Petrohawk to sell Louisiana gas assets for $320M

HOUSTON

Petrohawk Energy on Monday said it had sold some Louisiana natural gas assets for $320 million.

The buyer, a private company, was not named.

The company has said it wants to focus more on the Haynesville Shale, a massive gas formation that lies in parts of Texas, Oklahoma and Louisiana.

"Within the first quarter, Petrohawk has sold two major fields, plus miscellaneous properties, as part of its billion dollar 2010 divestiture program. These asset sales total nearly $500 million, with a third major sale process continuing to progress," said CEO Floyd Wilson.

Earlier this month, Petrohawk sold its Oklahoma natural gas field and other properties for $175 million.

The company's interest in the Terryville Field, located in Lincoln and Claiborne Parishes, Louisiana, holds proved reserves estimated at 110 billion cubic feet of natural gas equivalent as of Dec. 31.

Proved reserves were about 92 percent natural gas, the company said. Current production is about 20 million cubic feet of natural gas equivalent per day.

The deal is expected to close on or before May 31.

Shares of Petrohawk Energy Corp. fell 42 cents, or 2 percent, to $21.77.