011 and 2010 are presented below:

	For the Years Ended December 31,
	2011		2010
	Commodity		Gas Purchase		Fair Value		Commodity
	Derivatives		Commitment		Derivatives		Derivatives		Total
	(In thousands)
Derivative fair value at beginning of period		$ 146,762		$ (6,625)		$ 4,108		$ 107,881		$ 105,364
Change in net amounts receivable and payable		(759)		-		(9,180)		(3,451)		(12,631)
Net settlements reported in revenue		(84,046)		-		-		(190,504)		(190,504)
Net settlements reported in interest expense		-		-		(10,848)		-		(10,848)
Cash settlements reported in long-term debt		-		-		(30,816)		-		(30,816)
Unrealized change in fair value of Gas Purchase
Commitment reported in costs of purchased gas		-		6,625		-		-		6,625
Change in fair value of effective interest swaps		-		-		46,736		-		46,736
Ineffectiveness reported in other revenue		5,928		-		-		(2,629)		(2,629)
Unrealized gains reported in other revenue		45,852		-		-		-		-
Unrealized gains reported in OCI		229,062		-		-		235,465		235,465
Derivative fair value at end of period		$ 342,799		$ -		$ -		$ 146,762		$ 146,762

Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings during 2012 would result in a gain of $86.7 million net of income taxes. Hedge derivative ineffectiveness resulted in net gains of $5.9 million for 2011, and net losses of $2.6 million and $0.1 million for 2010 and 2009, respectively.

XML

Fortune Creek

12 Months Ended

Dec. 31, 2011

Fortune Creek [Abstract]

Fortune Creek

16. FORTUNE CREEK

In December 2011, we entered into an agreement to form a midstream partnership, Fortune Creek, dedicated to the construction and operation of midstream assets to support natural gas producers primarily in British Columbia.

The partnership established an area of mutual interest for the midstream business covering approximately 30 million potential acres which includes transportation and processing infrastructure and agreements.

In connection with the partnership formation, we contributed an existing 20-mile, 20-inch gathering line, its related compression facilities, and 10-year contracts dedicating our future gas production from our Horn River Asset, as more fully described below. KKR contributed $125 million cash in exchange for a 50% interest in the partnership. Our Canadian subsidiary has responsibility of the day-to-day operations of Fortune Creek.

Our Canadian subsidiary entered into a firm gathering agreement with Fortune Creek which is guaranteed by us. At our election, KKR has the responsibility to fund all of the capital contributions associated with the development of the new gas treatment facility in exchange for preferential cash flow distributions. If our subsidiary does not meet its obligations under the gathering agreement, KKR has the right to liquidate the partnership and consequently we have recorded the funds contributed by KKR as a liability in our consolidated financial statements.

Based on an analysis of the entities 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 facilities, we have determined we are the primary beneficiary and therefore, we consolidate Fortune Creek.

The following December 31, 2011 balances related to Fortune Creek are recorded in our consolidated balance sheet:

(In thousands)
Cash and cash equivalents	$	12,783
Canadian value-added tax receivable		14,750
Property, plant and equipment, net		80,761
Total assets	$	108,294
Partnership liability	$	122,913
Asset retirement obligations		80
Total liabilities	$	122,993

XML

Asset Retirement Obligations

12 Months Ended

Dec. 31, 2011

Asset Retirement Obligations [Abstract]

Asset Retirement Obligations

12. ASSET RETIREMENT OBLIGATIONS

The following table provides a reconciliation of the changes in the estimated asset retirement obligation from January 1, 2010 through December 31, 2011.

	As of December 31,
	2011		2010
	(In thousands)
Beginning asset retirement obligations	$	57,809	$	48,581
Additional liability incurred		6,134		2,440
Change in estimates		20,573		2,042
Accretion expense		2,696		2,568
Asset retirement costs incurred		(2,857)		(1,184)
Gain on settlement of liability		816		1,264
Reclassification of liability of operations previously held for sale		1,431		-
Currency translation adjustment		(780)		2,098
Ending asset retirement obligations		85,822		57,809
Less current portion		(254)		(1,574)
Long-term asset retirement obligation	$	85,568	$	56,235

XML

Asset Retirement Obligations (Estimated Asset Retirement Obligation Activity) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Asset Retirement Obligations [Abstract]
Beginning asset retirement obligations	$ 57,809	$ 48,581
Additional liability incurred	6,134	2,440
Change in estimates	20,573	2,042
Accretion expense	2,696	2,568
Asset retirement costs incurred	(2,857)	(1,184)
Gain on settlement of liability	816	1,264
Reclassification of liability of operations previously held for sale	1,431
Currency translation adjustment	(780)	2,098
Ending asset retirement obligations	85,822	57,809
Less current portion	(254)	(1,574)
Long-term asset retirement obligation	$ 85,568	$ 56,235	[1]

[1] Note 2 contains additional information.

XML

Property, Plant And Equipment

12 Months Ended

Dec. 31, 2011

Property, Plant And Equipment [Abstract]

Property, Plant And Equipment

8. PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
Oil and gas properties
Subject to depletion	$	5,309,330	$	4,805,161
Unevaluated costs		433,341		314,543
Accumulated depletion		(2,516,195)		(2,279,385)
Net oil and gas properties		3,226,476		2,840,319
Other property and equipment
Pipelines and processing facilities		340,242		225,402
General properties		71,297		70,267
Accumulated depreciation		(177,496)		(72,743)
Net other property and equipment		234,043		222,926
Property, plant and equipment, net of accumulated depletion and depreciation	$	3,460,519	$	3,063,245

Ceiling Test Analysis and Impairment

The charges for impairment are summarized below:

		Pre-tax Charges for Impairment
	Segment	2011		2010		2009
		(in thousands)
U.S.
Oil and gas properties	Exploration and production	$	-	$	-	$	786,867
Other property and equipment	Midstream		57,996		28,611		-
Canada
Oil and gas properties	Exploration and production		49,063		19,386		192,673
		$	107,059	$	47,997	$	979,540

As described in Note 2, we are required to perform a quarterly ceiling test for impairment of our oil and gas properties in each of our cost centers. The charge for impairment in 2011 was recognized as a result of a 12% decrease in AECO natural gas price utilized in our Canadian ceiling test from December 31, 2010 to March 31, 2011. The charge for impairment in 2010 was recognized as a result of significant changes in our Canadian cost center for the initial producing wells in our Horn River Asset and associated field costs while new proved reserves recognized were limited because of the short production history for the area. We recognized charges for impairment of both our U.S. and Canadian cost centers during 2009 due to significant decreases in natural gas and NGL market prices.

In September 2010, our board of directors approved a plan for disposal of the HCDS. As a result of the decision, we conducted an impairment analysis of the HCDS and recognized a $28.6 million charge for impairment. During the third quarter 2011, we discontinued our efforts to actively market the HCDS assets and

Table of Contents

re-assumed operating it from CMLP at which time we conducted a recovery test for impairment that did not result in an impairment charge. Based on decreased volumes and increased operating costs during the fourth quarter 2011, we recognized additional impairment of $13.3 million determined on a market-based approach to fair value. We also recognized an impairment charge of $44.7 million related to certain Barnett Shale midstream assets to reduce their carrying value to estimated fair value as a result of decreased development by us and others in response to decreased natural gas prices during the fourth quarter. This decrease in current and forecasted development coupled with CMLP's inability to attract third parties to utilize their adjoining system is the underlying causes of the impairment. The resulting post-impairment carrying value equaled the discounted fair value of these assets' future cash flows.

Because of the volatility of oil and natural gas prices, it is reasonably possible we may experience additional impairment in future periods.

Unevaluated Natural Gas and Oil Properties Not Subject to Depletion

Under full cost accounting, we may exclude certain unevaluated property costs from the amortization base pending determination of whether proved reserves have been discovered or impairment has occurred. A summary of the unevaluated properties not subject to depletion at December 31, 2011 and 2010 and the year in which they were incurred follows:

	December 31, 2011 Costs Incurred During										December 31, 2010 Costs Incurred During
	2011		2010		2009		Prior		Total		2010		2009		2008		Prior		Total
	(In thousands)										(In thousands)
Acquisition costs	$	119,936	$	39,307	$	8,408	$	126,756	$	294,407	$	42,117	$	7,482	$	111,929	$	76,192	$	237,720
Exploration costs		58,944		31,644		21,389		11,056		123,033		36,383		21,531		7,616		-		65,530
Capitalized interest		6,613		2,769		3,219		3,300		15,901		4,874		2,866		3,553		-		11,293
Total	$	185,493	$	73,720	$	33,016	$	141,112	$	433,341	$	83,374	$	31,879	$	123,098	$	76,192	$	314,543

The following table summarizes the regions where we have unevaluated property costs not subject to depletion.

	As of December 31,
	2011		2010
	(In thousands)
Barnett Shale	$	68,351	$	121,854
West Texas		49,750		-
Horn River Basin		180,604		160,663
Sandwash Basin		132,965		30,688
Other		1,671		1,338
Total	$	433,341	$	314,543

Costs are transferred into the amortization base on an ongoing basis, as projects are evaluated and proved reserves established or impairment determined. Pending determination of proved reserves attributable to the above costs, we cannot assess the future impact on the amortization rate. Unevaluated acquisition costs will require an estimated eight to ten years of exploration and development activity before evaluation is complete.

Other Matters

Capitalized overhead costs that directly relate to exploration and development activities were $18.3 million, $17.7 million and $17.1 million for 2011, 2010 and 2009, respectively. Depletion per Mcfe was $1.35, $1.30 and $1.36 for 2011, 2010 and 2009, respectively. Depreciation expense was $20.3 million, $35.0 million and $37.3 million for 2011, 2010 and 2009, respectively.

XML

Derivatives And Fair Value Measurements (Changes In Level 3 Fair Values) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011
Derivatives And Fair Value Measurements [Abstract]
Balance at beginning of period	$ 150,989
Included in OCI	105,137
Included in earnings	45,852
Balance at end of period	150,989
Total gains for the period included in earnings attributable to the change in unrealized gains related to assets held at the reporting date	$ 45,852

XML

Supplemental Selected Quarterly Financial Data (Schedule Of Quarterly Financial Data) (Details) (USD $)	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Schedule Of Quarterly Financial Data [Line Items]
Operating revenue	$ 223,097,000	$ 259,893,000	$ 248,446,000	$ 212,187,000	$ 239,903,000	$ 237,700,000	$ 228,570,000	$ 222,158,000	$ 943,623,000	$ 928,331,000	[1]	$ 832,735,000
Operating income	(23,260,000)	67,981,000	78,676,000	(793,000)	554,330,000	65,092,000	108,867,000	75,845,000	122,604,000	804,134,000	[1]	(613,873,000)
Net income	23,531,000	28,686,000	108,587,000	(70,758,000)	327,377,000	26,569,000	90,744,000	10,600,000	90,046,000	455,290,000	[1],[2]	(545,239,000)
Net income attributable to Quicksilver					328,772,000	21,803,000	86,803,000	8,188,000	90,046,000	445,566,000	[1],[3]	(557,473,000)
Basic net earnings per share	$ 0.14	$ 0.17	$ 0.63	$ (0.42)	$ 1.93	$ 0.13	$ 0.51	$ 0.05	$ 0.53	$ 2.62	[1],[3]	$ (3.30)
Diluted net earnings per share	$ 0.14	$ 0.17	$ 0.61	$ (0.42)	$ 1.80	$ 0.13	$ 0.49	$ 0.05	$ 0.52	$ 2.50	[1],[3]	$ (3.30)
Impairment related to oil and gas properties									107,059,000	47,997,000	[1],[2]	979,540,000
Gain on sale of interests in KGS					494,000,000
Canadian Oil And Gas Properties [Member]
Schedule Of Quarterly Financial Data [Line Items]
Impairment related to oil and gas properties				49,100,000	19,400,000
HCDS Asset [Member]
Schedule Of Quarterly Financial Data [Line Items]
Impairment related to oil and gas properties						$ 28,600,000

[1] (1) Note 2 contains additional information.

[2] Note 2 contains additional information.

[3] Note 2 contains additional information regarding restated 2010 amounts.

