INVESTOR RELATIONS:

Quicksilver Resources Inc.

Diane Weaver

(817) 665-4834

FOR RELEASE AFTER MARKET CLOSE

October 31, 2006

QUICKSILVER RESOURCES REPORTS

THIRD QUARTER 2006 FINANCIAL RESULTS

Production Increases 24% over Prior-year Period and 6% over Prior Quarter;

Year over Year Cash Flow from Operations Increases 119%

FORT WORTH (October 31, 2006) - Quicksilver Resources Inc. (NYSE: KWK) today reported net income for the third quarter of 2006 of $22.9 million, or $0.28 per diluted share, on revenues of $99.2 million. Earnings per share for the company’s third quarter of 2005 were $0.31 per share on revenues of $83.8 million.

Net income for the first nine months of 2006 was $74.0 million, or $0.91 per diluted share, on revenues of $288.3 million. Earnings per share increased 38 percent in comparison to earnings of $0.66 per diluted share for the first nine months 2005 on net income of $52.7 million and revenues of $207.6 million. For the nine-month period ended September 2006, net cash from operating activities, as presented in the attached Condensed Consolidated Statement of Cash Flows, was $187.7 million, compared to $85.9 million for the same period in 2005, which represents an increase of 119 percent.

Production

For the third quarter of 2006, total average production rose to 174.5 million cubic feet equivalent per day (MMcfe/d), a 24 percent increase over the prior-year period of 141 MMcfe/d and a six percent increase over the second quarter 2006 average of 164.2 MMcfe/d. For the nine months ended September 30, 2006, total production averaged 164.4 MMcfe/d in comparison to 137.7 MMcfe/d in the prior-year nine-month period, a 19 percent increase. Production in Canada averaged 49.2 MMcfe/d for the third quarter compared to 40.8 MMcfe/d in the same period in 2005, a 21 percent increase. Texas production increased to an average of 40.5 MMcfe/d in the quarter ended September 30, 2006 as compared to an average of 11.4 MMcfe/d in the comparable prior-year quarter, a 255 percent increase.

President and CEO, Glenn Darden, commented, “Quicksilver’s strong production gains come entirely from internally generated projects. We anticipate that this strategy of ‘growth by the drillbit’ will not only build a significant reserve base but will also generate excellent returns on our capital. We plan to accelerate the Barnett drilling in the Fort Worth Basin which should increase this growth rate.”

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Production on an Mcfe/d basis for the company’s three major production areas for the nine months ended September 30 was as follows:

Area	2005		2006		Change
Canada		39,415		49,018		24	%
Texas		7,953		31,490		296	%
Michigan		81,130		75,661		(7	%)

Natural gas production for the third quarter of 2006 was 13.8 billion cubic feet (Bcf), or an average of 150 million cubic feet per day (MMcf/d), as compared to production of 11.8 Bcf, or an average of 128 MMcf/d, for the same period in 2005, a 17 percent increase. The price realized for the company’s natural gas production in the third quarter of 2006, after adjusting for the effects of hedging, averaged $5.73 per thousand cubic feet (Mcf) as compared to the prior-year period amount of $6.12. Natural gas, including natural gas liquids (NGL), constituted 94 percent of the company’s total production in the third quarter of 2006.

Natural gas liquids production for the third quarter of 2006 was 229,000 barrels compared to 64,000 barrels in the third quarter of 2005, an increase of 258 percent over the prior-year third quarter and an increase of 53 percent in comparison to second quarter 2006 NGL production of 150,000 barrels. The increase in the NGL production is directly related to the increased throughput at the company’s Cowtown cryogenic gas plant in the Fort Worth Basin. The company realized an average $41.91 per barrel for natural gas liquids in the third quarter of 2006, compared to the average of $35.96 per barrel realized in the third quarter of 2005.

Oil and condensate production for the third quarter of 2006 was 148,000 barrels, or 1,603 barrels per day, as compared to 139,000 barrels of production in the third quarter of 2005. Oil and condensate prices realized for the third quarter of 2006, after adjusting for the effects of hedging, averaged $64.74 per barrel compared to $57.31 per barrel for the prior-year third quarter.

