Case LSS Doc 532 Filed 07/30/15 Page 1 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE.

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1 Case LSS Doc 532 Filed 07/30/15 Page 1 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE x In re: : Chapter 11 : Quicksilver Resources Inc., et al., : Case No (LSS) : Debtors. 1 : Jointly Administered : : Objection Deadline: August 20, 2015 at 4:00 p.m. (EDT) x COVER SHEET FOR THIRD MONTHLY FEE APPLICATION OF HOULIHAN LOKEY CAPITAL, INC. FOR ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR REIMBURSEMENT OF EXPENSES AS FINANCIAL ADVISOR AND INVESTMENT BANKER TO THE DEBTORS FOR THE PERIOD OF JUNE 1, 2015 THROUGH JUNE 30, 2015 Name of Applicant: Houlihan Lokey Capital, Inc. Authorized to Provide Professional Services to: the above-captioned debtors and debtors-inpossession Date of Retention: April 27, 2015, nunc pro tunc to March 17, 2015 Period for which compensation and reimbursement are sought: June 1, 2015 through June 30, 2015 Amount of Compensation sought as actual, reasonable, and necessary: Amount of Expense Reimbursement sought as actual, reasonable, and necessary: $ $150,000.00, (80% of which equals $120,000.00) This is a(n): X Monthly Interim Final Application Is this a first monthly application? Yes No X 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor's federal tax identification number, are: Quicksilver Resources Inc. [6163]; Barnett Shale Operating LLC [0257]; Cowtown Drilling, Inc. [8899]; Cowtown Gas Processing L.P. [1404]; Cowtown Pipeline Funding, Inc. [9774]; Cowtown Pipeline L.P. [9769]; Cowtown Pipeline Management, Inc. [9771 ]; Makarios Resources International Holdings LLC [1765]; Makarios Resources International Inc. [7612]; QPP Holdings LLC [0057]; OPP Parent LLC [8748]; Quicksilver Production Partners GP LLC [2701 ]; Quicksilver Production Partners LP [9129]; and Silver Stream Pipeline Company LLC [9384]. The Debtors' address is 801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas

2 Case LSS Doc 532 Filed 07/30/15 Page 2 of 12 Prior Applications Filed: Date Filed Period Covered Fees Expenses 7/1/2015 3/17/2015-4/30/2015 $222, $1, /30/2015 5/1/2015-5/31/2015 $120, $10,

3 Case LSS Doc 532 Filed 07/30/15 Page 3 of 12 Quicksilver Resources Inc. Houlihan Lokey Work Hours Summary June 1, June 30, 2015 Houlihan Lokey - Quicksilver Resources Inc. Work Hours Summary June 1, June 30, 2015 Employee A B C D E Total John-Paul Hanson Adam Dunayer Michael Boone Dan Crowley Michael Haney Marcus Bellows Justin Zammit Scott Ingles Neel Gupta Total A B C D E Legend General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence 3

4 Case LSS Doc 532 Filed 07/30/15 Page 4 of 12 EXPENSE SUMMARY Expense Category Amount Incurred Airfare $0.00 Lodging 0.00 Ground Transportation Travel and Overtime Meals Telephone and Data Delivery 0.00 Expense Retainer 0.00 Total Expenses $

5 Case LSS Doc 532 Filed 07/30/15 Page 5 of 12 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE x In re: : Chapter 11 : Quicksilver Resources Inc., et al., : Case No (LSS) : Debtors. 1 : Jointly Administered : : Objection Deadline: August 20, 2015 at 4:00 p.m. (EDT) x THIRD MONTHLY FEE APPLICATION OF HOULIHAN LOKEY CAPITAL, INC. FOR ALLOWANCE OF COMPENSATION FOR SERVICES RENDERED AND FOR REIMBURSEMENT OF EXPENSES AS FINANCIAL ADVISOR AND INVESTMENT BANKER TO THE DEBTORS FOR THE PERIOD OF JUNE 1, 2015 THROUGH JUNE 30, 2015 Houlihan Lokey Capital, Inc. ( Houlihan Lokey ), as financial advisor and investment banker to the debtors and debtors-in-possession in the above-captioned cases (collectively, the Debtors ), hereby submits its application for compensation and reimbursement of expenses (the Application ) pursuant to sections 327(a) and 328(a) of title 11 of the United States Code (the Bankruptcy Code ), Rule 2014 of the Federal Rules of Bankruptcy Procedure (the Bankruptcy Rules ), and Rule of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware (the Local Rules ) and the Order Establishing Procedures for Interim Compensation and Reimbursement of Professionals [Docket No. 195] (the Interim Compensation Order ). By the Application, Houlihan Lokey seeks 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor's federal tax identification number, are: Quicksilver Resources Inc. [6163]; Barnett Shale Operating LLC [0257]; Cowtown Drilling, Inc. [8899]; Cowtown Gas Processing L.P. [1404]; Cowtown Pipeline Funding, Inc. [9774]; Cowtown Pipeline L.P. [9769]; Cowtown Pipeline Management, Inc. [9771 ]; Makarios Resources International Holdings LLC [1765]; Makarios Resources International Inc. [7612]; QPP Holdings LLC [0057]; OPP Parent LLC [8748]; Quicksilver Production Partners GP LLC [2701 ]; Quicksilver Production Partners LP [9129]; and Silver Stream Pipeline Company LLC [9384]. The Debtors' address is 801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas

6 Case LSS Doc 532 Filed 07/30/15 Page 6 of 12 compensation for investment banking services performed and expenses incurred during the period commencing June 1, 2015 through June 30, 2015 (the Application Period ). By this Application, Houlihan Lokey requests: (a) monthly allowance of compensation of $150, (80% of which equals $120,000.00) and (b) reimbursement of $ in expenses in accordance with the Interim Compensation Order. Pursuant to Local Bankruptcy Rule , this Application is supported by the Certification of Adam L. Dunayer, which is annexed hereto as Exhibit A. In support of this Application, Houlihan Lokey states as follows: BACKGROUND 1. On March 17, 2015 (the Petition Date ), each of the Debtors filed a voluntary petition for relief under chapter 11 of the Bankruptcy Code. The Debtors continue to operate their businesses and manage their property as debtors-in-possession pursuant to sections 1107(a) and 1108 of the Bankruptcy Code. 2. No trustee or examiner has been requested in these chapter 11 cases. On March 25, 2015, the Office of the United States Trustee (the U.S. Trustee ) appointed an official committee of unsecured creditors (the Committee ) in these cases. 3. On March 25, 2015, the Debtors filed an application for an order approving the employment and retention of Houlihan Lokey [Docket No. 129] (the Retention Application ). 4. On April 27, 2015, the Court entered its Order approving the Retention Application [Docket No. 284] (the Retention Order ). 5. The terms and conditions of Houlihan Lokey s engagement in these cases, which are embodied in the Retention Application and approved by the Court, are based upon Houlihan 6

7 Case LSS Doc 532 Filed 07/30/15 Page 7 of 12 Lokey s Engagement Agreement with the Debtor as of January 27, 2014 (the Engagement Agreement ). Pursuant to the Engagement Agreement, Houlihan Lokey is to be compensated monthly fees totaling $150, for the period from June 1, 2015 through June 30, In addition, the Engagement Agreement entitles Houlihan Lokey to receive reimbursement of all actual and reasonable out-of-pocket expenses. 7. As detailed in the Retention Application, the terms of the Engagement Agreement are comparable to the terms Houlihan Lokey and other financial advisors and investment bankers have agreed upon in similar engagements, both in and outside of bankruptcy. 8. By this Application, Houlihan Lokey requests: (a) monthly allowance of compensation of $150, (80% of which equals $120,000.00) and (b) reimbursement of $ in expenses in accordance with the Interim Compensation Order. 9. For the convenience of the Court and all parties in interest, attached hereto as Exhibit B are detailed time records setting forth the name of each professional for whose work on these reorganization cases compensation is sought. SUMMARY OF SERVICES PROVIDED BY HOULIHAN LOKEY 10. Since January 27, 2014, Houlihan Lokey has worked diligently on the matters for which it was engaged and, as a result, and is uniquely situated to advise the Debtors. The Debtors chose Houlihan Lokey to act as its financial advisor and investment banker because, inter alia, Houlihan Lokey has substantial experience in financial restructuring and oil and gas investment banking services and other relevant expertise. 11. During the Application Period, although a number of professionals have worked on this engagement, the following professionals in Houlihan Lokey s New York and Dallas 7