XML

Other Current Assets

12 Months Ended

Dec. 31, 2011

Other Current Assets [Abstract]

Other Current Assets

6. OTHER CURRENT ASSETS

Other current assets consisted of the following:

	As of December 31,
	2011		2010
	(In thousands)
Inventories	$	25,503	$	27,388
Deposits		391		597
Other prepaid expense		3,260		2,665
	$	29,154	$	30,650

XML

Investment In BBEP

12 Months Ended

Dec. 31, 2011

Investment In BBEP [Abstract]

Investment In BBEP

7. INVESTMENT IN BBEP

At December 31, 2011, we no longer owned any BBEP Units. Note 3 contains additional information regarding the use of 3.6 million BBEP Units as partial consideration in the acquisition of oil and gas properties in May 2010. We further reduced our ownership in September 2010 when we sold 1.4 million BBEP Units at a unit price of $16.22, net of fees paid. We recognized a gain of $14.4 million as other income for the difference between our carrying value at the time of the sale of $5.82 per BBEP Unit and the net sales proceeds. In October 2010, we sold an additional 650,000 BBEP Units at a unit price of $17.72 and recognized a gain of $7.7 million.

Our ownership interest in BBEP was further reduced in February 2011 when BBEP issued approximately 4.9 million BBEP Units. During 2011, we eliminated our ownership through the sale of approximately 15.7 million BBEP Units at a weighted average unit sales price of $17.40. We recognized gains of $217.9 million as other income for the difference between our weighted average carrying value of $3.51 per BBEP Unit and the net sales proceeds.

We initially received 21.4 million BBEP Units during November 2007 as partial consideration of our oil and gas properties in Michigan, Indiana and Kentucky. On June 17, 2008, BBEP announced that it had repurchased and retired 14.4 million BBEP Units, which represented 22% of the units previously outstanding. The resulting reduction in the number of BBEP Units outstanding increased our ownership at the time from 32% to 41%.

After obtaining our BBEP Units, we evaluated our investment for impairment in response to decreases in both prevailing commodity prices and the BBEP Unit price. We considered numerous factors in evaluating whether this was an other-than-temporary decline. As a result of the period during which BBEP Units traded below our net carrying value per unit, prevailing petroleum prices and broad limitations on available capital resulted in the determination that this was an other-than-temporary decline. Accordingly, the impairment analysis at December 31, 2008 utilized a price of $7.05 per BBEP Unit, or an aggregate fair value of $150.5 million for our investment in BBEP. The estimated fair value of $150.5 million was then compared to our carrying value of $470.9 million. The difference of $320.4 million was recognized as an impairment charge during 2008.

At March 31, 2009, an additional charge for impairment of $102.1 million was recognized as the closing price of $6.53 per BBEP Unit, or an aggregate fair value of $139.4 million, exceeded our carrying value of $241.5 million. No subsequent impairment of our investment has occurred.

We accounted for our investment in BBEP Units using the equity method, utilizing a one-quarter lag from BBEP's publicly available information. Summarized financial information for BBEP is as follows:

	For the Twelve Months Ended September 30,
	2011		2010			2009
			(In thousands)
Revenue (1)	$	425,386	$	375,446		$	609,846
Operating expense (2)		313,388		285,394			380,197
Operating income		111,998		90,052			229,649
Interest and other (3)		40,759		24,903			45,714
Income tax (benefit) expense		1,070		(939	)		323
Noncontrolling interests		183		146			27
Net income available to BBEP	$	69,986	$	65,942		$	183,585
Net income available to common unitholders	$	69,986	$	65,942		$	183,585

¹⁾  For the twelve months ended September 30, 2011 and 2009, unrealized gains of $24.0 million and $181.9 million on commodity derivatives were recognized. For the twelve months ended September 30, 2010, unrealized losses of $12.1 million on commodity derivatives were recognized. Realized gains on commodity derivatives of $70.6 million for the early settlement of derivative positions were included for the twelve months ended September 30, 2009.

⁽²⁾  An impairment of BBEP's oil and gas properties of $86.4 million was included for the twelve months ended September 30, 2009.

⁽³⁾  The twelve months ended September 30, 2011, 2010 and 2009 included $3.3 million, $5.2 million and $11.1 million, respectively, for unrealized gains on interest rate swaps.

	As of September 30,
	2011		2010
	(In thousands)
Current assets	$	171,850	$	145,233
Property, plant and equipment		1,765,247		1,728,256
Other assets		104,264		98,113
Current liabilities		85,608		85,035
Long-term debt		511,489		516,000
Other non-current liabilities		55,042		64,715
Partners' equity		1,389,222		1,305,852

Changes in the balance of our investment in BBEP for 2011 and 2010 were as follows:

	As of December 31,
	2011			2010
	(In thousands)
Beginning investment balance	$	83,341		$	112,763
Income (loss) from earnings in BBEP		(8,439	)		22,323
Distributions from BBEP		(19,830	)		(20,905	)
Disposal of BBEP Units		(55,072	)		(30,840	)
Ending investment balance	$	-		$	83,341

XML

Other Assets

12 Months Ended

Dec. 31, 2011

Other Assets [Abstract]

Other Assets

9. OTHER ASSETS

Other assets consisted of the following:

	As of December 31,
	2011			2010
	(In thousands)
Deferred financing costs	$	55,952		$	60,233
Less accumulated amortization		(16,576	)		(22,222	)
Net deferred financing costs		39,376			38,011
Notes receivable		7,996			-
Other		3,162			230
	$	50,534		$	38,241

Costs related to the acquisition of debt are deferred and amortized over the term of the debt.

XML

Derivatives And Fair Value Measurements (Estimated Fair Value Of Derivative Instruments) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Derivatives, Fair Value [Line Items]
Current derivative assets	$ 162,845	$ 89,205	[1]
Noncurrent derivative assets	183,982	57,557	[1]
Current derivative liabilities	4,028		[1]
Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	349,466	161,282
Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Total derivatives	6,667	14,520
Designated As Hedging Instrument [Member] | Asset Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	165,484	97,863
Noncurrent derivative assets	183,982	63,419
Total derivatives designated as hedges	349,466	161,282
Designated As Hedging Instrument [Member] | Liability Derivatives [Member]
Derivatives, Fair Value [Line Items]
Current derivative assets	2,639	8,658
Noncurrent derivative assets		5,862
Current derivative liabilities	4,028
Total derivatives designated as hedges	$ 6,667	$ 14,520

[1] Note 2 contains additional information.

XML

Income Taxes (Narrative) (Details) (USD $)	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009	Dec. 31, 2008	Dec. 31, 2007
Federal statutory income tax rate	35.00%	35.00%	[1]	35.00%
State statutory income tax rate	1.00%
Foreign statutory income tax rate	25.00%
Net operating tax losses	$ 35,000,000	$ 476,000,000		$ 336,000,000	$ 656,000,000	$ 138,000,000
Tax basis in fortune creek, net	29,000,000
Valuation Allowance, Amount	3,700,000
Remaining net operating tax losses		889,000,000
Net operating tax losses period	Our net operating losses will expire between 2029 and 2032
2008 alternative minimum tax losses carry back	62,067,000	67,633,000	[2]	35,000,000
Unrecognized tax benefits that would impact effective tax rate	$ 9,000,000
Canada [Member]
Foreign statutory income tax rate	12.50%

[1] Note 2 to contains additional information regarding restated 2010 amounts.

[2] Note 2 contains additional information regarding restated 2010 amounts.

XML

Accounts Receivable (Schedule Of Accounts Receivable) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010
Accounts Receivable [Abstract]
Accrued production receivables	$ 57,220	$ 36,144
Joint interest receivables	7,770	8,172
Income taxes	13,332	17,368
Canadian value-added tax receivable	14,750
Other	2,247	1,776
Allowance for doubtful accounts	(37)	(80)
Accounts receivable, net	$ 95,282	$ 63,380	[1]

[1] Note 2 contains additional information.

XML

Condensed Consolidating Financial Information (Schedule Of Condensed Consolidated Balance Sheets) (Details) (USD $)	Dec. 31, 2011	Dec. 31, 2010
Current assets	$ 300,427,000	$ 238,172,000	[1]
Property and equipment	3,460,519,000	3,063,245,000	[1]
Assets of midstream operations		27,178,000	[1]
Investment in subsidiaries (equity method)		83,341,000	[1]
Other assets	234,516,000	95,798,000
Total assets	3,995,462,000	3,507,734,000	[1]
Current liabilities	334,173,000	442,351,000	[1]
Long-term liabilities	2,399,370,000	1,994,047,000
Liabilities of midstream operations		1,431,000	[1]
Quicksilver stockholders' equity	1,261,919,000	1,069,905,000	[1]
Total liabilities and equity	3,995,462,000	3,507,734,000	[1]
Quicksilver Resources Inc. [Member]
Current assets	336,893,000	295,697,000
Property and equipment	2,743,379,000	2,413,080,000
Investment in subsidiaries (equity method)	241,680,000	367,845,000
Other assets	401,279,000	339,227,000
Total assets	3,723,231,000	3,415,849,000
Current liabilities	348,512,000	475,882,000
Long-term liabilities	2,112,800,000	1,870,062,000
Quicksilver stockholders' equity	1,261,919,000	1,069,905,000
Total liabilities and equity	3,723,231,000	3,415,849,000
Guarantor Subsidiaries [Member]
Current assets	87,767,000	86,582,000
Property and equipment	37,936,000	68,390,000
Assets of midstream operations		27,178,000
Total assets	125,703,000	182,150,000
Current liabilities	109,938,000	106,627,000
Long-term liabilities	21,903,000	20,346,000
Liabilities of midstream operations		1,431,000
Quicksilver stockholders' equity	(6,138,000)	53,746,000
Total liabilities and equity	125,703,000	182,150,000
Restricted Non-Guarantor Subsidiaries [Member]
Current assets	63,711,000	49,424,000
Property and equipment	598,443,000	581,775,000
Investment in subsidiaries (equity method)	(29,449,000)
Other assets	76,857,000	191,000
Total assets	709,562,000	631,390,000
Current liabilities	76,450,000	53,373,000
Long-term liabilities	385,294,000	347,259,000
Quicksilver stockholders' equity	247,818,000	230,758,000
Total liabilities and equity	709,562,000	631,390,000
Restricted Subsidiary Eliminations [Member]
Current assets	(200,727,000)	(193,531,000)
Investment in subsidiaries (equity method)	(241,680,000)	(284,504,000)
Other assets	(243,620,000)	(243,620,000)
Total assets	(686,027,000)	(721,655,000)
Current liabilities	(200,727,000)	(193,531,000)
Long-term liabilities	(243,620,000)	(243,620,000)
Quicksilver stockholders' equity	(241,680,000)	(284,504,000)
Total liabilities and equity	(686,027,000)	(721,655,000)
Quicksilver And Restricted Subsidiaries [Member]
Current assets	287,644,000	238,172,000
Property and equipment	3,379,758,000	3,063,245,000
Assets of midstream operations		27,178,000
Investment in subsidiaries (equity method)	(29,449,000)	83,341,000
Other assets	234,516,000	95,798,000
Total assets	3,872,469,000	3,507,734,000
Current liabilities	334,173,000	442,351,000
Long-term liabilities	2,276,377,000	1,994,047,000
Liabilities of midstream operations		1,431,000
Quicksilver stockholders' equity	1,261,919,000	1,069,905,000
Total liabilities and equity	3,872,469,000	3,507,734,000
Unrestricted Non-Guarantor Subsidiaries [Member]
Current assets
Property and equipment
Assets of midstream operations
Investment in subsidiaries (equity method)	(29,449,000)
Other assets
Total assets	(29,449,000)
Current liabilities
Long-term liabilities
Liabilities of midstream operations
Quicksilver stockholders' equity	(29,449,000)
Total liabilities and equity	(29,449,000)
Fortune Creek [Member]
Current assets	27,533
Property and equipment	80,761
Total assets	108,294
Current liabilities	14,750
Long-term liabilities	80
Quicksilver stockholders' equity	93,464
Total liabilities and equity	108,294
Consolidating Eliminations [Member]
Current assets	(14,750,000)
Property and equipment
Assets of midstream operations
Investment in subsidiaries (equity method)	58,898,000
Other assets
Total assets	44,148,000
Current liabilities	(14,750,000)
Long-term liabilities	122,913,000
Liabilities of midstream operations
Quicksilver stockholders' equity	(64,015,000)
Total liabilities and equity	$ 44,148,000

[1] Note 2 contains additional information.

