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Executives

Richard Buterbaugh - VP, IR

Glenn Darden - President, CEO

Phil Cook - CFO

Analysts

David Kistler - Simmons & Company

David Heikkinen - Tudor Pickering Holt

Gil Yang - Citigroup

Neil Malcolm - Zacks Investment

Chris Bray -Jefferies

Jeff Robertson - Lehman Brothers

Mike Scialla - Thomas Weisel

Quicksilver Resources Inc. (KWK) Q1 2008 Earnings Call May 7, 2008 11:00 AM ET

Operator

Good morning, my name is Laurie and I will be your conference operator. At this time, I would like to welcome everyone to the Quicksilver Resources first quarter 2008 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions).

Thank you. Mr. Buterbaugh, you may begin your conference.

Richard Buterbaugh

Results for the first quarter of 2008. If you do not have a copy of the release, you can retrieve a copy of it at the company's website at www.qrinc.com under the news and updates tab.

During today's call, the company will be making forward-looking statements, which are subject to risk and uncertainties. Actual results might differ materially from those projected in these forward-looking statements. Additional information concerning risk factors that could cause such differences is detailed in the company's filing with the SEC.

Today's presentation will include information regarding net cash from operating activities before changes in working capital, which is a non-GAAP financial measure. As required by SEC rules, a reconciliation of net cash from operating activities before changes in working capital to the most directly comparable GAAP measure is available on our website under the Investor Relations tab.

Please keep in mind that all references to for share amounts reflect the impact of a two-for-one stock split, affected in the form of a stock dividend, which occurred on January 31, 2008.

For the first quarter of 2008, the company reported net income of $42.2 million or $0.25 per diluted share, which is up 85% from the prior year quarter and up 44% sequentially versus the comparable fourth quarter 2007 amount.

Once again, the continued successful execution of our development program in the Fort Worth Basin Barnett Shale resulted in 183% increase in volumes for natural gas and natural gas liquids from the prior year quarter, and it is up 10% sequentially from the fourth quarter of 2007.

A similar story exists for our Canadian operations, where production was up 11% year-over-year, and up 3% sequentially from the fourth quarter of 2007.

Now I'll turn the call over to Glenn Darden to review our operating activities.

Glenn Darden

Thank you, Rick. Good morning. As Rick reported, Quicksilver Resources earned $42.2 million or $0.25 per diluted share for the first quarter of 2008. As he also said, this is an increase of over 85% over the first quarter of 2007.

Our average daily production was 211 million cubic feet equivalent per day. Our product mix was 68% natural gas, 29% natural gas liquids, 3% crude oil and (inaudible). The natural gas liquid volume component is rising as we bring on more liquids rich Barnett gas. At 9.50 per Mcf gas products at the well we are receiving over $13 per Mcf due to these liquids for our Hood and Summerville County production. In the first quarter, these NGLs produced 43% of our revenue in Texas.

Quicksilver is on target to increase comparable total production by nearly 70% and average 255 million cubic feet equivalent for 2008. In the Fort Worth Basin, the company drilled 55 net Barnett wells and connected 56 net wells to sales. Our production team is improving the efficiency and decreasing the lag time of drill to sales. We are forecasting drilling over 200 net wells in the Barnett in 2008 and are on track for that.

In Canada, the company drilled 50 wells in the Horseshoe Canyon CBM development area during the first quarter. Quicksilver is planning to drill several down space pilots in the Horseshoe Canyon this year. If these are successful, it could translate into adding meaningful production and reserves to our existing base.

Currently, we have not booked reserves on most of our projects inside of four wells per section. Drilling completion and pipeline operations are currently suspended for the spring breakup period. We anticipate getting back to normal operations in early June with the target of drilling 265 or 165 net wells for the year.

On the exploration front in Canada, the company recently announced that 127,000 contiguous acre lease block in the Horn River Basin in the northeast British Columbia. Our Canadian team did an excellent job of identifying a huge opportunity, and it appears from nearby production test completed in the thick Devonian shale formations that we are well positioned to attack another large resource play.

