September 27, 2017: Halcon has signed a deal with a private buyer, selling its non-operated assets in the Williston Basin.
July 12, 2017: Yesterday it was announced that Halcon would exit the Williston Basin; focus on the Permian (see below). Today Zacks reports that shares of US-based upstream company Halcón Resources Corporation (HK) moved up 51.35% to eventually close at $6.75 on Jul 12.
- seller: Houston-based Halcon (HK)
- buyer: an affiliate of Houston-based Bruin E&P Partners
- price: $1.4 billion
- the deal: includes all of Halcon's operated assets in the Williston Basin
- why: Halcon to focus on the Delaware Basin (Permian)
- not included in the deal: Halcon will retain its non-operated Williston Basin assets (but they may sell those assets later -- see update above, September 27, 2017)
- acreage: 104,000 net acres
- sweet spot of the Bakken
- back-of-the-proverbial envelope: $13,500 / acre
Bakken operators will be updated.
Folks might remember that Halcon announced a pre-packaged bankruptcy back on May 20, 2016.
Bruin was first mentioned on the blog on January 23, 2017. At that post:
- this is the first time I've heard of Bruin E&P Partners in the Williston Basin
- over at the NDIC home page, well search, they are listed, but it appears to be the 60 new wells they just acquired from Lime Rock Resources
- private equity commitment ArcLight Capital
- primarily interested in assets valued at $50 - $250 million
- office address: 602 Sawyer Street, Suite 710, Houston, TX
- operating locations onshore across the US:
- Piceance Basin of Colorado
- Gulf Coast Texas
- Permian Basin Texas, New Mexico
- Arkoma Basin, Arkansas
- Williston Basin, ND and MT
- most recently, managed Ursa Resources Group (has been at Bakken operators site for some time)
- video: time lapse (1:46) of drilling, fracking a well in Eagle Ford