The late 1990's marked an increase in corporate consolidation, especially in the oil and gas industry. As E&P companies emerged as mega-majors and super-independents were born, the-mid-size and smaller independents faced finding creative ways to compete. In 1998, when the window of opportunity was narrowing for companies to go public, Fort Worth-based Quicksilver Resources Inc. began negotiations with MSR Exploration Ltd. on a reverse merger as a way to become a publicly traded company. In this case, Quicksilver purchased a public company (MSR) for common shares and the stockholders of Quicksilver controlled a majority of the newly formed company's common stock.