Quicksilver will drill as many as four wells in this winter's drilling season. We're getting in December to begin testing on the lease block. This is a long-term project with lots of hurdles to clear but the potential is tremendous and we have favorable leases with long lease term to execute our plan.

The company is beginning to test the Woodford formation out in our Delaware Basin project in West Texas. We will be drilling several more wells in the next few months. Our plan is to commingle the Woodford with the overlying Barnett. The team will also evaluate additional formations up the hole. And we'll talk about these results as we've said before, probably by year-end.

Overall, Quicksilver is gathering momentum in 2008. We are on target for another great year of production and reserve growth fueled entirely by the drill bed. If we have success in the current exploration projects, this company will take another leap forward following on our historical pattern of developing large holdings in new resource basins. We are certainly better equipped today to exploit these resources than anytime in our history.

And with that, I'll turn the call over to Phil Cook, our Chief Financial Officer to discuss this quarter's numbers. Phil?

Phil Cook

Thank you, Glenn, and good morning. Production volumes for the first quarter grew from 187 million cubic feet a day equivalent in the first quarter 2007 to 211 million cubic feet a day equivalent in the current quarter, a 13% increase year-over-year.

Keep in mind that these numbers ignore the fact that we sold our northeast operations, and therefore the volumes for those assets were not included in the first quarter of 2008. If you consider the volumes that have been sold and look at the performance of the remaining assets, volumes grew by 91% from 111 million cubic feet a day equivalent to 211 million cubic feet a day equivalent when comparing the first quarter of this year to the first quarter of 2007.

Sequentially, if you pull the northeast operations out of the fourth quarter of 2007 and compare those volumes to the first quarter volumes, the growth rate is approximately 8% on total volume growing from 195 million cubic feet a day equivalent to 211 million cubic feet a day equivalent.

Total production revenues for the first quarter were approximately $158 million, an increase of approximately $45 million from the 2007 first quarter. Realized prices were higher for the quarter, which increased production revenues by approximately $26 million to previously discuss how our volumes increased production revenues by approximately $19 million.

Our realized natural gas price for the quarter was $8 compared to $6.75 in the year ago quarter, up 19% year-over-year. Natural gas liquids realized prices were $49.36 a barrel in the current quarter compared to $33.81 a barrel in the year ago quarter, up 46% year-over-year.

Realized oil prices were $77.46 a barrel in the current quarter, up form $50.99 a barrel in the 2007 first quarter, 52% year-over-year increase.

During the first quarter of 2008, the company generated approximately $111 million of cash flow from operations for working capital changes as compared to $62.3 million in the previous year quarter, a 79% increase in cash flow. Quicksilver reported $6.2 million of pretax earnings attributable to the company's approximate 32% interest in BreitBurn Energy Partners L.P.

Fourth quarter 2007 results from the date of acquisition of those units on November 1, 2007. Quicksilver received approximately $9.7 million of cash distributions during the first quarter of 2008 associated with the ownership of these units. These distributions are included in operating cash flows and investing cash flows in the amount of $6.2 million and $3.4 million respectively.

Net income for the quarter was $42.2 million or $0.25 of diluted share as compared to net income of $20.9 million or $0.14 a diluted share in the year ago quarter, again a 79% increase in earnings per share year-over-year.

Total operating expenses for the quarter excluding DD&A were $51.8 million as compared to $43.5 million in the prior year quarter, and $48.7 million in the fourth quarter of 2007.

A sequential increase of $3.1 million relates primarily to higher compensation expense including stock-based compensation and the continued higher cost of maintaining dual registrants. The increase year-over-year of $8.3 million (inaudible) the increasing volumes and operations in Texas.

LOE for the quarter was $1.25 per Mcfe compared to $1.9 in the fourth quarter of 2007. These amounts exclude transportation, processing and production tax expense.

Transportation expense which is the cost to get our gas from the tailgate of our facilities to market was $0.23 on an Mcfe basis during the quarter, compared to $0.29 on an Mcfe basis in the fourth quarter of 2007.

These costs decreased on a Mcfe basis due to our NGL volumes growing at a faster pace than our natural gas production due to efficiencies at our Cowtown facility. There is no transportation expense on NGL volumes as we effectively sell those volumes at the tailgate of our facilities.

