Petrohawk sells Gulf properties for $52.5 million

Petrohawk announced that is has entered into a definitive agreement with an unnamed company to sell substantially all of its GoM properties for $52.5 million in cash.

Offshore staff

(US, GoM) - Petrohawk announced that is has entered into a definitive agreement with an unnamed company to sell substantially all of its GoM properties for $52.5 million in cash.

The company says these properties have internally estimated proved reserves as of Dec. 31, 2005 of approximately 26 Bcfe, which are 70% gas, 59% proved developed and 27% operated, with lease operating expenses of approximately $2.35 per Mcfe.

Current production is estimated at approximately 10 MMcf/d. The transaction is expected to close in March and is subject to customary closing adjustments and conditions.

Petrohawk Energy Corp. is an independent energy company engaged in the acquisition, production, exploration and development of oil and gas, with properties concentrated in the South Texas, Mid-Continent, East Texas, Arkoma, Permian and Gulf Coast regions.

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