8 Case LSS Doc 532 Filed 07/30/15 Page 8 of 12 offices have performed substantial services to the Debtors in this case: John-Paul Hanson Managing Director Adam Dunayer Managing Director Michael Boone Director Daniel Crowley Senior Vice President Michael Haney Vice President Marcus Bellows Associate Justin Zammit Associate Scott Ingles Financial Analyst Neel Gupta Financial Analyst 12. During the Application Period, Houlihan Lokey s work on behalf of the Debtors involved five separate categories of work, which included: a) General Case Administration b) Correspondence with Debtors and Advisors c) Correspondence with Creditors d) Other Correspondence e) Analysis, Presentation and Due Diligence A. General Case Administration. During the Application Period, Houlihan Lokey expended significant effort to coordinate various case administration tasks necessary to assist the Debtors in their efforts to effectuate a successful restructuring. This work included: assisting the Debtors and the Debtors legal counsel in reviewing and drafting court documents; attending court hearings; preparing Houlihan Lokey s fee applications; and other miscellaneous tasks related to the bankruptcy cases. B. Correspondence with Debtors and Debtors Advisors. Houlihan Lokey engaged in extensive correspondence, meetings and calls with the Debtors management, board, counsel, and the Debtors other advisors in these chapter 11 cases, as well as significant 8

9 Case LSS Doc 532 Filed 07/30/15 Page 9 of 12 preparations related to such communications. In addition, Houlihan Lokey provided periodic situational updates to the Debtors. During these updates, Houlihan Lokey reported on the status of the restructuring process, feedback from other parties-in-interest, and the status of diligence and other process-related issues. Houlihan Lokey spent considerable time exploring and evaluating various potential outcomes and strategies for the restructuring process along with the Debtors other advisors. C. Correspondence with Creditors and Creditors Advisors. During the Application Period, Houlihan Lokey expended a considerable amount of effort communicating both telephonically and in-person with the Debtors creditors and the creditors advisors. These creditors included both secured and unsecured creditors and their respective advisors. Key areas of discussion included: negotiations over the use of cash collateral; structure of a potential plan of reorganization or other restructuring transaction; estimates and treatment of various classes of claims; discussion of the Debtors businesses, investment merits/risks, broader industry dynamics; and other such matters pertaining to the Debtors businesses. Houlihan Lokey also spent a considerable amount of time facilitating diligence and providing situation updates. D. Other Correspondence. Houlihan Lokey corresponded with noncreditor parties-in-interest during its engagement. Such correspondence included corresponding and negotiating with certain midstream service providers regarding a process to reject and / or renegotiate contract terms. E. Analysis, Presentation and Due Diligence. During the Application Period, Houlihan Lokey completed numerous analyses, charts and accompanying presentations to assist with the various processes related to these cases. In addition, Houlihan Lokey reviewed 9

10 Case LSS Doc 532 Filed 07/30/15 Page 10 of 12 and analyzed the Debtors financial performance during the Application Period, including its liquidity position and operating results. 13. Pursuant to the Retention Order, Houlihan Lokey is excused from complying with the information requirements contained in Local Bankruptcy Rule (d). Instead, Houlihan Lokey has maintained reasonably detailed time records in 0.5 hour increments containing descriptions of those services rendered for the Debtors. Such detailed time records are set forth in Exhibit B. HOULIHAN LOKEY S APPLICATION 14. The professional services and related expenses that are the subject of this Application were rendered and incurred in connection with these cases, and in discharge of Houlihan Lokey s professional responsibilities as financial advisor and investment banker for the Debtors in these chapter 11 cases. Houlihan Lokey s services have been substantial, necessary, and beneficial to the Debtors in this case. Houlihan Lokey believes that the fees and expenses requested by this Application are reasonable and necessary given the variety and complexity of the issues involved in these cases, the need to act or respond on an expedited basis to those issues, and are contemplated by the Bankruptcy Code and this Court s Retention Order. 15. All requested expenses are in compliance with Local Bankruptcy Rule Number Houlihan Lokey has maintained detailed records of actual and necessary expenses incurred. Accordingly, Houlihan Lokey requests (a) monthly allowance of compensation of $150, (80% of which equals $120,000.00) and (b) reimbursement of $ in expenses in accordance with the Interim Compensation Order. The expense detail is outlined in Exhibit D attached hereto. 10

11 Case LSS Doc 532 Filed 07/30/15 Page 11 of 12 WHEREFORE, Houlihan Lokey requests that the Court enter an order providing that, for the period of June 1, 2015 through June 30, 2015, a monthly allowance be made to Houlihan Lokey for: (a) compensation during the Application Period in the amount of $150, for professional services rendered (80% of which equals $120,000.00), (b) reimbursement of $ in expenses in accordance with the Interim Compensation Order, and (c) granting any such and further relief as the Court may deem proper. Dated: July 30, 2015 Dallas, Texas 11