XML

Derivatives And Fair Value Measurements (Schedule Of Gas Purchase Commitment Activity) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2010
Derivatives And Fair Value Measurements [Abstract]
Beginning liability at fair value	$ 50,744
Decrease due to gas volumes purchased	(35,057)
Decrease due to changes in gas volumes	(9,062)
Embedded derivative	$ (6,625)

XML

Commitments And Contingencies (Cumulative Letters Of Credit) (Details)	Dec. 31, 2011 CAD	Apr. 30, 2011 July 1, 2012 USD ($)		Apr. 30, 2011 July 1, 2012 CAD		Apr. 30, 2011 October 1, 2012 USD ($)		Apr. 30, 2011 October 1, 2012 CAD		Apr. 30, 2011 July 1, 2013 USD ($)		Apr. 30, 2011 July 1, 2013 CAD		Apr. 30, 2011 October 1, 2013 USD ($)		Apr. 30, 2011 October 1, 2013 CAD
Line of Credit Facility [Line Items]
NGTL Cumulative Financial Assurances		$ 67,124,000	[1]	68,264,000	[1]	$ 107,982,000	[1]	109,816,000	[1]	$ 145,922,000	[1]	148,400,000	[1]	$ 253,101,000	[1]	257,400,000	[1]
Letters of credit outstanding	32,600,000

[1] A letter of credit for C$32.6 million is outstanding for the NGTL Project as of December 31, 2011.

XML

Acquisitions And Divestitures (Tables)

12 Months Ended

Dec. 31, 2011

Acquisitions And Divestitures [Abstract]

Operating Results

	For the Years Ended December 31,
	2010			2009
	(In thousands)
Revenue	$	13,119		$	9,342
Lease operating expense		-			-
PGT expense (1)		(57,679	)		(74,196	)
Ad valorem taxes		3,764			3,610
Other operations		3,444			5,233
DD&A		19,732			24,502
General and administrative expense		5,034			3,229
Impairment expense		28,611			-
Operating results of midstream operations		10,213			46,964
Interest and other expense		(6,916	)		(4,764	)
Results of midstream operations before income tax		3,297			42,200
Income tax expense		(1,265	)		(15,428	)
Results of midstream operations, net of income tax	$	2,032		$	26,772

⁽¹⁾  Our KGS operations earned revenue from processing and gathering of our natural gas and NGL production. This revenue was consolidated as a reduction of processing, gathering and transportation expense for purposes of presenting our consolidated statements of income.

XML

Supplemental Cash Flow Information (Tables)

12 Months Ended

Dec. 31, 2011

Supplemental Cash Flow Information [Abstract]

Cash Paid Or Received For Interest And Income Taxes

	Years Ended December 31,
	2011		2010		2009
	(In thousands)
Interest, net of capitalized interest	$	170,814	$	136,459	$	128,217
Income taxes		(4,249)		78,083		(41,267)

Other Significant Noncash Transactions

	Years Ended December 31,
	2011		2010		2009
	(In thousands)
Working capital related to capital expenditures	$	107,586	$	100,587	$	118,294
Conveyance of 3,619,901 BBEP common units for producing properties		-		54,407		-
Quicksilver common shares received for cashless exercise of 34,415 stock options		-		214		-
Note receivable received for sale of land and building		5,300		-		-

XML

Commitments And Contingencies

12 Months Ended

Dec. 31, 2011

Commitments And Contingencies [Abstract]

Commitments And Contingencies

14. COMMITMENTS AND CONTINGENCIES

Contractual Obligations

Information regarding our contractual obligations, at December 31, 2011, is set forth in the following table:

	GPT     Contracts (1)		Drilling Rig     Contracts (2)		Operating     Leases (3)		Purchase     Obligations (4)
	(In thousands)
2012	$	67,341	$	23,948	$	5,484	$	11,355
2013		82,807		806		4,715		-
2014		111,894		-		4,478		-
2015		143,095		-		4,158		-
2016		147,692		-		3,285		-
Thereafter		477,583		-		18,627		-
Total	$	1,030,412	$	24,754	$	40,747	$	11,355

⁽¹⁾ Under contracts with various third parties, we are obligated to provide minimum daily natural gas volume for gathering, processing, fractionation and transportation, as determined on a monthly basis, or pay for any deficiencies at a specified reservation fee rate. Our gathering and transportation contracts with CMLP have no minimum volume requirement and, therefore, are not reported in the above amounts.

⁽²⁾ We lease drilling rigs from third parties for use in our development and exploration programs. The outstanding drilling rig contracts require payment of a specified day rate ranging from $12,500 to $27,005 for the entire lease term regardless of our utilization of the drilling rigs.

⁽³⁾ We lease office buildings and other property under operating leases. Rent expense for operating leases with terms exceeding one month was $4.8 million in 2011, $4.3 million in 2010 and $4.1 million in 2009.

⁽⁴⁾ At December 31, 2011, we were under contract to purchase goods and services for use in field and gas plant operations.

Commitments and Contingencies

In April 2011, we entered into the NGTL Project, which will serve our Horn River Asset. Under the governing agreements, we agreed to provide financial assurances in the form of letters of credit to NGTL during the construction phase of the project, which is expected to continue through 2014. Assuming the project is fully constructed and based on estimated costs of C$257.4 million, including taxes of C$27.6 million, we expect to provide cumulative letters of credit as follows:

	NGTL Cumulative
	Financial Assurances (1)
	(C$ in thousands)		(US$ in thousands)
July 1, 2012	$	68,264	$	67,124
October 1, 2012		109,816	$	107,982
July 1, 2013		148,400	$	145,922
October 1, 2013		257,400	$	253,101

⁽¹⁾  A letter of credit for C$32.6 million is outstanding for the NGTL Project as of December 31, 2011.

Should other companies subscribe to the project, then our financial assurances under the agreements will be reduced. If the project is terminated by NGTL, then we would be responsible for all of the costs incurred or for which NGTL is liable, and we would have the option to purchase NGTL's rights in the project for a nominal fee. Should the project be terminated by NGTL, we are required to pay NGTL an additional C$26.4 million. NGTL may terminate the project if it is not approved by the National Energy Board of Canada. Based on this and on numerous other factors, we consider the likelihood to be remote that NGTL will terminate the project. Accordingly, no amounts have been recognized on our consolidated balance sheet as of December 31, 2011. Upon completion of the project, all construction-related guarantees will expire.

We have also entered into agreements to deliver production from our Horn River Asset to NGTL over a 10-year period. These agreements will be extended in the event NGTL has either not received 1 Tcf of gas from us and other third parties, or recovered its costs as of the end of the 10-year period. In such event, the extension will be for delivery of minimum volumes of 106 MMcfd until such time that 1 Tcf of gas is delivered.

Also under the agreements, we are required to treat the gas to meet NGTL pipeline specifications. Such treatment will require us to construct treating facilities. We will develop our plans to address the treating requirements prior to the commissioning of the assets being constructed by NGTL.

At December 31, 2011, we had $9.1 million in surety bonds issued to fulfill contractual, legal or regulatory requirements and $49.4 million in letters of credit outstanding against the credit facility. Surety bonds and letters of credit generally have an annual renewal option.

On July 26, 2011, we received a subpoena duces tecum from the SEC requesting certain documents. The SEC has informed us that their investigation arises out of press releases in 2011 questioning the projected decline curves and economics of shale gas wells. 

The allegations against our Executive Vice President – Operations in the District Court of Cleveland County, Oklahoma were dismissed on January 17, 2012.

Environmental Compliance

Our operations are subject to stringent, complex and changing laws and regulations pertaining to health, safety and the environment. As an owner, lessor or operator of our facilities, we are subject to laws and regulations at the federal, state, provincial and local levels that relate to air and water quality, hazardous and solid waste management and disposal and other environmental matters. The cost of planning, designing, constructing and operating our facilities incorporates compliance with environmental laws and regulations and safety standards. Failure to comply with these laws and regulations may trigger a variety of administrative, civil and potentially criminal enforcement measures. At December 31, 2011, we had recorded $0.1 million for liabilities for environmental matters.

XML

Condensed Consolidating Financial Information

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Financial Information [Abstract]

Condensed Consolidating Financial Information

19. CONDENSED CONSOLIDATING FINANCIAL INFORMATION

The following tables provide information about the entities that guarantee our senior notes and senior subordinated notes. The guarantees are full and unconditional and joint and several.

Table of Contents

Under SEC rules, we are required to present financial information segregated between our guarantor and non-guarantor subsidiaries. The indentures under both our senior notes and our senior subordinated notes distinguish between "restricted" subsidiaries and "unrestricted" subsidiaries and further specify supplemental information that is not required under GAAP. The following table illustrates our subsidiaries and their status pursuant to the senior notes due 2015, senior notes due 2016, senior notes due 2019 and the senior subordinated notes:

Guarantor Subsidiaries - Restricted	Non-Guarantor Subsidiaries
	Restricted	Unrestricted
Cowtown Pipeline Funding, Inc.	Quicksilver Resources Canada Inc.	Quicksilver Gas Services Holdings LLC (2)
Cowtown Pipeline Management, Inc.	Cowtown Drilling Inc. (1)	Quicksilver Gas Services GP LLC (2)
Cowtown Pipeline L.P.	Quicksilver Resources Partners Operating Ltd. (3)	Quicksilver Gas Services LP (2)
Cowtown Gas Processing L.P.		Quicksilver Gas Services Operating LLC (2)
Barnett Shale Operating LLC (3)		Quicksilver Gas Services Operating GP LLC (2)
		Cowtown Pipeline Partners L.P. (2)
		Cowtown Gas Processing Partners L.P. (2)
		Makarios Midstream Inc. (3)
		1622834 Alberta Inc. (3)
		Makarios Resources International Holdings LLC (3)
		Makarios Resources International Inc. (3)
		Quicksilver Resources GP LLC (3)
		Quicksilver Production Partners LP (3)

⁽¹⁾ This entity was inactive for the three-year period ended December 31, 2011.

⁽²⁾ We sold all our interests in this entity to Crestwood on October 1, 2010.

⁽³⁾ These entities were created in 2011.

We own 100% of each of the restricted subsidiaries.

Quicksilver and the restricted subsidiaries conduct all of our exploration and production activities, and the unrestricted subsidiaries primarily conduct midstream operations or are related to our midstream MLP. Neither the restricted non-guarantor subsidiaries nor the unrestricted non-guarantor subsidiaries guarantee the obligations under the senior notes and the senior subordinated notes.

However, the restricted non-guarantor subsidiaries, like the restricted guarantor subsidiaries, are limited in their activity by the covenants in the indentures for such matters as:

Ÿ incurring additional indebtedness;

Ÿ paying dividends;

Ÿ selling assets;

Ÿ making investments; and

Ÿ making restricted payments.

Subject to restrictions set forth in the indentures, we may in the future designate one or more additional subsidiaries as unrestricted.

The following tables present financial information about Quicksilver and our restricted subsidiaries for the annual periods covered by the consolidated financial statements. Under the indenture, Fortune Creek is not considered to be a subsidiary and therefore it is presented separately from the other subsidiaries for these purposes. The 2011, 2010 and 2009 condensed consolidating financial information includes changes in the financial information of our unrestricted non-guarantor subsidiaries to present the 2011, 2010 and 2009 financial information including the effects of the purchase of certain of our midstream assets by KGS and the Crestwood Transaction where we sold all of our interests in the unrestricted subsidiaries.

Table of Contents

Immaterial Restatement of Condensed Consolidating Financial Information

We have restated 2010 results of operation and financial condition related to the gain on sale of our interests in KGS, which is more fully described in Note 2. This restatement impacted the "Quicksilver Resources Inc." column.

In addition, we restated 2010 results of operation and financial condition to reclassify an $85.0 million intercompany payable previously recorded in current assets to current liabilities within the "Quicksilver Resources Inc." column. We also restated to reclassify a $243.6 million intercompany receivable and payable previously reported as Investment in subsidiaries to Other Assets in the "Quicksilver Resources Inc." column and to Long-term liabilities in the "Restricted Non-Guarantor Subsidiaries" column. These restatements had no impact on the totals reported for the "Quicksilver and Restricted Subsidiaries" for 2010 results of operation and financial condition.

