Halcón Resources sells non-operated Williston Basin assets for $110M

Upon closing of an agreement to sell remaining non-operated assets in the Williston Basin, Halcón Resources Corp. (NYSE:HK) will have completed its transition into a pure play Delaware Basin-focused company. Halcón holds over 41,500 net acres in the core of the Delaware Basin.

In its most recent deal with an undisclosed private company, Halcón will shed the Williston Basin assets for approximately $104 million in cash, subject to customary closing conditions and adjustments.  The effective date of the transaction is April 1, 2017 and is expected to close within 60 days. The properties currently produce approximately 1,891 Bbl/d of oil, 1,931 Mcf/d of gas and 65 Bbl/d of natural gas liquids.

In a separate transaction that closed in August, the company divested additional non-operated Williston Basin assets to a different buyer for approximately $6 million in cash. In less than nine months, the company has sold approximately 2,000 wellbores across its legacy assets for aggregate cash proceeds in excess of $2 billion.

The borrowing base on Halcón's senior secured revolving credit facility will be reduced to $100 million upon closing of the non-operated asset sale.  As of June 30, 2017, Halcón's liquidity was approximately $773 million pro forma for these asset sales and other previously announced transactions.

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