12 Case LSS Doc 532 Filed 07/30/15 Page 12 of 12 HOULIHAN LOKEY CAPITAL, INC. By: Adam L. Dunayer Managing Director 100 Crescent Court Suite 900 Dallas, TX Financial Advisor and Investment Banker to the Debtors and Debtors-in-Possession 12

13 Case LSS Doc Filed 07/30/15 Page 1 of 3 IN THE UNITED STATES BANKRUPTCY COURT FOR THE DISTRICT OF DELAWARE ) In re: ) Chapter 11 ) Quicksilver Resources Inc., et al., 1 ) Case No (LSS) ) Debtors. ) Jointly Administered ) ) Obj. Deadline: August 20, 2015 at 4:00 p.m. (EDT) NOTICE OF FEE APPLICATION PLEASE TAKE NOTICE that Houlihan Lokey Capital, Inc. (the Applicant ) has today filed the attached Third Monthly Fee Application of Houlihan Lokey Capital, Inc. for Allowance of Compensation for Services Rendered and for Reimbursement of Expenses as Financial Advisor and Investment Banker to the Debtors for the Period of June 1, 2015 Through June 30, 2015 (the Application ) with the United States Bankruptcy Court for the District of Delaware (the Bankruptcy Court ). PLEASE TAKE FURTHER NOTICE that objections, if any, to the Application must be made in accordance with the Order Establishing Procedures for Interim Compensation and Reimbursement of Expenses of Professionals, dated April 14, 2015 [Docket No. 195] (the Interim Compensation Order ), and must be filed with the Clerk of the United States Bankruptcy Court for the District of Delaware, 824 North Market Street, Wilmington, Delaware 19801, and be served upon and received by: (i) the Debtors, Quicksilver Resources Inc., et al., 801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas 76102; (ii) counsel to the Debtors, 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor s federal tax identification number, are: Quicksilver Resources Inc. [6163]; Barnett Shale Operating LLC [0257]; Cowtown Drilling, Inc. [8899]; Cowtown Gas Processing L.P. [1404]; Cowtown Pipeline Funding, Inc. [9774]; Cowtown Pipeline L.P. [9769]; Cowtown Pipeline Management, Inc. [9771]; Makarios Resources International Holdings LLC [1765]; Makarios Resources International Inc. [7612]; QPP Holdings LLC [0057]; QPP Parent LLC [8748]; Quicksilver Production Partners GP LLC [2701]; Quicksilver Production Partners LP [9129]; and Silver Stream Pipeline Company LLC [9384]. The Debtors address is 801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas

14 Case LSS Doc Filed 07/30/15 Page 2 of 3 Akin Gump Strauss Hauer & Feld LLP, 1700 Pacific Ave., Suite 4100, Dallas, Texas (Attn: Charles R. Gibbs and Sarah Link Schultz); (iii) Delaware counsel to the Debtors, Richards, Layton & Finger, P.A., One Rodney Square, 920 North King Street, Wilmington, DE (Attn: Paul N. Heath and Amanda R. Steele); (iv) counsel to the global administrative agent for the first lien lenders, Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, NY (Attn: Steven M. Fuhrman); (v) counsel to second lien agent, Latham & Watkins LLP, 885 Third Avenue, New York, NY (Attn: Mitchell A. Seider and David A. Hammerman); (vi) counsel to the ad hoc group of second lienholders, Milbank, Tweed, Hadley & McCloy LLP, 28 Liberty Street, New York, NY (Attn: Dennis F. Dunne and Samuel A. Khalil); (vii) the Office of the United States Trustee for the District of Delaware, 844 King Street, Room 2207, Lockbox #35, Wilmington, Delaware (Attn: Jane Leamy); and (viii) counsel to the Official Committee of Unsecured Creditors, Paul, Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY (Attn: Andrew N. Rosenberg, Elizabeth R. McColm and Adam M. Denhoff) no later than 4:00 p.m. (Eastern Daylight Time) on August 20, 2015 (the Objection Deadline ). PLEASE TAKE FURTHER NOTICE that if any responses or objections to the Application are timely filed, served, and received in accordance with this notice and the Interim Compensation Order, a hearing on the Application will be held at the convenience of the Bankruptcy Court. Only those objections made in writing and timely filed and received in accordance with the Interim Compensation Order and the procedures described herein will be considered by the Bankruptcy Court at such hearing. PLEASE TAKE FURTHER NOTICE that, pursuant to the Interim Compensation Order, if no objection to the Application is timely filed, served and received by the Objection 2

