Halcon Reports Deal to Divest Three Non-Core Conventional Assets
Halcón Resources Corporation (NYSE: HK) ("Halcón" or the "Company") today announced it has entered into three separate purchase and sale agreements to divest certain non-core conventional assets located throughout the U.S. (the "Properties") for total consideration of approximately $302 million.
The transactions are expected to close in the fourth quarter of 2013, subject to customary closing conditions and adjustments, with an effective date of July 1, 2013.
In aggregate, as of December 31, 2012, estimated proved reserves associated with the Properties were approximately 21.2 million barrels of oil equivalent, 67% of which was proved developed. Proved reserves were approximately 77% oil and NGLs, and these assets currently produce approximately 4,500 barrels of oil equivalent per day.
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