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Ohio Utica Shale

Halcon Resources selling off North Texas leases for $303 million

By Bob Downing Published: September 13, 2013

From Halcon Resources, a player in Ohio's Utica shale:

HOUSTON, TEXAS, Sept. 12, 2013 (GLOBE NEWSWIRE) -- 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.

Floyd C. Wilson, Chairman and Chief Executive Officer, commented, "The divestment of these non-core assets will provide us with additional liquidity and allow us to be a more focused and concentrated oil company. We are well-positioned for continued progress and believe we have sufficient liquidity to execute on our growth initiatives."

BMO Capital Markets and Barclays are acting as financial advisors in connection with divestiture of the Properties.

 

 

A late-breaking note: Reuters later reprted that the leases are in North Texas and the company will get about $303 million. The buyers were not identified.

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ODNR Division of Oil and Gas Resources Management. State drilling permits. List is updated weekly.

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Utica Shale, a compilation of Utica shale activities.

Landman Report Card, a site that looks at companies involved in gas and oil leases.FracFocus, a compilation of chemicals used in fracking individual wells as reported voluntarily by some drillers.

Chesapeake Energy Corp,the Oklahoma-based firm is the No. 1 driller in Ohio.

Rig Count Interactive Map by Baker Hughes, an energy services company.

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National Geographic's The Great Shale Rush.

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Fracking: Gas Drilling's Environmental Threat by ProPublica, an online journalism site.

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Allegheny Front, environmental public radio for Western Pennsylvania.