15 Case LSS Doc Filed 07/30/15 Page 3 of 3 Deadline, the Applicant may be paid an amount equal to the lesser of (i) 80% of the fees and 100% of expenses requested in the Application or (ii) 80% of the fees and 100% of the expenses not subject to an objection without the need for further order of the Bankruptcy Court. Wilmington, Delaware Date: July 30, 2015 /s/ Amanda R. Steele RICHARDS, LAYTON & FINGER, P.A. Paul N. Heath (DE 3704) Amanda R. Steele (DE 5530) Rachel L. Biblo (DE 6012) One Rodney Square 920 North King Street Wilmington, Delaware Telephone: (302) Facsimile: (302) and AKIN GUMP STRAUSS HAUER & FELD LLP Charles R. Gibbs (admitted pro hac vice) Sarah Link Schultz (admitted pro hac vice) Travis A. McRoberts (DE 5274) 1700 Pacific Avenue, Suite 4100 Dallas, Texas Telephone: (214) Facsimile: (214) Ashleigh L. Blaylock (admitted pro hac vice) Robert S. Strauss Building 1333 New Hampshire Avenue, N.W. Washington, DC Telephone: (202) Facsimile: (202) COUNSEL FOR DEBTORS AND DEBTORS IN POSSESSION 3

16 Case LSS Doc Filed 07/30/15 Page 1 of 4 EXHIBIT A CERTIFICATION OF ADAM L. DUNAYER 13

17 Case LSS Doc Filed 07/30/15 Page 2 of 4 UNITED STATES BANKRUPTCY COURT DISTRICT OF DELAWARE x In re: : : Quicksilver Resources Inc., et al., : : Debtors. 1 : : : x Chapter 11 Case No (LSS) Jointly Administered CERTIFICATION OF ADAM L. DUNAYER 1. I am a Managing Director of Houlihan Lokey Capital, Inc., and I make this certification in accordance with Rule of the Local Rules of Bankruptcy Practice and Procedure of the United States Bankruptcy Court for the District of Delaware (the Local Rule ). 2. I have read this Third Monthly Fee Application of Houlihan Lokey Capital, Inc. for Allowance of Compensation for Services Rendered and for Reimbursement of Expenses as Financial Advisor and Investment Banker to the Debtors for the Period of June 1, 2015 through June 30, 2015 (the Application ). 3. I understand the Local Rule and, to the best of my knowledge, information and belief formed upon the basis of my participation in these cases, as well as after reasonable inquiry, the facts set forth in the foregoing Application materially comply with the provisions of 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor's federal tax identification number, are: Quicksilver Resources Inc. [6163]; Barnett Shale Operating LLC [0257]; Cowtown Drilling, Inc. [8899]; Cowtown Gas Processing L.P. [1404]; Cowtown Pipeline Funding, Inc. [9774]; Cowtown Pipeline L.P. [9769]; Cowtown Pipeline Management, Inc. [9771 ]; Makarios Resources International Holdings LLC [1765]; Makarios Resources International Inc. [7612]; QPP Holdings LLC [0057]; OPP Parent LLC [8748]; Quicksilver Production Partners GP LLC [2701 ]; Quicksilver Production Partners LP [9129]; and Silver Stream Pipeline Company LLC [9384]. The Debtors' address is 801 Cherry Street, Suite 3700, Unit 19, Fort Worth, Texas

18 Case LSS Doc Filed 07/30/15 Page 3 of 4 the Local Rule, the United States Bankruptcy Code and the Orders of this Court. 15