Condensed Consolidating Balance Sheets

	December 31, 2011
	Quicksilver Resources Inc.		Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	336,893	$	87,767		$	63,711		$	(200,727	)	$	287,644		$	-		$	27,533	$	(14,750	)	$	300,427
Property and equipment		2,743,379		37,936			598,443			-			3,379,758			-			80,761		-			3,460,519
Investment in subsidiaries (equity method)		241,680		-			(29,449	)		(241,680	)		(29,449	)		(29,449	)		-		58,898			-
Other assets		401,279		-			76,857			(243,620	)		234,516			-			-		-			234,516
Total assets	$	3,723,231	$	125,703		$	709,562		$	(686,027	)	$	3,872,469		$	(29,449	)	$	108,294	$	44,148		$	3,995,462
LIABILITIES AND EQUITY
Current liabilities	$	348,512	$	109,938		$	76,450		$	(200,727	)	$	334,173		$	-		$	14,750	$	(14,750	)	$	334,173
Long-term liabilities		2,112,800		21,903			385,294			(243,620	)		2,276,377			-			80		122,913			2,399,370
Quicksilver stockholders' equity		1,261,919		(6,138	)		247,818			(241,680	)		1,261,919			(29,449	)		93,464		(64,015	)		1,261,919
Total liabilities and equity	$	3,723,231	$	125,703		$	709,562		$	(686,027	)	$	3,872,469		$	(29,449	)	$	108,294	$	44,148		$	3,995,462

	December 31, 2010 (Restated)
	Quicksilver Resources Inc.		Restricted Guarantor Subsidiaries		Restricted Non-Guarantor Subsidiaries		Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries		Unrestricted Non-Guarantor Subsidiaries		Consolidating Eliminations		Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	295,697	$	86,582	$	49,424	$	(193,531	)	$	238,172	$	-	$	-	$	238,172
Property and equipment		2,413,080		68,390		581,775		-			3,063,245		-		-		3,063,245
Assets of midstream operations		-		27,178		-		-			27,178		-		-		27,178
Investment in subsidiaries (equity method)		367,845		-		-		(284,504	)		83,341		-		-		83,341
Other assets		339,227		-		191		(243,620	)		95,798		-		-		95,798
Total assets	$	3,415,849	$	182,150	$	631,390	$	(721,655	)	$	3,507,734	$	-	$	-	$	3,507,734
LIABILITIES AND EQUITY
Current liabilities	$	475,882	$	106,627	$	53,373	$	(193,531	)	$	442,351	$	-	$	-	$	442,351
Long-term liabilities		1,870,062		20,346		347,259		(243,620	)		1,994,047		-		-		1,994,047
Liabilities of midstream operations		-		1,431		-		-			1,431		-		-		1,431
Quicksilver stockholders' equity		1,069,905		53,746		230,758		(284,504	)		1,069,905		-		-		1,069,905
Total liabilities and equity	$	3,415,849	$	182,150	$	631,390		$ (721,655)		$	3,507,734	$	-	$	-	$	3,507,734

Table of Contents

Condensed Consolidating Statements of Income

	For the Year Ended December 31, 2011
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	778,741		$	4,573		$	163,864		$	(3,555	)	$	943,623
Operating expenses		603,582			64,476			156,516			(3,555	)		821,019
Equity in net earnings of subsidiaries		(40,725	)		-			-			40,725			-
Operating income (loss)		134,434			(59,903	)		7,348			40,725			122,604
Income from earnings of BBEP		(8,439	)		-			-			-			(8,439	)
Interest expense and other		39,252			18			(5,526	)		-			33,744
Income tax (expense) benefit		(75,201	)		20,960			(3,622	)		-			(57,863	)
Net income (loss)	$	90,046		$	(38,925	)	$	(1,800	)	$	40,725		$	90,046

	For the Year Ended December 31, 2010 (Restated)
	Quicksilver Resources Inc.			Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	788,714		$	6,863		$	126,322		$	(3,197	)	$	918,702		$	82,299		$	(72,670	)	$	928,331
Operating expenses		494,373			37,508			113,768			(3,197	)		642,452			48,368			(72,670	)		618,150
Gain on sale of subsidiary		493,953			-			-			-			493,953			-			-			493,953
Equity in net earnings of subsidiaries		(7,666	)		15,228			-			7,666			15,228			-			(15,228	)		-
Operating income (loss)		780,628			(15,417	)		12,554			7,666			785,431			33,931			(15,228	)		804,134
Income from earnings of BBEP		22,323			-			-			-			22,323			-			-			22,323
Interest expense and other		(96,953	)		-			(6,868	)		-			(103,821	)		(8,808	)		-			(112,629	)
Income tax (expense) benefit		(260,432	)		5,396			(3,331	)		-			(258,367	)		(171	)		-			(258,538	)
Net income (loss)	$	445,566		$	(10,021	)	$	2,355		$	7,666		$	445,566		$	24,952		$	(15,228	)	$	455,290
Net income attributable to noncontrolling interests		-			-			-			-			-			(9,724	)		-			(9,724	)
Net income (loss) attributable to Quicksilver	$	445,566		$	(10,021	)	$	2,355		$	7,666		$	445,566		$	15,228		$	(15,228	)	$	445,566

	For the Year Ended December 31, 2009
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	634,321		$	4,395		$	188,769		$	(2,014	)	$	825,471		$	91,706		$	(84,442	)	$	832,735
Operating expenses		1,202,124			9,413			273,969			(2,014	)		1,483,492			47,610			(84,494	)		1,446,608
Equity in net earnings of subsidiaries		(52,643	)		27,161			-			52,643			27,161			-			(27,161	)		-
Operating income (loss)		(620,446	)		22,143			(85,200	)		52,643			(630,860	)		44,096			(27,109	)		(613,873	)
Income from earnings of BBEP		75,444			-			-			-			75,444			-			-			75,444
Impairment of investment in BBEP		(102,084	)		-			-			-			(102,084	)		-			-			(102,084	)
Interest expense and other		(180,980	)		3,725			(8,526	)		-			(185,781	)		(8,518	)		(2,044	)		(196,343	)
Income tax (expense) benefit		270,593			(9,054	)		24,269			-			285,808			5,809			-			291,617
Discontinued operations		-			-			-			-			-			(1,992	)		1,992			-
Net income (loss)	$	(557,473	)	$	16,814		$	(69,457	)	$	52,643		$	(557,473	)	$	39,395		$	(27,161	)	$	(545,239	)
Net income attributable to noncontrolling interests		-			-			-			-			-			(12,234	)		-			(12,234	)
Net income (loss) attributable to Quicksilver	$	(557,473	)	$	16,814		$	(69,457	)	$	52,643		$	(557,473	)	$	27,161		$	(27,161	)	$	(557,473	)

Table of Contents

Condensed Consolidating Statements of Cash Flows

		000000		000000		000000		000000		000000		000000		000000	000000		000000		000000		000000		000000		000000		000000		000000
	For the Year Ended December 31, 2011
	Quicksilver Resources Inc.				Restricted Guarantor Subsidiaries				Restricted Non-Guarantor Subsidiaries				Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries				Fortune Creek				Eliminations				Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided by operations	$	202,043			$	2,225			$	48,785			$	-		$	253,053			$	-			$	-			$	253,053
Capital expenditures		(518,454	)			(2,225	)			(169,928	)			-			(690,607	)			-				-				(690,607	)
Proceeds from sale of BBEP units		272,965				-				-				-			272,965				-				-				272,965
Investment in Fortune Creek		-				-				(12,783	)			-			(12,783	)			-				12,783				-
Proceeds from sale of properties and equipment		2,959				-				1,204				-			4,163				-				-				4,163
Net cash flow used by investing activities		(242,530	)			(2,225	)			(181,507	)			-			(426,262	)			-				12,783				(413,479	)
Issuance of debt		587,500				-				268,322				-			855,822				-				-				855,822
Repayments of debt		(588,862	)			-				(254,246	)			-			(843,108	)			-				-				(843,108	)
Debt issuance costs		(9,160	)			-				(3,346	)			-			(12,506	)			-				-				(12,506	)
Proceeds from exercise of stock options		1,299				-				-				-			1,299				-				-				1,299
Partnership funds received		-				-				-				-			-				135,696				(12,783	)			122,913
Creation of partnership liability		-				-				122,913				-			122,913				(122,913	)			-				-
Purchase of treasury stock		(4,864	)			-				-				-			(4,864	)			-				-				(4,864	)
Net cash flow provided by financing activities		(14,087	)			-				133,643				-			119,556				12,783				(12,783	)			119,556
Effect of exchange rates on cash		-				-				(921	)			-			(921	)			-				-				(921	)
Net increase (decrease) in cash and equivalents		(54,574	)			-				-				-			(54,574	)			12,783				-				(41,791	)
Cash and equivalents at beginning of period		54,937				-				-				-			54,937				-				-				54,937
Cash and equivalents at end of period	$	363			$	-			$	-			$	-		$	363			$	12,783			$	-			$	13,146

				000000		000000		000000		000000		000000		000000	000000		000000		000000		000000		000000		000000		000000		000000
	For the Year Ended December 31, 2010 (Restated)
	Quicksilver Resources Inc.				Restricted Guarantor Subsidiaries				Restricted Non-Guarantor Subsidiaries				Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries				Unrestricted Non-Guarantor Subsidiaries				Eliminations				Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided by operations	$	288,164			$	651			$	78,959			$	-		$	367,774			$	44,816			$	(14,870	)		$	397,720
Capital expenditures		(534,404	)			(651	)			(100,183	)			-			(635,238	)			(52,470	)			(7,406	)			(695,114	)
Distribution to parent		80,276				-				-				-			80,276				(80,276	)			-				-
Proceeds from sale of KGS		699,973				-				-				-			699,973				-				-				699,973
Proceeds from sale of BBEP units		34,016				-				-				-			34,016				-				-				34,016
Proceeds from sale of properties and equipment		9,953				-				-				-			9,953				-				-				9,953
Net cash flow used for investing activities		289,814				(651	)			(100,183	)			-			188,980				(132,746	)			(7,406	)			48,828
Issuance of debt		478,500				-				68,358				-			546,858				143,200				-				690,058
Repayments of debt		(712,000	)			-				(289,636	)			-			(1,001,636	)			(30,100	)			-				(1,031,736	)
Debt issuance costs		(2,211	)			-				(900	)			-			(3,111	)			-				-				(3,111	)
Gas Purchase Commitment repayments		(44,119	)			-				-				-			(44,119	)			-				-				(44,119	)
Issuance of KGS common units		-				-				-				-			-				11,054				-				11,054
Distributions to parent		-				-				-				-			-				(22,276	)			22,276				-
Intercompany note		(243,620	)			-				243,620				-			-				-				-				-
Distributions to noncontrolling interests		-				-				-				-			-				(13,550	)			-				(13,550	)
Proceeds from exercise of stock options		1,801				-				-				-			1,801				-				-				1,801
Excess tax benefits on exercise of stock options		3,513				-				-				-			3,513				-				-				3,513
Taxes paid on vested KGS equity compensation		-				-				-				-			-				(1,144	)							(1,144	)
Purchase of treasury stock		(4,910	)			-				-				-			(4,910	)			-				-				(4,910	)
Net cash flow provided by (used for) financing activities		(523,046	)			-				21,442				-			(501,604	)			87,184				22,276				(392,144	)
Effect of exchange rates on cash		-				-				(1,252	)			-			(1,252	)			-				-				(1,252	)
Net decrease in cash and equivalents		54,932				-				(1,034	)			-			53,898				(746	)			-				53,152
Cash and equivalents at beginning of period		5				-				1,034				-			1,039				746				-				1,785
Cash and equivalents at end of period	$	54,937			$	-			$	-			$	-		$	54,937			$	-			$	-			$	54,937

