Petrohawk has entered into a definitive agreement to sell its Permian Basin properties to a privately-owned company for total consideration of $376 million in cash. The sale is expected to close by October 30, 2009 and is subject to customary closing conditions and adjustments. The effective date of the sale is July 1, 2009.
"Proceeds from this sale will add to our already-strong liquidity position, as we continue to focus our attention on our rapidly growing shale assets, particularly high-return, high-margin development in the Haynesville and Eagle Ford Shales," said Floyd C. Wilson, Chairman and CEO.
As of December 31, 2008, Petrohawk reported estimated proved reserves of 177 Bcfe for these assets. The properties are currently producing approximately 30 Mmcfe/d.
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