Halcon Resources Corp. will be purchasing producing and undeveloped oil & gas asserts in the Williston Basin from Petro-Hunt LLC and an affiliate. The deal will be valued at about USD$1.45 billion in cash and stock.
For the purchase of approximately 81,000 net acres prospective for the Bakken and Three Forks formations located in Williams, Mountrail, McKenzie and Dunn Counties in North Dakota, Halcon will pay USD$700 million in cash and USD$750 million in stock.
There are five operated drilling rigs in use on the properties and the current average bet production from the assets is over 10,500 barrels of oil equivalent per day and total proved reserves are approximately 42.4 million barrels of oil equivalent.
The deal is expected to close in December.