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January 26, 2017 Comments Off on The $705M Permian Basin Buy Views: 234 Texas News, Top Texas Stories

The $705M Permian Basin Buy

Halcon Resources Corp., headquartered in Houston, acquired 20,748 net acres in the southern Delaware Basin, from Samson Exploration LLC for $705 million. The assets are in Pecos and Reeves Counties, in the West Texas Permian Basin. Halcon also has an option agreement to acquire an additional 15,040 net acres in Ward County for $11,000 per acre from a private operator.

Meanwhile, Halcon, which came out of bankruptcy in September 2016, is selling its Eagle Ford Shale assets in East Texas to Hawkwood Energy LLC for $500 million. Both transactions are expected to close in early March, with proceeds from the Eagle Ford sale paying for the Permian Basin buy.

Halcon joins other Texas-based companies in Permian Basin buys, including Magnetar, Occidental Petroleum and RSP Permian.

Read More at Houston Business Journal

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