Halcon Resources Sharply Higher After Sale Of Assets In The Williston Basin

Halcon Resources Corporation HK shares are trading higher by $2.00, 45 percent, at $6.46 in Tuesday's session.

Before the open, the company announced it has entered an agreement to sell its operated assets in the Williston Basin to an affiliate of Bruin E&P Partners for $1.4 billion in cash.

The Street is taking a liking to the cash infusion and has been aggressively purchasing shares of the highly-dilutive stock. After a higher open, it had a quick decline to $5.87 before coming back to make a new high for the session at $6.61. That high comes in between its May 30 ($6.54) and May 26 highs ($6.69).