Halcón Resources has signed an agreement to sell its operated oil and gas assets in the Williston Basin, US, to an affiliate of Bruin E&P Partners in a deal valued at $1.4bn.
Bruin E&P Partners is a portfolio company of Arclight Capital Partners.
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The transaction does not include the company’s non-operated Williston Basin assets, which it will retain. However, the company indicated that they could be sold in the future.
Halcón Resources chairman, president and CEO Floyd Wilson said: "The sale of our Williston Basin operated assets transforms Halcón into a single-basin company focused on the Delaware Basin, where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory.
“The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans."
Representing about 104,000 net acres of oil and gas properties within McKenzie, Williams, Mountrail, and Dunn counties in North Dakota, the current Williston Basin assets, which are up for sale, produce around 29,000 barrels of oil equivalent a day (boed).
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By GlobalDataPro-forma for the asset sale, the company has a current net production of about 7,500boed.
The transaction is subject to shareholder approval and the receipt of consent from more than 50% of the holders of the company's 6.75% unsecured notes, and is expected to be closed by next month.
Halcón Resources is engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the US.
