Halcon Resources Corporation announced this week that it has entered into a privately negotiated definitive agreement with Petro-Hunt, LLC. The $1.45 billion deal, consisting of $700 million in cash and $750 million in equity, is to acquire producing and undeveloped assets in the Williston Basin prospective to Bakken Shale and Three Forks Formations. The assets make up 81,000 net acres (95% operated), a net production average in excess of 10,500 Boe/d, and total proved reserves of 42.4 MMBoe (88% oil). Internal resource estimates give a potential of more than 100 MMBoe. There are five operating rigs currently drilling on these properties. Halcon has over 135,000 net acres in the Williston Basin and a company-wide current average net production of about 26,500 Boe/d. The effective date of the transaction is June 1, 2012 with an anticipated closing date set in December 2012.
Using Drillinginfo, I have provided a snapshot of Petro-Hunt’s Bakken/Three Forks acreage to be acquired by Halcon Resources and a chart of Petro-Hunt’s vintage production by county using DI Desktop.