Table of Contents

	For the Year Ended December 31, 2009
			Restricted		Restricted		Restricted		Quicksilver		Unrestricted				Quicksilver
	Quicksilver		Guarantor		Non-Guarantor		Subsidiary		and Restricted		Non-Guarantor				Resources Inc.
	Resources Inc.		Subsidiaries		Subsidiaries		Eliminations		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(In thousands)
Net cash flow provided by operating activities	$	358,405	$	73,202	$	148,280	$	-	$	579,887	$	68,133	$	(35,717)	$	612,303
Capital expenditures		(474,659)		(73,202)		(94,209)		-		(642,070)		(54,818)		3,050		(693,838)
Proceeds from sale of properties and equipment		220,206		-		768		-		220,974		-		-		220,974
Net cash flow used for investing activities		(254,453)		(73,202)		(93,441)		-		(421,096)		(54,818)		3,050		(472,864)
Issuance of debt		1,305,137		-		59,590		-		1,364,727		56,000		-		1,420,727
Repayments of debt		(1,428,105)		-		(116,025)		-		(1,544,130)		(105,500)		-		(1,649,630)
Debt issuance costs		(29,901)		-		(1,125)		-		(31,026)		(1,446)		-		(32,472)
Repayments to parent		-		-		-		-		-		(5,645)		5,645		-
Gas Purchase Commitment—net		44,119		-		-		-		44,119		-		-		44,119
Issuance of KGS common units		-		-		-		-		-		80,729		-		80,729
Distributions to parent		-		-				-		-		(27,022)		27,022		-
Distributions to noncontrolling interests		-		-		-		-		-		(9,925)		-		(9,925)
Proceeds from exercise of stock options		4,046		-		-		-		4,046		-		-		4,046
Taxes paid on vested KGS equity compensation		-		-		-		-		-		(63)		-		(63)
Purchase of treasury stock		(922)		-		-		-		(922)		-		-		(922)
Net cash flow provided by (used for) financing activities		(105,626)		-		(57,560)		-		(163,186)		(12,872)		32,667		(143,391)
Effect of exchange rates on cash		-		-		2,889		-		2,889		-		-		2,889
Net decrease in cash and equivalents		(1,674)		-		168		-		(1,506)		443		-		(1,063)
Cash and equivalents at beginning of period		1,679		-		866		-		2,545		303		-		2,848
Cash and equivalents at end of period	$	5	$	-	$	1,034	$	-	$	1,039	$	746	$	-	$	1,785

XML

Fortune Creek (Schedule Of Joint Venture Company Balances Recorded In The Parent Company Balance Sheet ) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009		Dec. 31, 2008
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	$ 13,146	$ 54,937	[1]	$ 1,785	[1]	$ 2,848
Canadian value-added tax receivable	14,750
Property, plant and equipment, net	3,460,519	3,063,245	[2]
Total Assets	3,995,462	3,507,734	[2]
Asset retirement obligations	85,568	56,235	[2]
Partnership Liability	122,913
Fortune Creek [Member]
Schedule of Equity Method Investments [Line Items]
Cash and cash equivalents	12,783
Canadian value-added tax receivable	14,750
Property, plant and equipment, net	80,761
Total Assets	108,294
Asset retirement obligations	80
Partnership Liability	122,913
Total Liabilities	$ 122,993

[1] Note 2 contains additional information.

[2] Note 2 contains additional information.

XML

Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2011

Condensed Consolidating Financial Information [Abstract]

Schedule Of Condensed Consolidated Balance Sheets

Condensed Consolidating Balance Sheets

	December 31, 2011
	Quicksilver Resources Inc.		Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Fortune Creek		Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	336,893	$	87,767		$	63,711		$	(200,727	)	$	287,644		$	-		$	27,533	$	(14,750	)	$	300,427
Property and equipment		2,743,379		37,936			598,443			-			3,379,758			-			80,761		-			3,460,519
Investment in subsidiaries (equity method)		241,680		-			(29,449	)		(241,680	)		(29,449	)		(29,449	)		-		58,898			-
Other assets		401,279		-			76,857			(243,620	)		234,516			-			-		-			234,516
Total assets	$	3,723,231	$	125,703		$	709,562		$	(686,027	)	$	3,872,469		$	(29,449	)	$	108,294	$	44,148		$	3,995,462
LIABILITIES AND EQUITY
Current liabilities	$	348,512	$	109,938		$	76,450		$	(200,727	)	$	334,173		$	-		$	14,750	$	(14,750	)	$	334,173
Long-term liabilities		2,112,800		21,903			385,294			(243,620	)		2,276,377			-			80		122,913			2,399,370
Quicksilver stockholders' equity		1,261,919		(6,138	)		247,818			(241,680	)		1,261,919			(29,449	)		93,464		(64,015	)		1,261,919
Total liabilities and equity	$	3,723,231	$	125,703		$	709,562		$	(686,027	)	$	3,872,469		$	(29,449	)	$	108,294	$	44,148		$	3,995,462

	December 31, 2010 (Restated)
	Quicksilver Resources Inc.		Restricted Guarantor Subsidiaries		Restricted Non-Guarantor Subsidiaries		Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries		Unrestricted Non-Guarantor Subsidiaries		Consolidating Eliminations		Quicksilver Resources Inc. Consolidated
	(In thousands)
ASSETS
Current assets	$	295,697	$	86,582	$	49,424	$	(193,531	)	$	238,172	$	-	$	-	$	238,172
Property and equipment		2,413,080		68,390		581,775		-			3,063,245		-		-		3,063,245
Assets of midstream operations		-		27,178		-		-			27,178		-		-		27,178
Investment in subsidiaries (equity method)		367,845		-		-		(284,504	)		83,341		-		-		83,341
Other assets		339,227		-		191		(243,620	)		95,798		-		-		95,798
Total assets	$	3,415,849	$	182,150	$	631,390	$	(721,655	)	$	3,507,734	$	-	$	-	$	3,507,734
LIABILITIES AND EQUITY
Current liabilities	$	475,882	$	106,627	$	53,373	$	(193,531	)	$	442,351	$	-	$	-	$	442,351
Long-term liabilities		1,870,062		20,346		347,259		(243,620	)		1,994,047		-		-		1,994,047
Liabilities of midstream operations		-		1,431		-		-			1,431		-		-		1,431
Quicksilver stockholders' equity		1,069,905		53,746		230,758		(284,504	)		1,069,905		-		-		1,069,905
Total liabilities and equity	$	3,415,849	$	182,150	$	631,390		$ (721,655)		$	3,507,734	$	-	$	-	$	3,507,734

Schedule Of Condensed Consolidated Statements Of Income

Condensed Consolidating Statements of Income

	For the Year Ended December 31, 2011
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Consolidating Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	778,741		$	4,573		$	163,864		$	(3,555	)	$	943,623
Operating expenses		603,582			64,476			156,516			(3,555	)		821,019
Equity in net earnings of subsidiaries		(40,725	)		-			-			40,725			-
Operating income (loss)		134,434			(59,903	)		7,348			40,725			122,604
Income from earnings of BBEP		(8,439	)		-			-			-			(8,439	)
Interest expense and other		39,252			18			(5,526	)		-			33,744
Income tax (expense) benefit		(75,201	)		20,960			(3,622	)		-			(57,863	)
Net income (loss)	$	90,046		$	(38,925	)	$	(1,800	)	$	40,725		$	90,046

	For the Year Ended December 31, 2010 (Restated)
	Quicksilver Resources Inc.			Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	788,714		$	6,863		$	126,322		$	(3,197	)	$	918,702		$	82,299		$	(72,670	)	$	928,331
Operating expenses		494,373			37,508			113,768			(3,197	)		642,452			48,368			(72,670	)		618,150
Gain on sale of subsidiary		493,953			-			-			-			493,953			-			-			493,953
Equity in net earnings of subsidiaries		(7,666	)		15,228			-			7,666			15,228			-			(15,228	)		-
Operating income (loss)		780,628			(15,417	)		12,554			7,666			785,431			33,931			(15,228	)		804,134
Income from earnings of BBEP		22,323			-			-			-			22,323			-			-			22,323
Interest expense and other		(96,953	)		-			(6,868	)		-			(103,821	)		(8,808	)		-			(112,629	)
Income tax (expense) benefit		(260,432	)		5,396			(3,331	)		-			(258,367	)		(171	)		-			(258,538	)
Net income (loss)	$	445,566		$	(10,021	)	$	2,355		$	7,666		$	445,566		$	24,952		$	(15,228	)	$	455,290
Net income attributable to noncontrolling interests		-			-			-			-			-			(9,724	)		-			(9,724	)
Net income (loss) attributable to Quicksilver	$	445,566		$	(10,021	)	$	2,355		$	7,666		$	445,566		$	15,228		$	(15,228	)	$	445,566

	For the Year Ended December 31, 2009
	Quicksilver Resources Inc.			Restricted Guarantor Subsidiaries			Restricted Non-Guarantor Subsidiaries			Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries			Unrestricted Non-Guarantor Subsidiaries			Consolidated Eliminations			Quicksilver Resources Inc. Consolidated
	(In thousands)
Revenue	$	634,321		$	4,395		$	188,769		$	(2,014	)	$	825,471		$	91,706		$	(84,442	)	$	832,735
Operating expenses		1,202,124			9,413			273,969			(2,014	)		1,483,492			47,610			(84,494	)		1,446,608
Equity in net earnings of subsidiaries		(52,643	)		27,161			-			52,643			27,161			-			(27,161	)		-
Operating income (loss)		(620,446	)		22,143			(85,200	)		52,643			(630,860	)		44,096			(27,109	)		(613,873	)
Income from earnings of BBEP		75,444			-			-			-			75,444			-			-			75,444
Impairment of investment in BBEP		(102,084	)		-			-			-			(102,084	)		-			-			(102,084	)
Interest expense and other		(180,980	)		3,725			(8,526	)		-			(185,781	)		(8,518	)		(2,044	)		(196,343	)
Income tax (expense) benefit		270,593			(9,054	)		24,269			-			285,808			5,809			-			291,617
Discontinued operations		-			-			-			-			-			(1,992	)		1,992			-
Net income (loss)	$	(557,473	)	$	16,814		$	(69,457	)	$	52,643		$	(557,473	)	$	39,395		$	(27,161	)	$	(545,239	)
Net income attributable to noncontrolling interests		-			-			-			-			-			(12,234	)		-			(12,234	)
Net income (loss) attributable to Quicksilver	$	(557,473	)	$	16,814		$	(69,457	)	$	52,643		$	(557,473	)	$	27,161		$	(27,161	)	$	(557,473	)

Schedule Of Condensed Consolidated Statements Of Cash Flows

Condensed Consolidating Statements of Cash Flows

		000000		000000		000000		000000		000000		000000		000000	000000		000000		000000		000000		000000		000000		000000		000000
	For the Year Ended December 31, 2011
	Quicksilver Resources Inc.				Restricted Guarantor Subsidiaries				Restricted Non-Guarantor Subsidiaries				Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries				Fortune Creek				Eliminations				Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided by operations	$	202,043			$	2,225			$	48,785			$	-		$	253,053			$	-			$	-			$	253,053
Capital expenditures		(518,454	)			(2,225	)			(169,928	)			-			(690,607	)			-				-				(690,607	)
Proceeds from sale of BBEP units		272,965				-				-				-			272,965				-				-				272,965
Investment in Fortune Creek		-				-				(12,783	)			-			(12,783	)			-				12,783				-
Proceeds from sale of properties and equipment		2,959				-				1,204				-			4,163				-				-				4,163
Net cash flow used by investing activities		(242,530	)			(2,225	)			(181,507	)			-			(426,262	)			-				12,783				(413,479	)
Issuance of debt		587,500				-				268,322				-			855,822				-				-				855,822
Repayments of debt		(588,862	)			-				(254,246	)			-			(843,108	)			-				-				(843,108	)
Debt issuance costs		(9,160	)			-				(3,346	)			-			(12,506	)			-				-				(12,506	)
Proceeds from exercise of stock options		1,299				-				-				-			1,299				-				-				1,299
Partnership funds received		-				-				-				-			-				135,696				(12,783	)			122,913
Creation of partnership liability		-				-				122,913				-			122,913				(122,913	)			-				-
Purchase of treasury stock		(4,864	)			-				-				-			(4,864	)			-				-				(4,864	)
Net cash flow provided by financing activities		(14,087	)			-				133,643				-			119,556				12,783				(12,783	)			119,556
Effect of exchange rates on cash		-				-				(921	)			-			(921	)			-				-				(921	)
Net increase (decrease) in cash and equivalents		(54,574	)			-				-				-			(54,574	)			12,783				-				(41,791	)
Cash and equivalents at beginning of period		54,937				-				-				-			54,937				-				-				54,937
Cash and equivalents at end of period	$	363			$	-			$	-			$	-		$	363			$	12,783			$	-			$	13,146

