Halcón Resources Exits the Eagle Ford
Halcón Resources has announced it will sell its Eagle Ford assets (“El Halcón”) to Hawkwood Energy for $500 million.
The sale should close by early March and will help fund the company’s movement into the Delaware Basin.
Related: Halcón to Resume Eagle Ford Drilling
Through the deal, Denver-based, Hawkwood will acquire approximately 81,000 net acres primarily located in Burleson and Brazos counties, which are currently are producing approximately 6,000 net boe/d.
“We are excited to acquire these high quality assets to further build our strong position in the East Texas Woodbine and Eagle Ford plays,” said Patrick Oenbring, Chairman and Chief Executive Officer of Hawkwood. “These new assets provide us with expanded opportunities to leverage our low cost operating infrastructure and Eagle Ford and Woodbine technical expertise to create value. We continue to seek additional similar opportunities to acquire quality assets to add to our East Texas position.”
Halcón emerged from bankruptcy last fall, where it was able to eliminate approximately $1.8 billion in debt. Company executives had previously announced they would resume Eagle Ford drilling in 2017 but made a sharp turn recently to move into the Delaware Basin.
This is Hawkwood’s initial investment into the Eagle Ford region of South Texas. The company has focused primarily on its 1110,000 East Texas acres in Brazos, Madison, Leon, and Robertson Counties with 70+ wells.