19 Case LSS Doc Filed 07/30/15 Page 4 of 4 Adam L. Dunayer Managing Director 16

20 Case LSS Doc Filed 07/30/15 Page 1 of 18 EXHIBIT B DETAIL OF HOURS EXPENDED 17

21 Case LSS Doc Filed 07/30/15 Page 2 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - John-Paul Hanson June 1, June 30, 2015 Hours for: John-Paul Hanson Month of: June 2015 Total Hours: 34.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 1.0 Midstream Contract Negotiation Analysis Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Wednesday, June 03, 2015 E Analysis, Presentations, and Due Diligence 1.0 Illustrative Recovery Analysis Discussion Thursday, June 04, 2015 B Correspondence with Debtors and Advisors 0.5 SAO Committee Call Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Wednesday, June 10, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Wednesday, June 10, 2015 C Correspondence with Creditors 1.5 Follow-Up Meeting with Secured Advisors Thursday, June 11, 2015 B Correspondence with Debtors and Advisors 1.0 SAO Committee Call Saturday, June 13, 2015 B Correspondence with Debtors and Advisors 0.5 Update Call Tuesday, June 16, 2015 B Correspondence with Debtors and Advisors 1.0 Term Sheet Discussion Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 0.5 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 0.5 Update Call Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Thursday, June 18, 2015 B Correspondence with Debtors and Advisors 0.5 SAO Committee Call Thursday, June 18, 2015 B Correspondence with Debtors and Advisors 1.0 2L Meeting Prep Call 18

22 Case LSS Doc Filed 07/30/15 Page 3 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - John-Paul Hanson June 1, June 30, 2015 Hours for: John-Paul Hanson Month of: June 2015 Total Hours: 34.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 0.5 Term Sheet Review Sunday, June 21, 2015 E Analysis, Presentations, and Due Diligence 1.0 Review of Illustrative Recovery Analysis / Term Sheet Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Board Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Update Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 QRCI Midstream Call Wednesday, June 24, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Sunday, June 28, 2015 A General Case Administration 0.5 Preparation / Review of Fee Application Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors 19

23 Case LSS Doc Filed 07/30/15 Page 4 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Adam Dunayer June 1, June 30, 2015 Hours for: Adam Dunayer Month of: June 2015 Total Hours: 32.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 1.0 Midstream Contract Negotiation Analysis Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Thursday, June 04, 2015 B Correspondence with Debtors and Advisors 0.5 SAO Committee Call Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Wednesday, June 10, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Wednesday, June 10, 2015 C Correspondence with Creditors 1.5 Follow-Up Meeting with Secured Advisors Thursday, June 11, 2015 B Correspondence with Debtors and Advisors 1.0 SAO Committee Call Saturday, June 13, 2015 B Correspondence with Debtors and Advisors 0.5 Update Call Tuesday, June 16, 2015 B Correspondence with Debtors and Advisors 1.0 Term Sheet Discussion Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 0.5 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 0.5 Update Call Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Thursday, June 18, 2015 B Correspondence with Debtors and Advisors 0.5 SAO Committee Call Thursday, June 18, 2015 B Correspondence with Debtors and Advisors 1.0 2L Meeting Prep Call Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion 20

24 Case LSS Doc Filed 07/30/15 Page 5 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Adam Dunayer June 1, June 30, 2015 Hours for: Adam Dunayer Month of: June 2015 Total Hours: 32.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 0.5 Term Sheet Review Sunday, June 21, 2015 E Analysis, Presentations, and Due Diligence 1.0 Review of Illustrative Recovery Analysis / Term Sheet Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Board Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Update Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 QRCI Midstream Call Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors Tuesday, June 30, 2015 A General Case Administration 0.5 Preparation / Review of Fee Application 21

25 Case LSS Doc Filed 07/30/15 Page 6 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Michael Boone June 1, June 30, 2015 Hours for: Michael Boone Month of: June 2015 Total Hours: 21.5 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 1.0 Midstream Contract Negotiation Analysis Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Thursday, June 04, 2015 B Correspondence with Debtors and Advisors 0.5 SAO Committee Call Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Thursday, June 11, 2015 B Correspondence with Debtors and Advisors 1.0 SAO Committee Call Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Board Call Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Sunday, June 28, 2015 A General Case Administration 1.0 Preparation / Review of Fee Application Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors 22

26 Case LSS Doc Filed 07/30/15 Page 7 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Dan Crowley June 1, June 30, 2015 Hours for: Dan Crowley Month of: June 2015 Total Hours: 23.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Wednesday, June 03, 2015 E Analysis, Presentations, and Due Diligence 2.0 Illustrative Recovery Analysis Discussion Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 0.5 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 0.5 Term Sheet Review Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 1.0 Review of Illustrative Recovery Analysis Sunday, June 21, 2015 E Analysis, Presentations, and Due Diligence 1.0 Review of Illustrative Recovery Analysis / Term Sheet Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Analysis Wednesday, June 24, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Sunday, June 28, 2015 A General Case Administration 1.0 Preparation / Review of Fee Application Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors 23