				000000		000000		000000		000000		000000		000000	000000		000000		000000		000000		000000		000000		000000		000000
	For the Year Ended December 31, 2010 (Restated)
	Quicksilver Resources Inc.				Restricted Guarantor Subsidiaries				Restricted Non-Guarantor Subsidiaries				Restricted Subsidiary Eliminations			Quicksilver and Restricted Subsidiaries				Unrestricted Non-Guarantor Subsidiaries				Eliminations				Quicksilver Resources Inc. Consolidated
	(In thousands)
Net cash flow provided by operations	$	288,164			$	651			$	78,959			$	-		$	367,774			$	44,816			$	(14,870	)		$	397,720
Capital expenditures		(534,404	)			(651	)			(100,183	)			-			(635,238	)			(52,470	)			(7,406	)			(695,114	)
Distribution to parent		80,276				-				-				-			80,276				(80,276	)			-				-
Proceeds from sale of KGS		699,973				-				-				-			699,973				-				-				699,973
Proceeds from sale of BBEP units		34,016				-				-				-			34,016				-				-				34,016
Proceeds from sale of properties and equipment		9,953				-				-				-			9,953				-				-				9,953
Net cash flow used for investing activities		289,814				(651	)			(100,183	)			-			188,980				(132,746	)			(7,406	)			48,828
Issuance of debt		478,500				-				68,358				-			546,858				143,200				-				690,058
Repayments of debt		(712,000	)			-				(289,636	)			-			(1,001,636	)			(30,100	)			-				(1,031,736	)
Debt issuance costs		(2,211	)			-				(900	)			-			(3,111	)			-				-				(3,111	)
Gas Purchase Commitment repayments		(44,119	)			-				-				-			(44,119	)			-				-				(44,119	)
Issuance of KGS common units		-				-				-				-			-				11,054				-				11,054
Distributions to parent		-				-				-				-			-				(22,276	)			22,276				-
Intercompany note		(243,620	)			-				243,620				-			-				-				-				-
Distributions to noncontrolling interests		-				-				-				-			-				(13,550	)			-				(13,550	)
Proceeds from exercise of stock options		1,801				-				-				-			1,801				-				-				1,801
Excess tax benefits on exercise of stock options		3,513				-				-				-			3,513				-				-				3,513
Taxes paid on vested KGS equity compensation		-				-				-				-			-				(1,144	)							(1,144	)
Purchase of treasury stock		(4,910	)			-				-				-			(4,910	)			-				-				(4,910	)
Net cash flow provided by (used for) financing activities		(523,046	)			-				21,442				-			(501,604	)			87,184				22,276				(392,144	)
Effect of exchange rates on cash		-				-				(1,252	)			-			(1,252	)			-				-				(1,252	)
Net decrease in cash and equivalents		54,932				-				(1,034	)			-			53,898				(746	)			-				53,152
Cash and equivalents at beginning of period		5				-				1,034				-			1,039				746				-				1,785
Cash and equivalents at end of period	$	54,937			$	-			$	-			$	-		$	54,937			$	-			$	-			$	54,937

Table of Contents

	For the Year Ended December 31, 2009
			Restricted		Restricted		Restricted		Quicksilver		Unrestricted				Quicksilver
	Quicksilver		Guarantor		Non-Guarantor		Subsidiary		and Restricted		Non-Guarantor				Resources Inc.
	Resources Inc.		Subsidiaries		Subsidiaries		Eliminations		Subsidiaries		Subsidiaries		Eliminations		Consolidated
	(In thousands)
Net cash flow provided by operating activities	$	358,405	$	73,202	$	148,280	$	-	$	579,887	$	68,133	$	(35,717)	$	612,303
Capital expenditures		(474,659)		(73,202)		(94,209)		-		(642,070)		(54,818)		3,050		(693,838)
Proceeds from sale of properties and equipment		220,206		-		768		-		220,974		-		-		220,974
Net cash flow used for investing activities		(254,453)		(73,202)		(93,441)		-		(421,096)		(54,818)		3,050		(472,864)
Issuance of debt		1,305,137		-		59,590		-		1,364,727		56,000		-		1,420,727
Repayments of debt		(1,428,105)		-		(116,025)		-		(1,544,130)		(105,500)		-		(1,649,630)
Debt issuance costs		(29,901)		-		(1,125)		-		(31,026)		(1,446)		-		(32,472)
Repayments to parent		-		-		-		-		-		(5,645)		5,645		-
Gas Purchase Commitment—net		44,119		-		-		-		44,119		-		-		44,119
Issuance of KGS common units		-		-		-		-		-		80,729		-		80,729
Distributions to parent		-		-				-		-		(27,022)		27,022		-
Distributions to noncontrolling interests		-		-		-		-		-		(9,925)		-		(9,925)
Proceeds from exercise of stock options		4,046		-		-		-		4,046		-		-		4,046
Taxes paid on vested KGS equity compensation		-		-		-		-		-		(63)		-		(63)
Purchase of treasury stock		(922)		-		-		-		(922)		-		-		(922)
Net cash flow provided by (used for) financing activities		(105,626)		-		(57,560)		-		(163,186)		(12,872)		32,667		(143,391)
Effect of exchange rates on cash		-		-		2,889		-		2,889		-		-		2,889
Net decrease in cash and equivalents		(1,674)		-		168		-		(1,506)		443		-		(1,063)
Cash and equivalents at beginning of period		1,679		-		866		-		2,545		303		-		2,848
Cash and equivalents at end of period	$	5	$	-	$	1,034	$	-	$	1,039	$	746	$	-	$	1,785

XML

Segment Information (Operating Income And Property And Equipment Costs Incurred) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended									12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010		Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009	Sep. 30, 2009	Dec. 31, 2008
Segment Reporting Information [Line Items]
Number of geographical segments	2									2
DD&A										$ 225,763	$ 207,203	[1],[2]	$ 201,387
Impairment expense														86,400	320,400
Operating income (loss)	(23,260)	67,981	78,676	(793)	554,330		65,092	108,867	75,845	122,604	804,134	[2]	(613,873)
Property, plant and equipment, net	3,460,519				3,063,245	[3]				3,460,519	3,063,245	[3]
U.S. [Member]
Segment Reporting Information [Line Items]
Revenue										806,657	788,714		634,321
DD&A										171,438	136,361	[4]	134,066
Impairment expense													786,867
Operating income (loss)										251,495	857,170	[4]	(500,164)
Property and equipment costs incurred										487,145	452,044		391,916
Property, plant and equipment, net	2,752,101				2,398,439	[4]				2,752,101	2,398,439	[4]	1,968,430
Investment in equity affiliates					83,341						83,341		112,763
Canada [Member]
Segment Reporting Information [Line Items]
Revenue										135,948	126,322		188,770
DD&A										47,116	45,335	[4]	38,965
Impairment expense										49,063	19,386		192,673
Operating income (loss)										12,914	16,765	[4]	(81,529)
Property and equipment costs incurred										131,699	123,348		91,949
Property, plant and equipment, net	677,695				581,775	[4]				677,695	581,775	[4]	491,528
Processing And Gathering [Member]
Segment Reporting Information [Line Items]
Revenue										4,573	87,426		99,817
DD&A										4,889	23,523	[4]	26,682
Impairment expense										57,996	28,611
Operating income (loss)										(59,903)	12,290	[4]	46,737
Property and equipment costs incurred										64,119	154,271		115,655
Property, plant and equipment, net	21,477				68,389	[4]				21,477	68,389	[4]	71,264
Investment in equity affiliates
Corporate [Member]
Segment Reporting Information [Line Items]
DD&A										2,320	1,984	[4]	1,674
Operating income (loss)										(81,902)	(82,091)	[4]	(78,917)
Property and equipment costs incurred										11,516	5,146		2,161
Property, plant and equipment, net	9,246				14,642	[4]				9,246	14,642	[4]	11,623
Elimination [Member]
Segment Reporting Information [Line Items]
Revenue										(3,555)	(74,131)		(90,173)
Quicksilver Consolidated [Member]
Segment Reporting Information [Line Items]
Revenue										943,623	928,331		832,735
DD&A										225,763	207,203	[4]	201,387
Impairment expense										107,059	47,997		979,540
Operating income (loss)										122,604	804,134	[4]	(613,873)
Property and equipment costs incurred										694,479	734,809		601,681
Property, plant and equipment, net	3,460,519				3,063,245	[4]				3,460,519	3,063,245	[4]	2,542,845
Investment in equity affiliates					$ 83,341						$ 83,341		$ 112,763

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

[3] Note 2 contains additional information.

[4] Note 2 contains additional information regarding restated 2010 amounts.

XML

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2011

Accrued Liabilities [Abstract]

Schedule Of Accrued Liabilities

	As of December 31,
	2011		2010
	(In thousands)
Interest payable	$	68,091	$	69,394
Accrued operating expense		46,569		34,136
Prepayments from partners		33		4,490
Revenue payable		26,073		5,563
Accrued state income and franchise taxes		-		4,497
Accrued production and property taxes		815		2,448
Environmental liabilities		63		235
Accrued product purchases		295		345
Current asset retirement obligations		254		1,574
Other		-		222
	$	142,193	$	122,904

XML

Supplemental Cash Flow Information (Other Significant Noncash Transactions) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental Cash Flow Information [Abstract]
Working capital related to capital expenditures	$ 107,586	$ 100,587	$ 118,294
Conveyance of 3,619,901 BBEP common units for producing properties		54,407
Quicksilver common shares received for cashless exercise of 34,415 stock options		214
Note receivable received for sale of land and building	$ 5,300
Conveyance Of BBEP Units	3,619,901
Number of stock option exercised as common shares	34,415

XML

Consolidated Statements Of Equity (USD $) In Thousands	Common Stock [Member]	Additional Paid-In Capital [Member]	Treasury Stock [Member]	Accumulated Other Comprehensive Income [Member]	Retained Earnings [Member]		Noncontrolling Interest [Member]	Total
Balances at Dec. 31, 2008	$ 1,717	$ 656,958	$ (35,441)	$ 185,104	$ 376,488	[1]	$ 26,737	$ 1,211,563
Net income (loss)					(557,473)	[1]	12,234	(545,239)
Hedge settlements reclassified into earnings from AOCI, net of income tax				(211,863)				(211,863)
Net change in derivative fair value, net of income tax				125,989				125,989
Foreign currency translation adjustment				22,106				22,106
Issuance & vesting of stock compensation	22	19,085	(922)				1,645	19,830
Stock option exercises	6	4,040						4,046
Issuance of KGS units		50,182					30,133	80,315
Distributions paid on KGS units							(9,925)	(9,925)
Balances at Dec. 31, 2009	1,745	730,265	(36,363)	121,336	(180,985)	[1]	60,824	696,822
Net income (loss)					445,566	[1]	9,724	455,290	[1],[2]
Hedge settlements reclassified into earnings from AOCI, net of income tax				(164,016)				(164,016)
Net change in derivative fair value, net of income tax				156,850				156,850	[2]
Foreign currency translation adjustment				16,017				16,017	[2]
Issuance & vesting of stock compensation	7	23,531	(5,124)				4,339	22,753
Stock option exercises	3	2,012						2,015
Issuance of KGS units		6,746					4,308	11,054
Distributions paid on KGS units							(13,550)	(13,550)	[1]
Disposition of KGS partnership interests		(47,685)					(65,645)	(113,330)
Balances at Dec. 31, 2010	1,755	714,869	(41,487)	130,187	264,581	[1]		1,069,905
Net income (loss)					90,046	[1]		90,046
Hedge settlements reclassified into earnings from AOCI, net of income tax				(58,125)				(58,125)
Net change in derivative fair value, net of income tax				156,160				156,160
Foreign currency translation adjustment				(13,364)				(13,364)
Issuance & vesting of stock compensation	13	20,849	(4,864)					15,998
Stock option exercises	2	1,297						1,299
Balances at Dec. 31, 2011	$ 1,770	$ 737,015	$ (46,351)	$ 214,858	$ 354,627	[1]		$ 1,261,919

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

XML

Income Taxes (Components Of Income Tax Expense) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Income Taxes [Abstract]
Current state income tax expense (benefit)	$ (1,706)	$ 4,501	[1]	$ (2)
Current U.S. federal income tax expense (benefit)	(5,565)	67,632	[1]	(202)
Current Canadian income tax expense	642	1,038	[1]
Total current income tax expense (benefit)	(6,629)	73,171	[1]	(204)
Deferred state income tax expense (benefit)	1,980	3,674	[1]	(4,928)
Deferred U.S. federal income tax expense (benefit)	58,890	179,400	[1]	(262,217)
Deferred Canadian income tax expense (benefit)	3,622	2,293	[1]	(24,268)
Total deferred income tax expense (benefit)	64,492	185,367	[1]	(291,413)
Income tax (expense) benefit	$ 57,863	$ 258,538	[1],[2]	$ (291,617)

[1] Note 2 contains additional information regarding restated 2010 amounts.