Operations Update

Quicksilver Resources’ operations in the Fort Worth Basin Barnett Shale continue to grow with Texas production averaging 40.5 MMcfe/d in the third quarter versus an average of 31 MMcfe/d in the second quarter ended June 30, 2006, a 30% increase quarter to quarter. With 11 rigs currently operating in the Fort Worth Basin, Quicksilver has drilled 94 gross (84 net) wells year to date and is estimated to drill over 100 gross wells this year. Current net production is approximately 53 MMcfe/d with 91 gross (71 net) wells completed and tied into sales.

In Canada, the company has drilled 313 gross (170 net) wells year to date and has tied in 210 gross (110 net) wells into sales. Current net production is 53 MMcf/d. Quicksilver has slowed drilling activity in the Horseshoe Canyon area this year and has redeployed the capital to the Barnett Shale in Texas. This operational change is a result of high Canadian service costs, unusually wet weather in Canada, and the higher rates of return in

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the Texas project. The company still projects Canadian production growth of 20 percent year over year. Completion operations are progressing for the company’s two recently drilled horizontal Mannville wells, and the company anticipates providing results by year-end.

In Michigan, Quicksilver Resources has completed 23 horizontal re-entry wells in the Antrim Shale program year to date, and these re-entries have added to both production and reserves. The company has an additional five wells planned for the remainder of the year. Two new horizontal Antrim wells have been successfully drilled and completed with a Barnett-style hydraulic fracture treatment. Both wells are making gas and are about half way through recovery of the treatment water. A third horizontal well of this type is currently being drilled.

Earnings per Share Calculation

For the quarter, the diluted net income per common share is calculated assuming conversion of the entire $150 million principal amount of outstanding convertible debentures in addition to outstanding in-the-money options. For purposes of this calculation, net income is increased by $475,000 per quarter, which is the interest that was paid on the convertible debentures offset by the related income tax benefit.

Conference Call

The company’s conference call to discuss operational and financial results for the third quarter 2006 is scheduled for Wednesday, November 1, 2006 at 9:00 a.m. central time.

Quicksilver invites interested persons to participate in the third quarter call by dialing (877) 313-7932, ID number 4077246 prior to 8:55 a.m. A digital replay of the conference call will be available at 1:00 p.m. central time the same day, and will remain available for one week. The replay can be dialed at (800) 642-1687 and reference should be made to the conference ID number 4077246. The call will also be broadcast live via Internet webcast on the company’s website, www.qrinc.com, linking through the “Investor Relations” page and the “Presentations & Conference Calls” link located in the “More Information” box.

About Quicksilver Resources

Fort Worth, Texas-based Quicksilver Resources is a natural gas and crude oil production company engaged in the development and production of unconventional natural gas reserves, including coal bed methane, shale gas, and tight sands gas. It has U.S. offices in Fort Worth, Texas; Granbury, Texas; Gaylord, Michigan; Corydon, Indiana and Cut Bank, Montana. Quicksilver also has a Canadian subsidiary, Quicksilver Resources Canada Inc., located in Calgary, Alberta. For more information about Quicksilver Resources, visit www.qrinc.com.

The statements in this press release regarding future events, occurrences, circumstances, activities, performance, outcomes and results are forward-looking statements within the meaning

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of the Private Securities Litigation Reform Act of 1995. Although these statements reflect the current views, assumptions and expectations of Quicksilver Resources’ management, the matters addressed herein are subject to numerous risks and uncertainties, which could cause actual activities, performance, outcomes and results to differ materially from those indicated. Factors that could result in such differences or otherwise materially affect Quicksilver Resources’ financial condition, results of operations and cash flows include: changes in general economic conditions; fluctuations in natural gas and crude oil prices; failure or delays in achieving expected production from natural gas and crude oil exploration and development projects; uncertainties inherent in estimates of natural gas and crude oil reserves and predicting natural gas and crude oil reservoir performance; effects of hedging natural gas and crude oil prices; competitive conditions in our industry; actions taken by third-party operators, processors and transporters; changes in the availability and cost of capital; operating hazards, natural disasters, weather-related delays, casualty losses and other matters beyond our control; the effects of existing and future laws and governmental regulations; and the effects of existing or future litigation; as well as other factors disclosed in Quicksilver Resources’ filings with the Securities and Exchange Commission.

