Quicksilver Resources (KWK) 8-K Quicksilver Resources Announces Third Quarter 2003 Results

EXHIBIT 99.1

[QUICKSILVER LOGO]

INVESTOR RELATIONS:	MEDIA RELATIONS:
Quicksilver Resources	Ward Creative Communications
John Gremillion	Mickey Gentry (713) 869-0707
(817) 665-4834	Shelley Eastland (713) 468-5304

FOR IMMEDIATE RELEASE

November 10, 2003

Quicksilver Resources Announces Third Quarter 2003 Results

Company Ahead of Coal Bed Methane Production Target

FORT WORTH, TEXAS (November 10, 2003) –Quicksilver Resources Inc. (NYSE: KWK)today reported third quarter 2003 net income of $5.2 million, on revenues of $33.5 million, or 23 cents per diluted share. The company’s comparative third quarter 2002 net income was $3.6 million, 18 cents per diluted share, on revenues of $30.3 million.

Net income for the first nine months of 2003 was $12.8 million on revenue of $104.1 million, or 58 cents per diluted share, before a one-time charge related to the cumulative effect of implementing an accounting change, which reduced net income by $2.3 million, or 11 cents per diluted share. This compares to first nine months 2002 net income of $9.5 million on revenue of $90.2 million or 47 cents per diluted share. For the nine-month period ended September 2003, net cash from operating activities, as presented in the attached Condensed Consolidated Statements of Cash Flows, was $41.7 million, as compared to $23.8 million for the same period in 2002.

Production

Natural gas production for the third quarter of 2003 was 8.5 billion cubic feet (Bcf), or 93 million cubic feet per day (MMcf/d), versus 8.4 Bcf for the same period in 2002. The price realized for the company’s gas production in the third quarter of 2003 averaged $3.27 per thousand cubic feet (Mcf) compared to $2.72 per Mcf received in the same period of 2002. Natural gas, including natural gas liquids, comprised 88 percent of the company’s total production in the third quarter of 2003.

Crude oil production for the 2003 third quarter was 192,000 barrels, or 2,088 barrels per day as compared to 220,000 barrels of production in the third quarter of 2002. Oil prices realized for the third quarter of 2003 averaged $23.33 per barrel versus $24.15 for the prior year third quarter.

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Quicksilver third quarter results – page 2/7

Natural gas liquids production for the third quarter 2003 was 34,000 barrels versus 49,000 barrels in the third quarter of 2002. The price realized for natural gas liquids averaged $18.15 in the third quarter of 2003 compared to the average $15.77 realized in the third quarter of 2002.

Operations Update

Canadian net gas sales in November have increased to 15 MMcf/d with significant production additions in the third quarter from the Beiseker and Gayford coal bed methane (CBM) developments in the Palliser area of Southern Alberta. This production is primarily from the Horseshoe Canyon coals and other gas-bearing zones within the Edmonton group and the Belly River formations. One hundred thirty-eight wells have been drilled year-to-date and drilling operations are ongoing to drill 186 total wells by year-end. This target is higher than the company’s earlier estimate of 176 wells due to the success of its CBM testing program.

Numerous production test wells throughout the company’s Edmonton group acreage have exhibited the same type of “dry” gas production that has been encountered in the Palliser area. As a result, Quicksilver plans to initiate five new developments in the Edmonton group formations north of the Palliser area in 2004. The company also plans to complete its first round of development drilling in the Beiseker and Gayford areas in 2004. In addition, the company is adding inter-bedded gas bearing sandstones to the CBM completions in certain areas to enhance production rates and reserves. Collectively, the company’s producing wells have established “dry” Horseshoe Canyon CBM production across a geographic area of approximately 125 miles by 40 miles. The company has an extensive acreage position available for development within this area and plans more than 300 CBM wells here in 2004.

The company’s 12-mile Cardinal Pipeline was placed into service at the end of September. The Cardinal Pipeline connects Quicksilver’s Indiana production into the interstate pipeline market. Including sales to a local end-user, the company is now selling more than five MMcf/d out of this New Albany shale production area. Eighty-two of 85 wells planned for the year have been drilled with tie-ins continuing through year-end. In addition to the remaining three budgeted wells to be drilled this year, the company plans to drill approximately 20 additional wells this year in the project. Additional well tie-ins and continued dewatering of existing wells should put the company on its planned production rate of 10 MMcf/d by year-end.

In the Michigan Antrim shale production area, the company has drilled or participated in the drilling of 62 gross (48 net) wells. The budgeted 56 net Michigan Antrim shale wells should be completed by year-end.

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Quicksilver third quarter results – page 3/7

Glenn Darden, Quicksilver’s president and chief executive officer commented on the third quarter results.

