Gulf Oil and Gas accountACCOUNT

Sale of Fayetteville Shale Interests for $650 Million

Source: www.gulfoilandgas.com 12/23/2010, Location: North America

Petrohawk Energy Corporation (Petrohawk) announced that it has completed the sale of its natural gas assets in the Fayetteville Shale, located primarily in Cleburne and Van Buren Counties, Arkansas, to XTO Energy Inc., a subsidiary of ExxonMobil, for $575 million. The sale has an effective date of October 1, 2010.

In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.

As of December 31, 2009, Petrohawk had estimated proved reserves in the Fayetteville Shale of approximately 299 billion cubic feet of natural gas (Bcf). Current production is approximately 98 million cubic feet of natural gas equivalent per day (Mmcfe/d).

Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with both transactions.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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