BYE BYE American Owned Energy Independence ….
Ooops another reason to “drill baby drill” jus’ flew the coop!
“On March 29, 2013, Quicksilver Resources Inc. (KWK) announced a $485 million monetization transaction in the Barnett Shale. The announcement has been long awaited: the company has been looking for ways to raise funds via a partial sale of its core Barnett properties for more than a year to address its leverage and liquidity challenges. Under the agreement with Tokyo Gas Co., Ltd (TKGSF.PK, TKGSY.PK) of Japan, Quicksilver will sell an undivided 25% interest in its Barnett Shale oil and gas assets and will remain the operator. Future development spending will be shared in proportion to each party’s working interest. Proceeds from the transaction are expected to be used to reduce Quicksilver’s debt.”
We have a couple of Quicksilver padsites here in Arlington TX…one really troubling thing about one of those padsites is that it is on the edge of our drinking water source near Lake Arlington and we’ve already had a spill from Quicksilver once before even before foreign ownership.
Total, a company from France, already owns 25% of Chesapeake’s assets in the Barnett Shale. So much for our energy independence! Update the French regret this money waste-er move.At some point we have to ask ourselves how much more safer are these drill sites under foreign ownership? Since dry gas is not the rage these days, how much le$$ money will be devoted to maintenance and upkeep?Even if we do not have surface spills into our drinking water source, you know they pipe in our water from places like Richland Chambers Lake. Here is a map of zip code 75109 which has 17 injection wells receiving toxic waste water from drilling sites. If we have casing or seismic issues and our ground water gets migration/contamination…its BYE BYE drinking water security cause some of that stuff (like fracking chemicals) is NOT being screened for in our municipal drinking water supplies….ouch!