Halcon Resources Corp. (HK:US), the oil and natural gas company run by former Petrohawk Energy Chief Executive Officer and Chairman Floyd C. Wilson, agreed to sell certain U.S. assets for a total of $302 million.
The three transactions are expected to close in the fourth quarter and the properties being sold currently produce the equivalent of approximately 4,500 barrels of oil a day, the Houston-based company said in a statement today.
“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,” Wilson, CEO and chairman of Halcon, said in the statement.
Halcon, founded in 2011, has dropped (HK:US) 29 percent this year as the Russell 2000 Energy Index has risen 24 percent. In October, the company bought some of Petro-Hunt LLC’s North Dakota fields for approximately $1.45 billion in cash and stock.
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