Halcón Resources Corporation HK today announced that it has entered into a privately
negotiated definitive agreement with Petro-Hunt, L.L.C. and an
affiliated entity, to acquire producing and undeveloped oil and gas
assets in the Williston Basin ("Williston Basin Assets") for an
aggregate purchase price of approximately $1.45 billion, consisting
of $700 million in cash and $750 million in equity.The Williston Basin Assets are comprised of approximately 81,000
net acres (~95% operated) prospective for the Bakken and Three
Forks formations primarily located in Williams, Mountrail, McKenzie
and Dunn Counties, North Dakota. Current average net
production from these assets is in excess of 10,500 barrels of oil
equivalent per day (Boe/d) and total proved reserves, as estimated
by third party reserve engineers, are approximately 42.4 million
barrels of oil equivalent (MMBoe), 88% oil, with an internally
estimated resource potential of greater than 100 MMBoe.
Currently there are five operated drilling rigs running on the
properties. On a pro forma basis for this transaction, the Company has over
135,000 net acres in the Williston Basin and company-wide current
average net production is approximately 26,500 Boe/d.Additionally, Halcón has entered into an agreement pursuant to
which Canada Pension Plan Investment Board ("CPPIB") has agreed to
purchase $300 million of the Company's common stock
See full press release
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