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KWK : NYSE

IPAA Conference

April 20, 2004

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The Company Focus on unconventional gas reserves

(fractured shales, coal beds and tight sands)

Develop shallow low-cost and low-risk gas reserves (“Gas Farming”)

Primary focus areas are unconventional gas reservoirs in Michigan, Indiana, Texas and Canada.

During the past five years earnings, cash flow and production have all increased substantially. In addition, reserves have grown by over 235% with the gas portion increasing by more than 420%.

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Financial Metrics 2002 - 2003

2002 2003

Avg. Dilutive Shares 20.3 22.8 (in millions of shares)

Net Income (per share) $0.68 $0.71

Adj. EBITDA (per share) $3.35 $3.51

Debt (per Mcfe of Res.) $0.31 $0.28

Debt to Capital 61% 49%

Even though the average number of dilutive shares has grown by 12% over the past year, per share metrics for income and cash flow have increased. In addition, the balance sheet has continued to improve as evidenced by various leverage measures.

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Reserve Distribution and Growth

Proved Producing

69%

Proved Non-Producing

12%

ProvedUndeveloped

19%

2003 Reserve Distribution

881 Bcfe

193

580 552692 791

96

89 89

10990

0

200

400

600

800

1,000

12-31-99 12-31-00 12-31-01 12-31-02 12-31-03

Gas - Bcf Oil - Bcfe

Bcf

e

Reserve Growth

641669

289

801

881

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Property OverviewCanada

Reserves: 147 Bcfe

Production: 22 Mmcfe/d

Acreage: 525,000 acres

Indiana/Kentucky

Reserves: 48 Bcfe

Production: 7 Mmcfe/d

Acreage: 195,000 acres

Texas & Other

Headquarters: Fort Worth, TX

Reserves: 2 Bcfe

Production: 1 Mmcfe/d

Acreage: 145,000 acres

Rockies

Reserves: 64 Bcfe

Production: 7 Mmcfe/d

Acreage: 238,000 acres

Michigan

Reserves: 620 Bcfe

Production: 85 Mmcfe/d

Acreage: 261,000 acres

6NORWOOD

LACHINE

SUNBURY

UPPER ANTRIM

MICHIGANMICHIGAN

Quicksilver Acreage

Quicksilver CO2 Plants

Reserves: 536 Bcf - Production: 65 Mmcf/d

Land position of almost 200,000 acres

Greater than a 17-year reserve life

Average well costs of about $175,000

Average reserves per well of 700 Mmcf

Peak production averages 175-200 Mcf/d

Production flat 1-2 years, 7%-10% decline

Average net revenue interest of 80%

Michigan - Antrim Shale

7

650

700

750

800

850

900

QUICKSILVER RESOURCES

PETRA 2/9/00 10:09:52 AM

NE

W A

LB

AN

Y

CAMP RUN

CLEGG CREEK

MORGAN TRAIL

MUSCATTAUCK

Reserves 100% Gas

48 Bcfe

Production 7 Mmcf/d

Acreage Approximately 195,000

Net Acres

Pipeline InfrastructureGTG and Cardinal Pipelines transport gas to

both regional and interstate markets

Indiana – New Albany Shale

INDIANAINDIANA

KENTUCKYKENTUCKY

Corydon Project

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Texas - Barnett Shale

Largest gas field in Texas producing over 830 MMcf/d

Huge Resource Target - 150 Bcf per section

Company currently has about 110,000 net acres

2004 Objective – Prove shale potential on Quicksilver holdings.

QUICKSILVER RESOURCESMILES

1

42251301060000TD : 6,790

6400

6500

6600

6700

0 100

GR

100 200

GR

0.1 1000

IND

BARNETT

BARNETT

SHALE

ELLENBURGER

Viola

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Barnett Shale Fairway

Historical producing fairway expanding due to horizontal drilling and new fracture stimulation methods

Initial 8 horizontal wells drilled outside of core area average between 300-800 Mcf/d

The 5 most recent horizontal wells are producing between 1,500-3,500 Mcf/d

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Canada – Coal Bed Methane Quicksilver has CBM drilling

rights on approximately 525,000 net acres (95% operated).

200+ wells drilled on CBM projects to date – defining a large productive fairway

Typical CBM wells will average 140 Mcf/d with negligible water and 450 MMcf of reserves

Proved CBM reserves at 12-31-03 of 132 Bcf.

Shallow, lower rank coals (Ardley, Horseshoe Canyon and Belly River)

Deep, higher rank coals (Mannville)

ALBERTAALBERTA

EdmontonEdmonton

CalgaryCalgary

ALBERTAALBERTA

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EdmontonEdmonton

ALBERTAALBERTA

CalgaryCalgary

Undisclosed JV

Recent Acquisition

Conoco Phillips JVEnerplus JV

NCE Petrofund JV

Burlington JV

Murphy JV

Palliser Development Areas

A

A

A

A

A

A

AA

A

A

A

A

A

A

CBM Joint Ventures

E

S

S

A

A

S

S

C

A

A

EdmontonEdmonton

CalgaryCalgary

Currently producing 22 MMcf/d with year-end target of greater than 35 MMcf/d

Plan to drill 285 net CBM wells in 2004

CBM reserves will more than double by year-end

Current projects have 1-2 TCF of reserve potential.

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0%

20%

40%

60%

80%

100%

120%

350 Mmcf 450 Mmcf 550 Mmcf

$5 Henry Hub $4 Henry Hub $3 Henry Hub

Typical Horseshoe Canyon CBM EconomicsIn

tern

al R

ate

of

Ret

urn

Reserves Per WellReserves Per Well

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2004 Plan Highlights

Capital Budget: $160,000,000

Drill 400 net wells(285 in Canadian CBM)

Production and reserves to grow by the drill bit in excess of 15%

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Summary

Solid asset base of long lived natural gas reserves .

Established business model built on exploitation of unconventional gas reservoirs.

Positioned for significant growth in multiple basins.

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This presentation contains forward looking statements that are based on assumptions and estimates that we believe to be reasonable. Any such statements are expressly qualified in their entirety by reference to risk factors discussed in the Company’s most recent SEC filing. The expectation that future drilling activity, pipeline and gathering construction, economic results, or capital expenditures will occur depends on future events that are inherently uncertain, including without limitation, commodity prices and demand for natural gas, results of exploration activities, production levels, cost and availability of capital, cost of operations, availability of equipment and personnel, and timing and outcome of projects results.

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Executive Offices:

777 West Rosedale Street - Suite 300

Fort Worth, Texas 76104

817.665.5000