Processing expense which is the cost together in process our gas from the well head upto the tailgate of our facilities for the first quarter was $0.21 on an Mcfe basis compared to $0.20 in the fourth quarter of 2007.

So just as a recap, oil and gas expenses were broken down as follows; transportation expense was $0.23, processed was $0.21, and lease operating expense is [$1.25] per operating oil and gas expense of $1.69.

Clearly, we have a lot of noise in the fourth quarter of 2007 with the divestiture of our northeast operations, but the trend on LOE is coming down as compared to previous quarters.

As I have discussed with you in previous quarters, as we continue to grow our Texas production and gain efficiencies in our cryogenic facility, we expect to reduce our unit base cost. Our cash operating margins based on current prices continue to be in excess or 60% across the company.

The DD&A run rate for the quarter was $1.82 per unit, an increase from the $1.78 per unit reported in the fourth quarter of 2007. Our DD&A rate changes during the year as we add depreciable assets such as our midstream assets. Additionally, our DD&A rate increases as we add assets to the full cost pool and begin to produce those EMP assets and therefore, and as well as deplete those assets.

G&A was $0.80 on a unit basis for the quarter as compared to $0.58 in the year ago quarter, and $0.64 in the fourth quarter of 2007. G&A for the quarter includes approximately $0.16 of non-cash stock-based compensation expenses related to LTI plans for all employees.

Therefore on a cash run rate basis, G&A is about $0.64 on a unit basis compared with $0.48 in the fourth quarter of 2007, again on a similar basis, which excludes non-cash compensation. The increase is attributed to higher professional fees and higher headcount, particularly, in the areas of safety line and engineering, as well as maintaining dual registrants.

Our revolving credit facility at quarter-end was approximately $586 million drawn on a borrowing basis of $750 million. Total debt net of cash at quarter-end was $1.1 billion which translates to a total net debt to capital of approximately 52%.

Our new borrowing base will be approved tomorrow and we expect it to go to $1 billion, giving us plenty of room on that facility to execute our 2008 drilling program and beyond.

Now, I'll make a couple of comments about what to expect in the second quarter of 2008. Production volumes for the second quarter should be in the range of $225 million and $235 million a day on a gas equivalent basis.

With respect to commodity prices during the second quarter, you should note that we have an average of approximately $130 million a day of natural gas hedged with collars and swaps. The collars have a weighted average floor of about $7.86 per MMbtu and a weighted average ceiling of about $9.87 per MMbtu, and these hedges cover approximately 80% of our expected gas production.

For the remainder of the year, we have collars on the 1000 barrels a day of oil with the floor of $65 and the ceiling of $75.68. Additionally, for the remainder of the year, we have swaps in place for 3000 barrels a day of NGLs with an average swap price of $43.82.

On the unit cost side, obviously they are as much affected by volumes are they, as they are on absolute cost. With the volume expectations that we've given, the following run rate should be expected for the second quarter.

LOE should be in the range of $1.25 to $1.30. Transportation expense should be in the range of $0.22 to $0.25. Gathering and processing expense should be in the range of $0.20 to $0.23. Production taxes should be in the range of $0.13 to $0.15. G&A should be in the range of $0.75 to $0.85. And the DD&A run rate should be in the range of $1.80 to $1.85.

Now I'll turn the call back over to Rick for questions.

Richard Buterbaugh

Thanks, Phil. Gloria, at this time would you please open the lines for any questions.

Question-and-Answer Session

Operator

(Operator Instructions). Your first question comes from the line of David Kistler of Simmons & Company.

David Kistler - Simmons & Company

Good morning, guys.

Glenn Darden

Good morning.

David Kistler - Simmons & Company

With the borrowing base slightly increasing tomorrow, and looking at kind of the pricing uptick we've seen in natural gas since your last call, up about 25%, any considerations to increasing CapEx to accelerate any of the programs in the Barnett etcetera?

Glenn Darden

We are not looking at that. At this point, we have a board meeting in a couple of weeks and we'll be discussing that. But we have spent a bit more on facilities; that is over on the KGS side. We've accelerated some of that spending earlier than we anticipated. But at this point, we haven't made any decisions to accelerate the number of wells drilled.