“With current production of 15 million cubic feet a day in Canada, we are ahead of our previously announced projections for our Canadian coal bed methane development. We will continue to add production in Canada before we close out the year,” he said. “In spite of third-party plant outages in Michigan, we were able to meet Wall Street’s earnings expectations. With Michigan now back on full production and gas volumes increasing in our two very active developments in Canada and Indiana/Kentucky, Quicksilver is poised for significant production and reserve growth in 2004.”

Conference Call

Quicksilver has scheduled a conference call for Tuesday, November 11, 2003 at 10 a. m. CST, to discuss the third quarter results. Those wishing to participate should call 800-982-3472 (703-871-3022, if applicable) by 9:55 a. m. CST. A digital replay of the conference call will be available at 2 p.m. CST the same day, and will remain available for one week. Interested parties should call 888-266-2081 (703-925-2533, if applicable) and provide access code 282100.

About Quicksilver

Fort Worth, Texas-based Quicksilver Resources, named for the second consecutive year toFortune Magazine’s list of America’s fastest-growing companies, is a natural gas and crude oil production company engaged in the development and acquisition of long-lived producing natural gas and crude oil properties. The company, widely recognized as a leader in the development and production of unconventional natural gas reserves, including coal bed methane, shale gas, and tight sands gas, is listed on the New York Stock Exchange (KWK). It has U.S. offices in Gaylord, Michigan; Corydon, Indiana; and Cut Bank, Montana. Quicksilver also has a Canadian subsidiary, MGV Energy Inc., located in Calgary, Alberta. For more information about Quicksilver Resources, visit www.qrinc.com.

FINANCIAL HIGHLIGHTS FOLLOW

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The statements in this press release regarding projections of revenues or income or reserves or similar items, such as statements pertaining to future revenues, future capital expenditures, future cash flows, future operations or results, and other statements that are not historical facts, are forward looking statements. Such statements involve risks of declining oil and gas prices, competition for prospects, possible increases in lifting costs, and other factors detailed in the company’s filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual outcomes may vary materially from those indicated.

Quicksilver third quarter results – page 4/7

QUICKSILVER RESOURCES INC.

Unaudited Selected Operating Results

	Three Months Ended September 30,				Nine Months Ended September 30,
	2003		2002		2003		2002
Production:
Natural gas (MMcf)		8,514		8,404		25,243		24,268
Oil (MBbls)		192		220		619		692
NGL (MBbls)		34		49		96		109
Total (MMcfe)		9,872		10,017		29,533		29,076
Average Daily Production:
Natural gas (Mcf)		92,538		91,348		92,464		88,894
Oil (Bbl)		2,088		2,387		2,269		2,536
NGL (Bbl)		372		534		350		399
Total (Mcfe)		107,304		108,878		108,180		106,505
Average Sales Price Per Unit (excluding effects of hedging):
Natural gas (per Mcf)	$	4.21	$	2.92	$	4.62	$	2.79
Oil (per Bbl)	$	25.81	$	24.33	$	26.87	$	21.20
NGL (per Bbl)	$	18.15	$	15.77	$	21.91	$	14.63
Total (per Mcfe)	$	4.20	$	3.06	$	4.58	$	2.89
Average Sales Price Per Unit (including effects of hedging):
Natural gas (per Mcf)	$	3.27	$	2.72	$	3.38	$	2.67
Oil (per Bbl)	$	23.33	$	24.15	$	24.20	$	21.14
NGL (per Bbl)	$	18.15	$	15.77	$	21.91	$	14.63
Total (per Mcfe)	$	3.34	$	2.89	$	3.47	$	2.79
Expense per Mcfe:
Production cost	$	1.06	$	0.82	$	1.08	$	0.94
Production taxes	$	0.19	$	0.14	$	0.22	$	0.14
General and administrative expenses	$	0.18	$	0.16	$	0.20	$	0.20
Depletion, depreciation and accretion	$	0.80	$	0.78	$	0.78	$	0.78