27 Case LSS Doc Filed 07/30/15 Page 8 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Dan Crowley June 1, June 30, 2015 Hours for: Dan Crowley Month of: June 2015 Total Hours: 23.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors 24

28 Case LSS Doc Filed 07/30/15 Page 9 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Michael Haney June 1, June 30, 2015 Hours for: Michael Haney Month of: June 2015 Total Hours: 17.5 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Wednesday, June 10, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Wednesday, June 10, 2015 C Correspondence with Creditors 1.5 Follow-Up Meeting with Secured Advisors Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Tuesday, June 30, 2015 E Analysis, Presentations, and Due Diligence 1.0 Waterfall Analysis 25

29 Case LSS Doc Filed 07/30/15 Page 10 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Marcus Bellows June 1, June 30, 2015 Hours for: Marcus Bellows Month of: June 2015 Total Hours: 69.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Monday, June 01, 2015 B Correspondence with Debtors and Advisors 0.5 Diligence Process Discussion with Debtor and Advisors Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 0.5 Update of Recovery Analysis Tuesday, June 02, 2015 A General Case Administration 2.0 Preparation of Fee Application Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Wednesday, June 03, 2015 E Analysis, Presentations, and Due Diligence 2.0 Illustrative Recovery Analysis Discussion Thursday, June 04, 2015 E Analysis, Presentations, and Due Diligence 0.5 Preparation of Exhibits (13-week Cash Flow) Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Monday, June 08, 2015 A General Case Administration 0.5 Preparation / Review of Fee Application Tuesday, June 09, 2015 E Analysis, Presentations, and Due Diligence 0.5 Due Diligence Management Tuesday, June 09, 2015 E Analysis, Presentations, and Due Diligence 1.0 Prepare / Review Comparable Refrac Analysis Tuesday, June 09, 2015 A General Case Administration 4.0 Preparation / Review of Fee Application Wednesday, June 10, 2015 E Analysis, Presentations, and Due Diligence 1.5 Prepare Materials for Meeting with Creditors Wednesday, June 10, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Wednesday, June 10, 2015 C Correspondence with Creditors 1.5 Follow-Up Meeting with Secured Advisors Thursday, June 11, 2015 E Analysis, Presentations, and Due Diligence 1.5 Review of Illustrative Recovery Analysis Thursday, June 11, 2015 B Correspondence with Debtors and Advisors 1.0 Dataroom Management Tuesday, June 16, 2015 B Correspondence with Debtors and Advisors 1.0 Term Sheet Discussion 26

30 Case LSS Doc Filed 07/30/15 Page 11 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Marcus Bellows June 1, June 30, 2015 Hours for: Marcus Bellows Month of: June 2015 Total Hours: 69.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 1.0 Debt Comparables Analysis Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 0.5 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 E Analysis, Presentations, and Due Diligence 3.0 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Friday, June 19, 2015 E Analysis, Presentations, and Due Diligence 3.0 Review of Illustrative Recovery Analysis Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 0.5 Term Sheet Review Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 2.0 Review of Illustrative Recovery Analysis Saturday, June 20, 2015 E Analysis, Presentations, and Due Diligence 0.5 Discussion with Deloitte re: G&A Sunday, June 21, 2015 E Analysis, Presentations, and Due Diligence 3.5 Review of Illustrative Recovery Analysis / Term Sheet Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 E Analysis, Presentations, and Due Diligence 4.0 Preparation of UCC Presentation Tuesday, June 23, 2015 E Analysis, Presentations, and Due Diligence 10.0 Preparation of UCC Presentation Tuesday, June 23, 2015 B Correspondence with Debtors and Advisors 1.0 2L Advisor Presentation Review Call Wednesday, June 24, 2015 B Correspondence with Debtors and Advisors 1.0 Pre-Meeting with Debtor and Debtor Advisors Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation Sunday, June 28, 2015 A General Case Administration 1.0 Preparation / Review of Fee Application Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors 27

31 Case LSS Doc Filed 07/30/15 Page 12 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Marcus Bellows June 1, June 30, 2015 Hours for: Marcus Bellows Month of: June 2015 Total Hours: 69.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors Tuesday, June 30, 2015 E Analysis, Presentations, and Due Diligence 2.0 Waterfall Analysis Tuesday, June 30, 2015 A General Case Administration 1.0 Preparation / Review of Fee Application 28