David Kistler - Simmons & Company

Okay. And on the last call you talked a little about experimenting with down spacing in Lake Arlington and Hood County, do you guys have any updates related to that?

Glenn Darden

Not today, but we'll be bringing on several of those wells. We’re just bringing on the Hood County wells as we speak, and the Lake Arlington very soon as well. So, we'll be able to talk about it later this year.

David Kistler - Simmons & Company

Okay, great. And then one last question, just kind off, I want to touch on trends in the drilling and completion costs area. And potentially, if you guys are looking at or if there is potential for any infrastructure or people related constraints as the year moves forward. It’s just with everybody taking up CapEx budget, it feels like it’s getting a little tighter and kind of budget projections might be changing a little bit. Can you give me any color there?

Glenn Darden

Well certainly, we've seen particular cost in our ASP's increase. Steel, primarily has increased probably 35% to 50% over the last six months or I guess over a 12-month period. So, that has been a bit of a surprise. On the personnel side, I think we're adequately staffed out. Yeah, I think we've made some additions this year that have given us a lot more debt and strength to go forward with our development programs both, here and on our exploration program outside of the Fort Worth Basin. So, we're very happy with the people we've been able to bring in and that seems to be going on very well. But certainly, the cost to acquire those people has gone up. Yeah, personnel cost has gone up. And you are seeing that reflected in our LOE as well as our G&A.

David Kistler - Simmons & Company

Okay. And just kind of following up on that for a second, what about with respect to the services that you have to contracting forward? Is that getting tighter as well?

Glenn Darden

Most of the services that we are utilizing in the Fort Worth Basin were bit out a while ago. So, we've got a continual period for the year of a pretty stable pricing on our service sector. As Glenn mentioned, steel as a concern from a pricing standpoint, but that seems to be the only thing moving in a dramatic fashion.

David Kistler - Simmons & Company

Great. Well, thank you guys so much for the additional details.

Glenn Darden

Thank you.

Operator

Your next question comes from the line of David Heikkinen of Tudor Pickering Holt.

David Heikkinen - Tudor Pickering Holt

Good morning Glenn, just had a question on Lake Arlington. The number of wells that you have in backlog currently, and you talked about some of those wells coming on line soon. Can you give us a thought on timing?

Glenn Darden

I think we'll be bringing our next group of wells on this quarter towards the end of this quarter.

David Heikkinen - Tudor Pickering Holt

That will be four wells on a pad?

Glenn Darden

At least, yes. Yeah. I think we have five to seven on one pad, David. And we have another pad that will be bringing some production on. So we have a couple of groups of wells coming on that should add significantly.

David Heikkinen - Tudor Pickering Holt

Okay.

Glenn Darden

Those will impact the third quarter more than the second quarter, David.

David Heikkinen - Tudor Pickering Holt

Yeah, and that's where you feel like you've got the confidence still of where your third quarter targets are, really like Arlington gives you that boost, it is the way I am thinking about it, is that fair?

Glenn Darden

That's right. Yeah.

David Heikkinen - Tudor Pickering Holt

Okay. And then as you think about CapEx in Canada, down spacing and the testing of the Shales, still want to keep that within cash flows but as you go forward and you're assuming out success with the Shales, how will you manage CapEx in Canada heading forward?

Glenn Darden

I'm looking at Phil, we'll certainly address that. And as we've talked about, we're living within our cash flow on the Horseshoe Canyon but this is a whole, another cattle of fish and this is a big project. I think the initial testing phase we can certainly handle and whether we ratchet back or drilling in the Horseshoe Canyon or feed a little capital to Canada, we'll see. But as you know, we have a separate borrowing base and facility for our Canadian operation. So, we've borrowed Canadian dollars. But I think those decisions will be worked on between now and through our testing phase, and we'll see how big this project can be. But we are anticipating having to recapitalize in someway the Canadian operation was success in the Horn River.

David Heikkinen - Tudor Pickering Holt

Okay. And then a simple question on Q2 guidance for the split of gas, NGLs and oil. Do you have that?

