HomeMy WebLinkAboutResolution AllianceAirport Authority (AAA) AAA-2016-01 ALLIANCEAIRPORT
AUTHORITY, INC.
RESOLUTION
RESOLUTION NO. AAA-2016-01
Authorizing Execution of Documents Relating to
Assignment of Oil and Gas Lease from Quicksilver Resources,Inc. to
BlueStone Natural Resources II, LLC
WHEREAS, AllianceAirport Authority, Inc. (the "Corporation") is an industrial
development corporation created in 1989 to benefit the City of Fort Worth ("City"), to promote and
develop new and expanded business enterprises in the City, to promote and encourage employment,
and otherwise to benefit the public welfare in accordance with the Development Corporation Act of
1979,as amended; and
WHEREAS, in May 2011, the Corporation entered into an Oil and Gas Lease with
Quicksilver Resources, Inc. ("Quicksilver") for exploration and development of minerals under a
portion of the Corporation's property, with a memorandum of such lease being on file in the records of
Denton County as Instrument Number 2011-42422; and
WHEREAS, on March 17, 2015, Quicksilver and certain affiliates filed voluntary petitions for
relief under Chapter 11 of title 11 of the United States Code (the "Chapter 11 Cases") in the United
States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"); and
WHEREAS, on January 22, 2016, Quicksilver entered into an asset purchase agreement with
BlueStone Natural Resources II, LLC ("BlueStone") for transfer of substantially all of Quicksilver's
U.S. oil and gas assets, including the Corporation's lease; and
WHEREAS, Quicksilver and BlueStone have requested the Corporation consent to assignment
of the lease in accordance with the asset purchase agreement approved by the Bankruptcy Court.
NOW, THEREFORE, BE IT RESOLVED by the Corporation's Board of Directors that:
1. The Board of Directors hereby authorizes execution of a consent to assignment of the lease
in substantially the form attached hereto; and
2. The Corporation's Secretary is authorized and directed to certify adoption of this
Resolution.
Adopted this 3rd day of May, 2016.
ATTESTV
BY:
Ronald P. Gonzales t
Secretary