East Texas-focused oil and gas company Hawkwood Energy has closed its previously announced acquisition of producing and non-producing assets from subsidiaries of Halcon Resources for $500m.
The transaction carried an effective date of 1 January this year.
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Hawkwood Energy chairman and chief executive officer Patrick Oenbring said: “We are pleased that we have completed this transaction with Halcon expeditiously, and we now plan to conduct an active drilling programme to further develop these assets along with our existing properties.
“We are excited about the opportunity to capitalise on the basin's strong and improving development economics and the technical capabilities of our experienced team for the benefit of our stakeholders.”
The acquired assets comprise nearly 81,000 net acres and are located mainly within the Burleson and Brazos counties.
The current gross production from these assets is 9,200 barrels of oil equivalent a day (boe/d) (80% oil) from 170 wells, recovered primarily from the Eagle Ford formation. The leasehold position is nearly 80% held by production and 90% operated.
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By GlobalDataOnce the transaction was completed, Hawkwood's gross East Texas production has touched around 14,500boe/d (83% oil) from 260 wells located across Eagle Ford, Woodbine, Austin Chalk and Buda formations.
The company owns more than 180,000 net acres, comprising around 1,000 commercial drilling locations in the Eagle Ford and Woodbine formations.
Established in 2012, Hawkwood Energy is a Denver-based independent upstream oil and gas company.
It was formed with equity funding from lead investors Warburg Pincus and Ontario Teachers' Pension Plan.