[2] (1) Note 2 contains additional information.

XML

Acquisitions And Divestitures

12 Months Ended

Dec. 31, 2011

Acquisitions And Divestitures [Abstract]

Acquisitions And Divestitures

3.     ACQUISITIONS AND DIVESTITURES

2010 Crestwood Transaction and Midstream Operations

In October 2010, we completed the sale of all of our interests in KGS to Crestwood. The Crestwood Transaction included our conveying:

Ÿ a 100% ownership interest in Quicksilver Gas Services Holdings LLC, which owned;

Ÿ 5,696,752 common units of KGS;

Ÿ 11,513,625 subordinated units of KGS representing limited partner interests in KGS;

Ÿ 100% of the outstanding membership interests in Quicksilver Gas Services GP LLC including 469,944 general partner units in KGS and 100% of the outstanding incentive distribution rights in KGS; and,

Ÿ a subordinated promissory note issued to us by KGS with a carrying value of $58 million at September 30, 2010.

We received net proceeds of $700 million including $8.0 million from KGS for third quarter 2010 distributions and after transaction costs. We recognized a gain of $494.0 million. We have the right to collect up to an additional $72 million in future earn-out payments in 2012 and 2013, although we have recognized no assets related to these opportunities. In February 2012, we collected $41 million of these earn-out payments.

Under the agreements governing the Crestwood Transaction, we agreed not to compete with CMLP (to which KGS was renamed) with respect to the gathering, treating and processing of natural gas and the transportation of natural gas liquids in Denton, Hood, Somervell, Johnson, Tarrant, Parker, Bosque and Erath Counties in Texas. We also entered into an agreement with CMLP for the joint development of areas governed by certain of our existing agreements, and further, we amended our existing agreements. The most significant amendments include extending the terms of all gathering agreements with CMLP through 2020 and establishing a fixed gathering rate of $0.55 per Mcf for the gathering system in our Alliance Asset.

In September 2010, our board of directors approved a plan for disposal of the HCDS, which is included in our midstream segment. We conducted an impairment analysis of the HCDS and recognized a charge of $28.6 million for impairment in the third quarter of 2010. During the fourth quarter of 2011, we discontinued our efforts to actively market the HCDS assets to prospective buyers. GAAP also generally limits reporting such

items as held for sale to one year. As a result, we have not reported the HCDS in our financial statements as an asset held for sale as of December 31, 2011. Further, we recognized an additional impairment charge of $10.3 million in 2011 for HCDS.

We have continued to report our interests sold in the Crestwood Transaction and the HCDS as part of our continuing operating results because our use of their midstream services constitutes a "continuation of service" that precludes presentation of those businesses as discontinued operations under GAAP.

The operating results of these midstream operations, as classified in our statement of income, are summarized below:

	For the Years Ended December 31,
	2010			2009
	(In thousands)
Revenue	$	13,119		$	9,342
Lease operating expense		-			-
PGT expense (1)		(57,679	)		(74,196	)
Ad valorem taxes		3,764			3,610
Other operations		3,444			5,233
DD&A		19,732			24,502
General and administrative expense		5,034			3,229
Impairment expense		28,611			-
Operating results of midstream operations		10,213			46,964
Interest and other expense		(6,916	)		(4,764	)
Results of midstream operations before income tax		3,297			42,200
Income tax expense		(1,265	)		(15,428	)
Results of midstream operations, net of income tax	$	2,032		$	26,772

⁽¹⁾  Our KGS operations earned revenue from processing and gathering of our natural gas and NGL production. This revenue was consolidated as a reduction of processing, gathering and transportation expense for purposes of presenting our consolidated statements of income.

2010 Lake Arlington Acquisition

In May 2010, we completed the acquisition of an additional 25% working interest in our company-operated Lake Arlington Asset, for which we conveyed $62.1 million in cash and 3,619,901 BBEP Units owned by us with a market value of $54.4 million on the date of closing. We recognized a gain of $35.4 million as other income for the difference between our carrying value of $5.24 per BBEP Unit and the fair value of $15.03 per BBEP Unit on the date of the transaction.

2009 Eni Transaction

In June 2009, we completed the Eni Transaction whereby we entered into a strategic alliance with Eni and sold a 27.5% interest in our Alliance Asset. The assets were sold to Eni for $279.7 million in cash, inclusive of the Gas Purchase Commitment assumed and normal post-closing adjustments. We used the proceeds generated to repay a portion of the Senior Secured Second Lien Facility.

In connection with the sale, we entered into a gas gathering agreement for a pre-set price with Eni covering Eni's production. Under that agreement and subsequent agreements, CMLP will gather, treat and deliver Eni's production. Eni paid $19.2 million to us for construction and installation of the facilities required to gather Eni's production from future Alliance airport area wells. CMLP is now the sole owner of these facilities and is entitled to recognize gathering revenue for the volume of gas that are gathered.

Also as part of the sale, we entered into a joint development agreement with Eni. The joint development agreement includes a schedule of wells that we agreed to drill and complete with participation by Eni during the development period. In connection with the scheduled drilling of these wells, we have committed to drill and complete a minimum number of lateral feet each year. Eni agreed to pay us a turnkey drilling and completion cost of $994 per linear foot attributable to Eni. Through December 31, 2011 we had cumulatively completed 137,184 linear feet under the agreement, compared with a contract minimum of 130,743 feet. A total of 191,819 linear feet is required to be completed by December 31, 2013. Under the joint development agreement, we may be obligated to pay Eni for damages at the end of the development period should we fail to meet the linear footage requirements and certain production requirements have not been satisfied. We currently expect to satisfy these requirements and have recognized no liability related to non-performance.

XML

Derivatives And Fair Value Measurements (Narrative) (Details) (USD $)	1 Months Ended		12 Months Ended			1 Months Ended					12 Months Ended			12 Months Ended
	Aug. 31, 2011	Jun. 30, 2009	Dec. 31, 2011 ft3	Dec. 31, 2010	Dec. 31, 2009	Jul. 31, 2010 2010 Interest Rate Swaps [Member]	May 31, 2010 2010 Interest Rate Swaps [Member]	Feb. 28, 2010 2010 Interest Rate Swaps [Member]	Feb. 28, 2010 2009 Interest Rate Swaps [Member]	Jun. 30, 2009 2009 Interest Rate Swaps [Member]	Dec. 31, 2010 Senior Subordinated Notes [Member]	Dec. 31, 2009 Senior Subordinated Notes [Member]	Jun. 30, 2009 Senior Subordinated Notes [Member]	Dec. 31, 2010 Senior Notes [Member]	Dec. 31, 2009 Senior Notes [Member]
Derivative [Line Items]
Natural gas hedges original tenure			10 years
Debt instruments amount			$ 1,881,552,000	$ 1,862,559,000						$ 475,000,000			$ 350,000,000
Senior notes maturity										2015
Debt instrument, description		one-month LIBOR
Value of a contracts, excluding net interest accrual, to net asset					4,100,000
Fair value adjustment of debt					4,100,000			16,500,000	14,300,000
Average effective interest rates on notes											5.40%	3.70%		6.50%	5.10%
Cash received in settlement of hedge						16,700,000	6,800,000		18,000,000
Interest previously accrued and earned								7,000,000	3,700,000
Estimated production volume of gas purchase commitment, cubic feet			22,200,000,000
Gains and losses from the effective portion of derivative assets and liabilities held in AOCI expected to be reclassified into earnings			86,700,000
Hedge derivative ineffectiveness resulted in gains			5,900,000
Hedge derivative ineffectiveness resulted in losses				2,600,000	100,000
Unrealized gains reported in other revenue	$ 48,900,000

XML

Long-Term Debt (Repurchase Of Senior Notes) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2011
Debt Instrument [Line Items]
Repurchase Price	$ 50,940
Face Value	48,380
Premium On Repurchase	2,560
Senior Notes Due 2015 [Member]
Debt Instrument [Line Items]
Repurchase Price	38,134
Face Value	37,000
Premium On Repurchase	1,134
Senior Notes Due 2016 [Member]
Debt Instrument [Line Items]
Repurchase Price	10,646
Face Value	9,380
Premium On Repurchase	1,266
Senior Notes Due 2019 [Member]
Debt Instrument [Line Items]
Repurchase Price	2,160
Face Value	2,000
Premium On Repurchase	$ 160

XML

Supplemental Cash Flow Information (Cash Paid Or Received For Interest And Income Taxes) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2009
Supplemental Cash Flow Information [Abstract]
Interest, net of capitalized interest	$ 170,814	$ 136,459	$ 128,217
Income taxes	$ (4,249)	$ 78,083	$ (41,267)

XML

Investment In BBEP (Operations Statement) (Details) (USD $) In Thousands, unless otherwise specified	3 Months Ended								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009	Sep. 30, 2011 BBEP [Member]		Sep. 30, 2010 BBEP [Member]		Sep. 30, 2009 BBEP [Member]
Business Acquisition [Line Items]
Revenue													$ 425,386	[1]	$ 375,446	[1]	$ 609,846	[1]
Operating expense									821,019	618,150		1,446,608	313,388	[2]	285,394	[2]	380,197	[2]
Operating income	(23,260)	67,981	78,676	(793)	554,330	65,092	108,867	75,845	122,604	804,134	[3]	(613,873)	111,998		90,052		229,649
Interest and other													40,759	[4]	24,903	[4]	45,714	[4]
Income tax (benefit) expense									57,863	258,538	[3],[5]	(291,617)	1,070		(939)		323
Noncontrolling interests													183		146		27
Net income available to BBEP					$ 328,772	$ 21,803	$ 86,803	$ 8,188	$ 90,046	$ 445,566	[3],[6]	$ (557,473)	$ 69,986		$ 65,942		$ 183,585

[1] 1) For the twelve months ended September 30, 2011 and 2009, unrealized gains of $24.0 million and $181.9 million on commodity derivatives were recognized. For the twelve months ended September 30, 2010, unrealized losses of $12.1 million on commodity derivatives were recognized. Realized gains on commodity derivatives of $70.6 million for the early settlement of derivative positions were included for the twelve months ended September 30, 2009.

[2] An impairment of BBEP's oil and gas properties of $86.4 million was included for the twelve months ended September 30, 2009.

[3] (1) Note 2 contains additional information.

[4] The twelve months ended September 30, 2011, 2010 and 2009 included $3.3 million, $5.2 million and $11.1 million, respectively, for unrealized gains on interest rate swaps.

[5] Note 2 contains additional information regarding restated 2010 amounts.

[6] Note 2 contains additional information regarding restated 2010 amounts.

XML

Segment Information

12 Months Ended

Dec. 31, 2011

Segment Information [Abstract]

Segment Information

20. SEGMENT INFORMATION

We operate in two geographic segments, the U.S. and Canada, where we are engaged in the exploration and production segment of the oil and gas industry. Additionally, prior to the Crestwood Transaction, we operated in the midstream segment in the U.S., where we provided natural gas gathering and processing services predominantly through KGS. Following our announced partnership with KKR, we expect to have a midstream segment in Canada beginning in 2012 conducted through Fortune Creek. Revenue earned by KGS prior to the Crestwood Transaction for the gathering and processing of our gas has been eliminated on a consolidated basis as is the GPT recognized by our producing properties. We evaluate performance based on operating income and property and equipment costs incurred.