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QUICKSILVER RESOURCES INC.
Unaudited Selected Operating Results

	Three Months Ended September 30,				Nine Months Ended September 30,
	2006		2005		2006		2005
Production:
Natural gas (MMcf)		13,794		11,762		39,430		34,287
Oil (MBbls)		148		139		444		410
NGL (MBbls)		229		64		464		141
Total (MMcfe)		16,055		12,975		44,878		37,592

United States (MMcfe)		11,528		9,223		31,496		26,832
Canada (MMcfe)		4,527		3,752		13,382		10,760
Total (MMcfe)		16,055		12,975		44,878		37,592

Average Daily Production:
Natural gas (Mcfd)		149,939		127,846		144,431		125,595
Oil (Bbld)		1,603		1,507		1,628		1,501
NGL (Bbld)		2,491		691		1,698		516
Total (Mcfed)		174,506		141,033		164,387		137,699

Average Sales Price Per Unit (excluding effects of hedging):
Natural gas (per Mcf)	$	5.35	$	6.66	$	5.88	$	5.80
Oil (per Bbl)	$	64.74	$	60.52	$	62.85	$	51.86
NGL (per Bbl)	$	41.91	$	35.96	$	41.51	$	34.41
Total (per Mcfe)	$	5.79	$	6.86	$	6.22	$	5.99

Average Sales Price Per Unit (including effects of hedging):
Natural gas (per Mcf)	$	5.73	$	6.12	$	6.05	$	5.24
Oil (per Bbl)	$	64.74	$	57.31	$	61.84	$	49.50
NGL (per Bbl)	$	41.91	$	35.96	$	41.51	$	34.41
Total (per Mcfe)	$	6.11	$	6.34	$	6.36	$	5.45

Expense per Mcfe:
United States production cost	$	1.56	$	1.69	$	1.67	$	1.59
Canada production cost	$	1.45	$	1.02	$	1.31	$	1.00
Total production cost	$	1.53	$	1.50	$	1.56	$	1.42

Production and ad valorem taxes	$	0.28	$	0.29	$	0.24	$	0.26
General and administrative expenses	$	0.39	$	0.41	$	0.40	$	0.35
Depletion, depreciation and accretion	$	1.24	$	1.07	$	1.24	$	1.04

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QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except for share data - Unaudited

	September 30,			December 31,
	2006			2005
ASSETS
Current assets
Cash and cash equivalents	$	3,363		$	14,318
Accounts receivable, net of allowance for doubtful accounts		68,373			76,121
Current derivative assets		49,472			603
Current deferred income taxes		-			14,614
Other current assets		20,861			7,928
Total current assets		142,069			113,584

Investments in and advances to equity affiliates		8,657			8,353

Properties, plant and equipment - net (“full cost”)		1,500,705			1,112,002

Deferred derivative assets		12,894			-

Other assets		20,782			9,155
	$	1,685,107		$	1,243,094


LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	376		$	70,493
Accounts payable		78,661			48,409
Accrued liabilities		58,106			52,656
Accrued derivative obligations		159			40,632
Current deferred income taxes		17,058			-
Total current liabilities		154,360			212,190

Long-term debt		797,287			506,039

Derivative obligations		-			4,631

Asset retirement obligations		21,811			20,891

Deferred income taxes		151,990			115,728

Minority interest		4,617			-

Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized,
0 and 1 share issued and outstanding		-			-
Common stock, $0.01 par value, 200,000,000 and
100,000,000 shares authorized, respectively, and
80,113,675 and 78,650,110 shares issued, respectively		801			787
Paid in capital in excess of par value		235,084			211,843
Treasury stock of 2,579,441 and 2,571,069 shares, respectively		(10,833	)		(10,353	)
Accumulated other comprehensive income (loss)		62,266			(12,382	)
Retained earnings		267,724			193,720
Total stockholders’ equity		555,042			383,615
	$	1,685,107		$	1,243,094