32 Case LSS Doc Filed 07/30/15 Page 13 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Justin Zammit June 1, June 30, 2015 Hours for: Justin Zammit Month of: June 2015 Total Hours: 55.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 7.0 Midstream Contract Negotiation Analysis Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Monday, June 15, 2015 E Analysis, Presentations, and Due Diligence 3.0 Midstream Analysis Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 7.0 Midstream Analysis Tuesday, June 16, 2015 B Correspondence with Debtors and Advisors 3.5 Midstream Analysis Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 7.5 Midstream Analysis Wednesday, June 17, 2015 B Correspondence with Debtors and Advisors 1.0 Call re: Term Sheet Friday, June 19, 2015 B Correspondence with Debtors and Advisors 0.5 KWK / 2L Meeting Discussion Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 19, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 22, 2015 B Correspondence with Debtors and Advisors 0.5 Board Meeting Pre Call Monday, June 22, 2015 B Correspondence with Debtors and Advisors 6.0 Midstream Analysis Tuesday, June 23, 2015 B Correspondence with Debtors and Advisors 4.0 Midstream Analysis Tuesday, June 23, 2015 B Correspondence with Debtors and Advisors 1.0 2L Advisor Presentation Review Call Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 2L Advisor Presentation Wednesday, June 24, 2015 C Correspondence with Creditors 2.0 UCC Committee Presentation 29

33 Case LSS Doc Filed 07/30/15 Page 14 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Justin Zammit June 1, June 30, 2015 Hours for: Justin Zammit Month of: June 2015 Total Hours: 55.0 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with Secured Creditor Advisors Tuesday, June 30, 2015 C Correspondence with Creditors 0.5 Weekly Call with UCC Advisors 30

34 Case LSS Doc Filed 07/30/15 Page 15 of 18 Quicksilver Resources Inc. Houlihan Lokey Time Sheet - Scott Ingles June 1, June 30, 2015 Hours for: Scott Ingles Month of: June 2015 Total Hours: 52.5 A B C D E Task Reference Table General Case Administration Correspondence with Debtors and Advisors Correspondence with Creditors Other Correspondence Analysis, Presentations, and Due Diligence Input Input Input Input Date Task Task Code Hours Description of Activities Monday, June 01, 2015 B Correspondence with Debtors and Advisors 1.0 Midstream Call Monday, June 01, 2015 E Analysis, Presentations, and Due Diligence 0.5 Update of Recovery Analysis Tuesday, June 02, 2015 A General Case Administration 3.0 Preparation of Fee Application Tuesday, June 02, 2015 B Correspondence with Debtors and Advisors 1.0 LOS Review Call Wednesday, June 03, 2015 E Analysis, Presentations, and Due Diligence 2.0 Illustrative Recovery Analysis Discussion Thursday, June 04, 2015 E Analysis, Presentations, and Due Diligence 1.0 Preparation of Exhibits (13-week Cash Flow) Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with Secured Creditor Advisors Friday, June 05, 2015 C Correspondence with Creditors 1.0 Weekly Call with UCC Advisors Monday, June 08, 2015 B Correspondence with Debtors and Advisors 1.0 Weekly Conference Call Monday, June 08, 2015 A General Case Administration 0.5 Preparation / Review of Fee Application Tuesday, June 09, 2015 E Analysis, Presentations, and Due Diligence 2.0 Prepare / Review Comparable Refrac Analysis Tuesday, June 09, 2015 A General Case Administration 4.0 Preparation / Review of Fee Application Wednesday, June 10, 2015 E Analysis, Presentations, and Due Diligence 2.5 Prepare Materials for Meeting with Creditors Wednesday, June 10, 2015 C Correspondence with Creditors 2.0 Meeting with Secured and Unsecured Advisors re: Unencumbered and Encumbered Assets Thursday, June 11, 2015 E Analysis, Presentations, and Due Diligence 1.0 Review of Illustrative Recovery Analysis Friday, June 12, 2015 E Analysis, Presentations, and Due Diligence 2.0 Review of Illustrative Recovery Analysis Tuesday, June 16, 2015 B Correspondence with Debtors and Advisors 1.0 Term Sheet Discussion Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 1.5 Debt Comparables Analysis Tuesday, June 16, 2015 A General Case Administration 0.5 Dataroom Management Tuesday, June 16, 2015 E Analysis, Presentations, and Due Diligence 0.5 Illustrative Recovery Analysis Discussion Wednesday, June 17, 2015 E Analysis, Presentations, and Due Diligence 3.0 Illustrative Recovery Analysis Discussion 31