Halcon To Sell Non-Core Conventional Assets For Nearly $302 Mln - Quick Facts

(RTTNews) - Halcón Resources Corp. (HK) has signed three separate purchase and sale agreements to divest certain non-core conventional assets located throughout the U.S. for about $302 million. The transactions may close in the fourth quarter of 2013, with an effective date of July 1, 2013.

In aggregate, as of December 31, 2012, estimated proved reserves associated with the Properties were around 21.2 million barrels of oil equivalent, 67% of which was proved developed. Proved reserves were about 77% oil and NGLs, and these assets currently produce nearly 4,500 barrels of oil equivalent a day.

Chairman and Chief Executive, said, "The divestment of these non-core assets will provide us with additional liquidity and allow us to be a more focused and concentrated oil company." BMO Capital Markets and Barclays are acting as financial advisors in connection with divestiture of the Properties.