MGV Energy Inc., the Canadian subsidiary of Quicksilver Resources Inc. (Amex: KWK), announced today the formation of a joint venture with Gulf Canada Resources Limited to explore for and develop coal bed methane (CBM) reserves on certain of Gulf Canada’s leasehold acreage in Alberta. Exploratory drilling is planned to commence before the end of the year. MGV Energy with its existing team of CBM experts and ongoing CBM projects in Western Canada will accelerate the evaluation and exploitation of CBM on Gulf Canada’s lands. Details of the joint venture were not disclosed. MGV Energy entered into a similar CBM joint venture with PanCanadian Petroleum Limited in November 2000.