Philip Cook

It's about the same as what Glenn talked about in his comments with respect to the first quarter.

David Heikkinen - Tudor Pickering Holt

Okay.

Philip Cook

So, 68% natural gas and 29% natural gas liquids.

David Heikkinen - Tudor Pickering Holt

Okay, thanks.

Philip Cook - Chief Financial Officer

Thank you.

Operator

Your next question comes from the line of Gil Yang of Citigroup.

Gil Yang - Citigroup

Hi, just one quick question on West Texas. Can you comment on why you are looking at the Barnett and so the Woodford below the Barnett and does that, if you are successful, does that change the view on whether or not it should be vertical or is it horizontal development. And at the time you are looking at the Woodford, so just that maybe that Barnett itself is not economic?

Glenn Darden

Well right now, Gil we are looking at the Barnett as a more vertical target because we've got more thickness there, and that lowers the cost per well to get through the Barnett. We think by adding the Woodford on a horizontal, we may produce better economics for the overall project. But right now where it is some vertical testing of the Woodford and horizontal testing in the Woodford in this next go around which will be over the next six months. And we think that's just adding to the equation. So, we have about 400 to 800 feet in vertical Barnett thickness. And so the cost is going horizontal in our areas of operation where we're fairly shallow anyway, 6,000 feet or shallower, may not add enough incremental economics to justify the cost of going horizontal on the Barnett.

Gil Yang - Citigroup

So would you regard the Barnett to be economic at this point?

Glenn Darden

I would say the play is still working on its economics at this point.

Gil Yang - Citigroup

And --

Glenn Darden

It's a lot closer on the vertical side, than who would be on the horizontal.

Philip Cook

Yeah.

Gil Yang - Citigroup

Is it possible to commingle a horizontal Woodford well with a vertical Barnett well?

Glenn Darden

Yes.

Philip Cook

Yeah, that's our game plan.

Gil Yang - Citigroup

Okay. Then I guess, how would you deal with the spacing problem. Could you have different sort of spacing, effective spacing with those two, would you sort of infill with vertical Barnett wells over the horizontal?

Glenn Darden

Yeah. And it's a little early to say that yet Gil, we're not into a development phase out there yet, but you certainly might look at that.

Gil Yang - Citigroup

And I think is the Woodford in that area?

Glenn Darden

The Woodford now is about 150 feet thick and that's the reason for probably looking at horizontal development for that particular pay.

Gil Yang - Citigroup

And how much you get?

Glenn Darden

Get more hedge that way.

Gil Yang - Citigroup

Okay, that makes sense. And how much gas in place would you attribute to those two formations on both places?

Glenn Darden

We haven't announced any gas and placed numbers per section, but the target is quite large. It's mainly a permeability issue and how do you access recoveries from such a large resource.

Gil Yang - Citigroup

Okay, great. Thank you very much.

Operator

Your next question comes from the line of [Neil Malcolm] of Zacks Investment.

Neil Malcolm - Zacks Investment

Hello, hey guys, quick question on Lake Arlington. If you could back out some numbers you've given previously, do you guys planned drilling about 17 to 20 wells in '08?

Glenn Darden

Yes, I think so. We have two rigs running out there currently.

Neil Malcolm - Zacks Investment

Okay. And then if you could, what sort of production were you getting in Lake Arlington in Q1?

Glenn Darden

Now that we have separated that --

Neil Malcolm - Zacks Investment

Okay, I know it's going to be an added benefit in Q3 and Q4 but I was just trying to gauge where I'm looking, forecasting you guys for that.

Glenn Darden

I think those wells are producing about, we have four wells producing right now about 18 million a day, 17 million a day.

Neil Malcolm - Zacks Investment

Okay, all right, that's very helpful. Thank you, guys.

Operator

Your next question comes from the line of [Chris Bray] of Jefferies.

Chris Bray - Jefferies

Yeah. Hi, good afternoon guys.

Glenn Darden

Good afternoon

Chris Bray - Jefferies

I had a quick question. Regarding your last call you talked about some of your drilling completion methods, I'm having some issues with getting sand put away. Could you touch on that, give us an update there? Have you kind of solved those issues or what's the latest on that?