	Exploration & Production						Midstream									Quicksilver Consolidated
	U.S.			Canada						Corporate			Elimination
	(In thousands)
2011
Revenue	$	806,657		$	135,948		$	4,573		$	-		$	(3,555	)	$	943,623
DD&A		171,438			47,116			4,889			2,320			-			225,763
Impairment expense		-			49,063			57,996			-			-			107,059
Operating income (loss)		251,495			12,914			(59,903	)		(81,902	)		-			122,604
Property and equipment costs incurred		487,145			131,699			64,119			11,516			-			694,479
																	-
2010
Revenue	$	788,714		$	126,322		$	87,426		$	-		$	(74,131	)	$	928,331
DD&A (1)		136,361			45,335			23,523			1,984			-			207,203
Impairment expense		-			19,386			28,611			-			-			47,997
Operating income (loss) (1)		857,170			16,765			12,290			(82,091	)		-			804,134
Property and equipment costs incurred		452,044			123,348			154,271			5,146			-			734,809
2009
Revenue	$	634,321		$	188,770		$	99,817		$	-		$	(90,173	)	$	832,735
DD&A		134,066			38,965			26,682			1,674			-			201,387
Impairment expense		786,867			192,673			-			-			-			979,540
Operating income (loss)		(500,164	)		(81,529	)		46,737			(78,917	)		-			(613,873	)
Property and equipment costs incurred		391,916			91,949			115,655			2,161			-			601,681
Property, plant and equipment-net
December 31, 2011	$	2,752,101		$	677,695		$	21,477		$	9,246		$	-		$	3,460,519
December 31, 2010 (1)		2,398,439			581,775			68,389			14,642			-			3,063,245
December 31, 2009		1,968,430			491,528			71,264			11,623			-			2,542,845
Investment in equity affiliates
December 31, 2011	$	-		$	-		$	-		$	-		$	-		$	-
December 31, 2010		83,341			-			-			-			-			83,341
December 31, 2009		112,763			-			-			-			-			112,763

⁽¹⁾ Note 2 contains additional information regarding restated 2010 amounts.

XML

Property, Plant And Equipment (Schedule Of Charges For Impairment) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2010		Dec. 31, 2009
Impairment	$ 107,059	$ 47,997	[1],[2]	$ 979,540
Oil and Gas Properties [Member] | U.S. [Member]
Impairment				786,867
Oil and Gas Properties [Member] | Canada [Member]
Impairment	49,063	19,386		192,673
Other Property and Equipment [Member] | U.S. [Member]
Impairment	$ 57,996	$ 28,611

[1] Note 2 contains additional information.

[2] (1) Note 2 contains additional information.

XML

Investment In BBEP (Tables)

12 Months Ended

Dec. 31, 2011

Investment In BBEP [Abstract]

Operations Statement

	For the Twelve Months Ended September 30,
	2011		2010			2009
			(In thousands)
Revenue (1)	$	425,386	$	375,446		$	609,846
Operating expense (2)		313,388		285,394			380,197
Operating income		111,998		90,052			229,649
Interest and other (3)		40,759		24,903			45,714
Income tax (benefit) expense		1,070		(939	)		323
Noncontrolling interests		183		146			27
Net income available to BBEP	$	69,986	$	65,942		$	183,585
Net income available to common unitholders	$	69,986	$	65,942		$	183,585

¹⁾  For the twelve months ended September 30, 2011 and 2009, unrealized gains of $24.0 million and $181.9 million on commodity derivatives were recognized. For the twelve months ended September 30, 2010, unrealized losses of $12.1 million on commodity derivatives were recognized. Realized gains on commodity derivatives of $70.6 million for the early settlement of derivative positions were included for the twelve months ended September 30, 2009.

⁽²⁾  An impairment of BBEP's oil and gas properties of $86.4 million was included for the twelve months ended September 30, 2009.

⁽³⁾  The twelve months ended September 30, 2011, 2010 and 2009 included $3.3 million, $5.2 million and $11.1 million, respectively, for unrealized gains on interest rate swaps.

Financial Statement

	As of September 30,
	2011		2010
	(In thousands)
Current assets	$	171,850	$	145,233
Property, plant and equipment		1,765,247		1,728,256
Other assets		104,264		98,113
Current liabilities		85,608		85,035
Long-term debt		511,489		516,000
Other non-current liabilities		55,042		64,715
Partners' equity		1,389,222		1,305,852

Changes In Balance Of Investment In BBEP

	As of December 31,
	2011			2010
	(In thousands)
Beginning investment balance	$	83,341		$	112,763
Income (loss) from earnings in BBEP		(8,439	)		22,323
Distributions from BBEP		(19,830	)		(20,905	)
Disposal of BBEP Units		(55,072	)		(30,840	)
Ending investment balance	$	-		$	83,341

XML

Income Taxes

12 Months Ended

Dec. 31, 2011

Income Taxes [Abstract]

Income Taxes

13. INCOME TAXES

Significant components of our deferred tax assets and liabilities as of December 31, 2011 and 2010 are as follows:

	As of December 31,
	2011		2010 (1)
	(In thousands)
Deferred tax assets:
Net operating loss carry-forwards	$	136,492	$	98,870
Investment in Fortune Creek		3,681		-
AMT tax credit		62,067		67,633
Settlements of interest rate swaps		7,664		9,672
Deferred compensation expense		17,865		8,401
Other		589		7,028
Less: Valuation allowance — Fortune Creek		(3,681)		-
Deferred tax assets		224,677		191,604
Deferred tax liabilities:
Property, plant and equipment		(420,564)		(297,798)
Gains from hedging and derivative activities		(95,373)		(49,153)
Unrealized gains reported in earnings		(12,999)		-
Investment in BBEP		-		(16,545)
Convertible debentures		-		(19,604)
Deferred tax liabilities		(528,936)		(383,100)
Total deferred tax asset (liability)	$	(304,259)	$	(191,496)
Reflected in the consolidated balance sheets as:
Non-current deferred income tax asset	$	-	$	-
Current deferred income tax liability		(45,262)		(28,861)
Non-current deferred income tax liability		(258,997)		(162,635)
	$	(304,259)	$	(191,496)

⁽¹⁾ Note 2 contains additional information regarding restated 2010 amounts.

The components of net income (loss) before income tax for 2011, 2010 and 2009 are as follows:

	2011		2010		2009
			(In thousands)
U.S.	$	146,090	$	708,081	$	(744,053)
Canada		1,819		5,747		(92,803)
Total	$	147,909	$	713,828	$	(836,856)

No rate changes occurred in any taxing jurisdiction for 2009, 2010 or 2011. For 2012 and beyond, we have utilized a rate of 25% in Canada and a federal rate of 35% and a state rate of 1% in the U.S. to value our deferred tax positions, with the U.S. federal and state future rates mirroring existing applicable rates.

The components of income tax expense for 2011, 2010 and 2009 are as follows:

	2011		2010 (1)		2009
			(In thousands)
Current state income tax expense (benefit)	$	(1,706)	$	4,501	$	(2)
Current U.S. federal income tax expense (benefit)		(5,565)		67,632		(202)
Current Canadian income tax expense		642		1,038		-
Total current income tax expense (benefit)		(6,629)		73,171		(204)
Deferred state income tax expense (benefit)		1,980		3,674		(4,928)
Deferred U.S. federal income tax expense (benefit)		58,890		179,400		(262,217)
Deferred Canadian income tax expense (benefit)		3,622		2,293		(24,268)
Total deferred income tax expense (benefit)		64,492		185,367		(291,413)
Total income tax expense (benefit)	$	57,863	$	258,538	$	(291,617)

⁽¹⁾ Note 2 contains additional information regarding restated 2010 amounts.

The following table reconciles the statutory federal income tax rate to the effective tax rate for 2011, 2010 and 2009:

	2011		2010 (1)		2009
U.S. federal statutory tax rate		35.00%		35.00%		35.00%
Permanent differences		1.51%		0.78%		(0.18%)
Noncontrolling interest benefit (expense)		0.00%		(0.48%)		0.71%
State income taxes net of federal deduction		0.12%		0.74%		0.38%
Canadian income taxes		2.41%		0.18%		(0.98%)
Other		0.08%		0.00%		(0.08%)
Effective income tax rate		39.12%		36.22%		34.85%

(1) Note 2 to contains additional information regarding restated 2010 amounts.

We incurred net operating tax losses of $35 million, $336 million and $656 million in 2011, 2009 and 2008, respectively, of which $138 million was carried back to 2007. Approximately $476 million of the remaining $889 million has been applied to our 2010 taxable income and the remainder is included in deferred tax assets at December 31, 2011. Our net operating losses will expire between 2029 and 2032. In December 2009, newly enacted federal legislation allowed us to carry back 2008 alternative minimum tax losses of $35 million to 2004 and 2007. The net operating losses have not been reduced by a valuation allowance, because we believe that future taxable income would more likely than not be sufficient to utilize substantially all of our operating loss tax carry-forwards prior to their expiration.

QRI's tax basis in the Fortune Creek Partnership exceeds book basis by $29 million. The Company expects to realize the deferred tax asset related to this balance only through the Partnership's sale at which time the transaction will be treated as a capital transaction under Canadian tax law, taxed at the Canadian statutory rate of 12.5% for capital gains. We believe that it is more likely than not that we will be unable to realize the benefit of this deferred tax asset. Accordingly, we have recorded a full valuation allowance of $3.7 million for this item.

During October 2009, the IRS commenced an audit of our 2007 and 2008 consolidated U.S. federal income tax returns. No significant adjustments have been proposed by the IRS for those years. The Joint Committee of Taxation has reviewed and accepted the net operating loss carrybacks we filed in 2009. We remain subject to examination by the IRS for the years 2001 through 2006 except for 2004. An audit was completed by the IRS for 2004 and the statute of limitations has now expired for that year.

The following schedule reconciles the total amounts of unrecognized tax benefits for 2011 and 2010:

	As of December 31,
	2011		2010
	(In thousands)
Beginning unrecognized tax benefits	$	9,219	$	9,219
Changes		-		-
Ending unrecognized tax benefits	$	9,219	$	9,219

At December 31, 2011, $9.0 million of these unrecognized tax benefits, if recognized, would impact the effective tax rate.

XML

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								12 Months Ended
	Dec. 31, 2011	Sep. 30, 2011	Jun. 30, 2011	Mar. 31, 2011	Dec. 31, 2010	Sep. 30, 2010	Jun. 30, 2010	Mar. 31, 2010	Dec. 31, 2011		Dec. 31, 2010		Dec. 31, 2009
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss) attributable to Quicksilver					$ 328,772	$ 21,803	$ 86,803	$ 8,188	$ 90,046		$ 445,566	[1],[2]	$ (557,473)
Basic income allocable to participating securities									(1,106)	[3]	(5,698)	[1],[3]
Basic net income (loss) attributable to Quicksilver									88,940		439,868	[1]	(557,473)
Impact of assumed conversions - interest on 1.875% convertible debentures, net of income taxes											7,194	[1],[4]
Income (loss) available to stockholders assuming conversion of convertible debentures									$ 88,940		$ 447,062	[1]	$ (557,473)
Weighted average common shares - basic									168,993,000		168,010,000	[1]	169,004,000
Share-based compensation awards									742,000		802,000	[1]
Convertible debentures											9,816,000	[1]
Weighted average common shares - diluted									169,735,000		178,628,000	[1]	169,004,000
Earnings (loss) per common share - basic	$ 0.14	$ 0.17	$ 0.63	$ (0.42)	$ 1.93	$ 0.13	$ 0.51	$ 0.05	$ 0.53		$ 2.62	[1],[2]	$ (3.30)
Earnings (loss) per common share - diluted	$ 0.14	$ 0.17	$ 0.61	$ (0.42)	$ 1.80	$ 0.13	$ 0.49	$ 0.05	$ 0.52		$ 2.50	[1],[2]	$ (3.30)
Convertible Debentures [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation									9,800,000				9,800,000
Debt instrument, interest percentage	1.875%								1.875%
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation									1,900,000		1,200,000
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive shares excluded from the diluted share calculation									100,000		100,000

[1] Note 2 contains additional information regarding restated 2010 amounts.

[2] (1) Note 2 contains additional information.

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

[4] For 2011, the effects of 9.8 million shares associated with our convertible debentures for the period outstanding were antidilutive, and stock options and unvested restricted stock units representing 1.9 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2010, stock options and unvested restricted stock units representing 1.2 million and 0.1 million shares, respectively, were antidilutive and, therefore, excluded from the diluted share calculations. For 2009, the effects of 9.8 million shares associated with our contingently convertible debt and all share-based compensation awards were antidilutive and, therefore, excluded from the diluted share calculations.