Petrohawk to Sell Permian Basin Properties for $376MM

Permian Basin
(Click to Enlarge)

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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Project Manager
Expertise: Project Engineer|Project Management
Location: Odessa, 
Administrative Assistant IV
Expertise: Executive|Secretarial or Administrative
Location: Houston, TX
US Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.97/BBL 1.53%
Light Crude Oil : $48.75/BBL 1.79%
Natural Gas : $2.92/MMBtu 0.68%
Updated in last 24 hours