Monday, October 22, 2012

More To Follow-- Just In From a Reader -- Halcon To Buy Some Petro-Hunt, LLC, Assets In North Dakota

From the Bismarck Tribune (the link is already broken; 9/18/12; see data points below). Here's another link to the story.

A huge "thank you" to a reader for sending me the story.

Here are Petro-Hunt's ten (10) operated rigs on the day of the announcement:
  • 22101, Ensign 46, Thorson 159-94-7A-18-3H, 
  • 20879, Nomac 322, Fort Berthold 147-94-1A-12-2H,
  • 22561, Ensign 77, Fort Berthold 148-94-21A-20-2H,
  • 20355, Nomac 308, USA 153-95-1A-7-2H,
  • 21716, Unit 108, Van Hise Trust 153-95-28C-21-2H,
  • 21802, Unit 233, Fort Berthold 152-93-9C-10-3H,
  • 22090, Unit 329, Fort Berthold 152-93-17C-08-4H,
  • 23025, Unit 234, Pesek Trust 151-102-35D-26-2H,
  • 23136, Ensign 24, Blikre 158-94-13B-24-1H,
  • 22456, Ensign 93, Hoff 157-100-1A-12-1H,
Data points:
  • Halcon Resources to buy 81,000 net acres in North Dakota from Petro-Hunt, LLC
  • $1.45 billion; cash-and-stock deal; $700 million cash; $750 million in stock
  • HK up almost 3% in trading today
  • average net production of acquired assets: 10,500 boepd
  • total proved reserves: 40 million boe (number rounded)
  • five operated drilling rigs on the properties
Regular readers have noticed significant permitting activity by Petro-Hunt in the past few weeks.

On Friday, the Z-Man over at had a nice story on HK. I can't remember if I linked it last Friday.
Bandera, Willie Nelson
Bach Minuet in G, Willie Nelson

If the acres that Petro-Hunt sold were acres inside the reservation, I find that interesting.

I've noted on the blog that KOG acquired acres outside the reservation (some time ago). Prior to that acquisition, I considered KOG pretty closely tied with the reservation.

My hunch is that what I am about to say next has nothing to do with any of this, but the paranoid among us at least have to think about it: The federal government/BLM is yet to announce its rules on fracking. I assume the rules will be announced if Mr Obama is re-elected. Again, don't take this as political commentary -- for me, it's just reality.

Again, I am probably in the minority on this, but a few might agree: that KOG expanding outside the reservation and Petro-Hunt selling land on the reservation (if accurate) is just hedging their bet on the Bakken. I don't mean to offend anyone by posting this, but for me it's reality, knowing that the BLM is still waiting to post its rules; the public comment period ended some time ago.

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