Halcon: Back to Basics in $302 Million Deal

Houston-based Halcon Resources Corp. is selling some non-core conventional assets in northern Texas for approximately $302 million, the company said in a statement Thursday. The effective date of the deals is July 1 and the expected date of closure of the deals is the fourth quarter of 2013.

Halcon did not reveal the names of the three buyers, but they are all private companies.

The land being sold had about 21.2 million barrels of oil equivalent as of December 31, 2012. About two-thirds of the land was proved developed, with oil and natural gas liquids making up about 77 percent of the proved reserves. That is equivalent to about 4,500 barrels of oil equivalent per day.

Since the start of the year, Halcon’s stock has dropped about 29 percent, according to Bloomberg. The sale of the land will was not a surprise, since Halcon has been planning to sell non-strategic parts of its portfolio to focus on growth projects.

“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,” Floyd C. Wilson, CEO and chairman, said in a statement.

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