Quicksilver third quarter results – page 5/7

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

In thousands, except for share data – Unaudited

	September 30, 2003			December 31, 2002
ASSETS
Current assets
Cash and cash equivalents	$	10,359		$	9,116
Accounts receivable		22,018			21,075
Current deferred income taxes		10,064			9,045
Inventories and other current assets		7,715			5,540
Total current assets		50,156			44,776
Investments in and advances to equity affiliates		10,173			10,219
Properties, plant and equipment – net (“full cost”)		567,752			470,078
Other assets		4,153			4,465
	$	632,234		$	529,538
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Current portion of long-term debt	$	311		$	951
Accounts payable		16,895			14,931
Accrued derivative obligations		29,531			26,362
Accrued liabilities		24,477			26,210
Total current liabilities		71,214			68,454
Long-term debt		234,640			248,493
Derivative obligations		13,718			26,387
Asset retirement obligations		13,832			234
Deferred income taxes		66,465			57,065
Stockholders’ equity
Preferred stock, $0.01 par value, 10,000,000 shares authorized, 1 share issued and outstanding		—			—
Common stock, $0.01 par value, 40,000,000 shares authorized, 27,303,631 and 23,663,447 shares issued, respectively		273			237
Paid in capital in excess of par value		194,395			114,113
Treasury stock of 2,578,904 and 2,570,502 shares, respectively		(10,299	)		(10,099	)
Accumulated other comprehensive income		(21,281	)		(34,170	)
Retained earnings		69,277			58,824
		232,365			128,905
	$	632,234		$	529,538

Quicksilver third quarter results – page 6/7

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

In thousands, except for per share data – Unaudited

	For the Three Months Ended September 30,					For the Nine Months Ended September 30,
	2003			2002		2003			2002
Revenues
Oil, gas and related product sales	$	32,941		$	28,959	$	102,485		$	81,078
Other revenue		572			1,348		1,639			9,128
Total revenues		33,513			30,307		104,124			90,206
Expenses
Oil and gas production costs		12,376			9,608		38,406			31,213
Other operating costs		220			407		1,002			1,050
Depletion, depreciation and accretion		7,912			7,805		23,094			22,611
General and administrative		1,802			1,578		6,008			5,934
Total expenses		22,310			19,398		68,510			60,808
Income from equity affiliates		456			136		1,109			107
Operating income		11,659			11,045		36,723			29,505
Other (income) expense-net		(65	)		81		(52	)		(367	)
Interest expense		3,566			5,188		16,693			15,026
Income before income taxes and cumulative effect of change in accounting principle		8,158			5,776		20,082			14,846
Income tax expense		2,929			2,136		7,332			5,344
Net income before cumulative effect of change in accounting principle		5,229			3,640		12,750			9,502
Cumulative effect of change in accounting principle, net of tax		—			—		2,297			—
Net income	$	5,229		$	3,640	$	10,453		$	9,502
Basic net income per common share:
Net income before cumulative effect of accounting change	$	0.23		$	0.18	$	0.59		$	0.48
Cumulative effect of accounting change, net of tax		—			—		(0.11	)		—
Net income	$	0.23		$	0.18	$	0.48		$	0.48
Diluted net income per common share:
Net income before cumulative effect of accounting change	$	0.23		$	0.18	$	0.58		$	0.47
Cumulative effect of accounting change, net of tax		—			—		(0.11	)		—
Net income	$	0.23		$	0.18	$	0.47		$	0.47
Weighted average common shares outstanding
Basic		22,547			19,894		21,610			19,598
Diluted		22,965			20,411		22,063			20,197

Quicksilver third quarter results – page 7/7

QUICKSILVER RESOURCES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

In thousands – Unaudited

	For the Nine Months Ended September 30,
	2003			2002
Operating activities:
Net income	$	10,453		$	9,502
Charges and credits to net income not affecting cash
Cumulative effect of accounting change, net of tax		2,297			—
Depletion, depreciation and accretion		23,094			22,611
Deferred income taxes		7,143			5,295
Recognition of unearned revenues		507			(4,561	)
Income from equity affiliates		(1,109	)		(107	)
Non-cash gain from hedging activities		(963	)		(149	)
Amortization of deferred loan costs		2,328			1,228
Other		54			418
Changes in assets and liabilities
Accounts receivable		52			2,142
Inventory, prepaid expenses and other		(916	)		(1,303	)
Accounts payable		2,060			(1,647	)
Accrued liabilities and other		(3,303	)		(9,653	)
Net cash from operating activities		41,697			23,776
Investing activities:
Development and exploration costs and other property additions		(104,686	)		(32,164	)
Purchase of Voyager Compression Services assets		(684	)		—
Distributions and advances from equity affiliates – net		378			2,842
Proceeds from sale of assets		105			1,263
Net cash used for investing activities		(104,887	)		(28,059	)
Financing activities:
Notes payable, bank proceeds		99,000			7,000
Principal payments on long-term debt		(113,042	)		(14,481	)
Deferred financing costs		(1,420	)		(1,362	)
Issuance of common stock, net of issuance costs		79,895			16,812
Payments to acquire common stock		—			(189	)
Net cash from financing activities		64,433			7,780
Net increase in cash and cash equivalents		1,243			3,497
Cash and cash equivalents at beginning of period		9,116			8,726
Cash and cash equivalents at end of period	$	10,359		$	12,223