Operational Updates

Quicksilver Resources 4Q Barnett, Permian and Niobrara Results

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Quicksilver Resources Inc. (NYSE: KWK) today announced preliminary 2011 fourth quarter and full-year results.

2011 Highlights

• Produced record volumes of 412 MMcfe per day – up 16% year-over-year
• Replaced 165% of production
• Completed Horn River Basin midstream joint venture with Kohlberg Kravis Roberts & Co L.P. (KKR); raised $125MM in cash proceeds
• Early exploration success in the Sandwash Basin; built prime acreage footprint in West Texas, prospective for oil in the Bone Springs and Wolfcamp zones
• Disposed of remaining 15.7 million BreitBurn units for aggregate proceeds of $273 million
• Funded substantially all capital investments with cash in-flows for a third year in a row

Production

Production averaged 412 million cubic feet of natural gas equivalent (MMcfe) per day during the fourth quarter, up 6% from the prior-year quarter. For full-year 2011, production averaged a record 412 MMcfe per day, up 16% from the prior year. The increase in full-year production was primarily driven by a 19% increase in the Barnett. The 2011 production volumes were 81% natural gas and 19% natural gas liquids (NGLs), crude oil and condensate.

Operational Update

Barnett Shale

Quicksilver’s 2011 development activity was concentrated in its Barnett Shale asset, where it utilized two rigs in the basin throughout most of the year. The company drilled 14 (12.4 net) wells and connected 17 (14.8 net) wells to sales in the fourth quarter. For full-year 2011, the company drilled 57 (49.9 net) wells and connected 128 (113.2 net) wells to sales. At December 31, 2011, Quicksilver had a remaining uncompleted well inventory of 50 gross operated wells that have been drilled in the Barnett Shale but await completion or connection to sales lines.

The company plans to scale down to one rig in the Fort Worth basin by the end of the first quarter. The company plans to drill 25 (20 net) wells and complete 36 (32 net) wells, a substantial portion of which will be concentrated in the high-btu acreage where pricing margins are significantly higher.

Niobrara

Quicksilver holds approximately 260,000 net acres across approximately 936 square miles in the Sandwash Basin of Northwest Colorado, of which the company believes approximately 210,000 net acres are situated in the oil window and are prospective to the Niobrara and Lower Mancos formations. The company has drilled six wells to date to the Niobrara and they are currently producing. Earlier this year, Quicksilver announced that its first horizontal well drilled in the fourth quarter of 2011 produced at initial rates of 500 barrels of oil per day from a 3,000 foot lateral, only half of which was stimulated. This well has averaged approximately 230 barrels of oil equivalent in the first 45 days of production. Based on the encouraging results from the 2011 drilling program, the company plans to drill up to an additional seven horizontal wells and install gathering infrastructure during 2012.

Permian – Delaware and Midland Basins

Quicksilver holds approximately 155,000 net acres across the Delaware and Midland basins of West Texas which the company believes is prospective for oil in the Wolfcamp and Bone Springs formations. The company plans to commence a drilling program early in the second quarter, and, as previously disclosed, is actively seeking a joint venture partner to facilitate the acceleration to the development stage.

Southern Alberta Basin

Quicksilver holds approximately 175,000 net acres in the Cut Bank field in Northwest Montana, of which 119,000 acres are held by production. The company has no plans to drill in this area during 2012 but will continue to monitor activity as nearby operators have recently shown encouraging results.

Horn River Basin

Quicksilver drilled a total of 12 horizontal wells in the Horn River Basin during 2011. Only two additional wells are required to be drilled to validate virtually all of Quicksilver’s exploratory licenses and convert those licenses covering approximately 130,000 net acres into 10-year leases. These two wells are currently being drilled and drilling is expected to be completed by the end of the first quarter.

Average daily production during 2011 for the four wells on line was 14.1 MMcfd compared to production of 8 MMcfd in 2010, an increase of 76%. The company expects to complete up to eight wells in 2012, and drill up to another eleven. As previously disclosed, the company closed on a midstream partnership with KKR and is actively seeking a joint venture partner for our upstream operations in the Horn River.