1 KWK : NYSE IPAA Conference April 20, 2004

2 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%.

3 Financial Metrics Per Share Data  Even though the average number of dilutive shares has grown by 12% over the past year, per share metrics for income andcash flow have increased. In addition, the balance sheet has continued to improve as evidenced by various leverage measures.

4 Reserve Distribution and Growth Proved Producing 69% Proved Non-Producing 12% Proved Undeveloped 19% 2003 Reserve Distribution 881 Bcfe Bcfe Reserve Growth

5 Property Overview Canada 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

6 NORWOOD LACHINE SUNBURY UPPER ANTRIM MICHIGAN Quicksilver Acreage Quicksilver CO 2 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 Mcf/d  Production flat 1-2 years, 7%-10% decline  Average net revenue interest of 80% Michigan - Antrim Shale

7 NEW ALBANY CAMP RUN CLEGG CREEK MORGAN TRAIL MUSCATTAUCK  Reserves 100% Gas 48 Bcfe  Production 7 Mmcf/d  Acreage Approximately 195,000 Net Acres  Pipeline Infrastructure GTG and Cardinal Pipelines transport gas to both regional and interstate markets Indiana – New Albany Shale INDIANA KENTUCKY Corydon Project

8 Texas - Barnett Shale  Largest gas field in Texas producing over 830 MMcf/d  Huge Resource Target Bcf per section  Company currently has about 110,000 net acres  2004 Objective – Prove shale potential on Quicksilver holdings. BARNETT SHALE ELLENBURGER Viola

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

10 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 of 132 Bcf. Shallow, lower rank coals (Ardley, Horseshoe Canyon and Belly River) Deep, higher rank coals (Mannville) ALBERTA Edmonton Calgary ALBERTA

11 Edmonton ALBERTA Calgary Undisclosed JV Recent Acquisition Conoco Phillips JV Enerplus JV NCE Petrofund JV Burlington JV Murphy JV Palliser Development Areas C C F A F C C C C F A F A F F G C C A G C C C A C C C C C F C L C C C F C F F F C C C A C C F F A F G C C C C C C A C F G J C C C C AF AC AF AF AF AF AC AC AC AC AF AF AF AF AF AC AC AC AC AC AF AF AF AF AC AC AF AF AF AC A AC AC AF A AC AC AC AF AF AC G G G K C C C C C C C F F C F E G G A G G G G U G F G A L G G U J F F F A F A F J F F F Map Software by IHS Energy A A CBM Joint Ventures E S S A A S S C A A Edmonton Calgary  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.

12 Typical Horseshoe Canyon CBM Economics Internal Rate of Return Reserves Per Well

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%

14 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.

15 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.

16 Executive Offices: 777 West Rosedale Street - Suite 300 Fort Worth, Texas