Halcon Resources Corp., 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 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.