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QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

In thousands, except for per share data - Unaudited

	For the Three Months Ended						For the Nine Months Ended
	September 30,						September 30,
	2006			2005			2006			2005
Revenues
Oil, gas and related product sales	$	98,150		$	82,204		$	285,375		$	204,887
Other revenue		1,063			1,569			2,953			2,675
Total revenues		99,213			83,773			288,328			207,562
Expenses
Oil and gas production costs		24,602			19,396			70,232			53,342
Production and ad valorem taxes		4,502			3,876			10,661			9,866
Other operating costs		300			249			1,249			1,364
Depletion, depreciation and accretion		19,933			13,873			55,560			39,262
Provision for doubtful accounts		-			-			-			88
General and administrative		6,245			5,381			17,936			13,112
Total expenses		55,582			42,775			155,638			117,034

Income from equity affiliates		210			230			318			669

Operating income		43,841			41,228			133,008			91,197

Other income-net		(167	)		(253	)		(1,015	)		(457	)
Interest expense		11,040			5,589			30,808			15,022

Income from continuing operations before
income taxes and minority interest		32,968			35,892			103,215			76,632
Income tax expense		10,046			11,199			29,139			24,000
Minority interest expense		61			-			72			-

Income from continuing operations	$	22,861		$	24,693		$	74,004		$	52,632
Gain from discontinued operations, net of income tax		-			62			-			62

Net income	$	22,861		$	24,755		$	74,004		$	52,694

Basic net income per common share
Continuing operations	$	0.30		$	0.33		$	0.97		$	0.70
Discontinued operations		-			-			-			-
	$	0.30		$	0.33		$	0.97		$	0.70

Diluted net income per common share
Continuing operations	$	0.28		$	0.31		$	0.91		$	0.66
Discontinued operations		-			-			-			-
	$	0.28		$	0.31		$	0.91		$	0.66

Weighted average common shares outstanding
Basic		77,007			75,781			76,593			75,674
Diluted		83,306			82,668			83,056			82,403

Delaware		001-14837		75-2756163
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

Exhibit Number		Description
99.1		Press release dated October 31, 2006

	QUICKSILVER RESOURCES INC.

	By:	/s/ Philip Cook
		Philip Cook
		Senior Vice President -
		Chief Financial Officer

Exhibit Number		Description
99.1		Press release dated October 31, 2006

	For the Nine Months Ended
	September 30,
	2006			2005
Operating activities:
Net income	$	74,004		$	52,694
Charges and credits to net income not affecting cash
Depletion, depreciation and accretion		55,560			39,262
Deferred income taxes		29,095			23,620
Non-cash compensation		4,775			932
Amortization of deferred loan costs		1,615			1,061
Income from equity affiliates		(318	)		(669	)
Minority interest		72			-
Non-cash gain from hedging activities		(114	)		(305	)
Other		232			71
Changes in assets and liabilities
Accounts receivable		7,748			(32,834	)
Inventory, prepaid expenses and other		(17,921	)		(2,498	)
Accounts payable		14,844			6,084
Accrued liabilities and other		18,114			(1,528	)
Net cash provided by operating activities		187,706			85,890

Investing activities:
Development and exploration costs and other property additions		(429,485	)		(226,376	)
Return of investment from equity affiliates		558			512
Proceeds from sale of assets		5,670			9,301
Net cash used for investing activities		(423,257	)		(216,563	)

Financing activities:
Issuance of debt		483,148			143,094
Repayments of debt		(271,808	)		(245	)
Proceeds from exercise of stock options		18,480			1,721
Minority interest contributions		4,506			-
Purchase of treasury stock		(480	)		-
Payment for fractional shares		-			(18	)
Debt issuance costs		(9,213	)		(223	)
Net cash provided by financing activities		224,633			144,329

Effect of exchange rate changes in cash		(37	)		139

Net (decrease) increase in cash and cash equivalents		(10,955	)		13,795

Cash and cash equivalents at beginning of period		14,318			15,947

Cash and cash equivalents at end of period	$	3,363		$	29,742