Glenn Darden

Sand put away in which area?

Chris Bray - Jefferies

In West Texas.

Glenn Darden

Oh, in West Texas. We're still looking at the frac dynamics there, and should be able to announce something a little more concrete by the end of the year. But we're trying a number of different things, but we're getting the sand put away. We just want to place it in the best profile for production.

Chris Bray - Jefferies

Okay. Great, thank you.

Operator

(Operator Instructions). Your next question comes from the line of Jeff Robertson of Lehman Brothers.

Jeff Robertson - Lehman Brothers

Thanks. Glenn, I don't know if you talked about this earlier, I missed a little bit of the call. But can you talk about the schedule of well hookups in the Barnett Shale as we go forward after, about 55 in the first quarter? What are you thinking about for the second, through the rest of the year to get, I think you had said earlier about 210 hookups for the year?

Glenn Darden

That's right. Yeah, we're probably fairly ratable through the year. But remember, you may have missed the state of Heikkinen was asking about Lake Arlington and those volumes are larger. So the same of number of wells gets us to a higher number.

Jeff Robertson - Lehman Brothers

Okay. Just in terms of the volumes that are coming on Lake Arlington?

Glenn Darden

Yes, like Arlington.

Jeff Robertson - Lehman Brothers

Okay. Thank you

Glenn Darden

Thanks, Jeff.

Operator

Your next question comes from the line of Mike Scialla of Thomas Weisel.

Mike Scialla - Thomas Weisel

Hey, guys. You didn't mention on the Horn River Basin, some nearby production, could it be more specific in terms of what you're seeing and with rates and, what I guess did you build that acreage position based on what kind of data did you have that caused you put 127,000 acres together?

Glenn Darden

Well, I'll start off. The production results have come from several large companies that surround our acreage block. Among them EOG, Apache and Nexsen, EnCana is in a joint venture with Apache. So, I would refer you to those companies' press releases on their volumes. But I think that they are from 4 million to 9 million a day, something like that across a range and this is over a pretty broad area. What attracted us to this, and again, our Canadian team put this opportunity in front us and are always working on new opportunities up there. But this is an area that is very attractive, the thickness of the Shales, East Devonian Shales is thicker than the Barnett, looks to be more free gas component, more silica content, a lot of the elements that we view as being very important for a successful play.

So, fortunately we're starting to see some results around us but again, we don't have any of our own results. So, we're not ready to put numbers on this at this early stage. But the good news is, we have lots of time on our leases, we have four year exploration licenses that turn into 10 plus year leases beyond that. So, lots of time to develop it and we're probably a year to two years behind the leading players here which we view as an advantage at this stage. We maybe able to piggy back on what they've learned, but also on infrastructure and those related things that make this thing work.

Mike Scialla - Thomas Weisel

Okay, thanks. And then maybe a follow-on to David's question. In terms of, if you do have success there what would be your preference right now, in terms of how you'd finance that? I mean if you've got potential asset sales versus equity versus levering the balance sheet more?

Glenn Darden

Yeah, I think that our position hasn't really changed. We have a portfolio of properties. So, you've seen what we've done in the past on monetizing more mature assets. We would certainly look at that. We have an interest in an upstream MLP, there are BreitBurn units that overtime may be monetized. We could sell down on KGS. We own 73% of those limited partner units. So, we have lots of options before we think about issuing equity. Equity is probably at the bottom of our list, it remains there.

Mike Scialla - Thomas Weisel

Right. Thank you.

Glenn Darden

Thanks.

Operator

(Operator Instructions). At this time there are no further questions. Are there any closing remarks?

Richard Buterbaugh

Yes. Thank you, Laurie. Just as a reminder, that a replay of this call will be available on the company's website for 30 days. Quicksilver will release our second quarter 2008 earnings on Wednesday, August 6, 2008 before the market open. I'd like to thank you for your time and interest in Quicksilver this morning. This concludes our call.

Operator

Thank you for participating in today's Quicksilver Resources conference call. You may now disconnect.

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