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Halcon Resources Closes Acquisitions

Source: www.gulfoilandgas.com 8/1/2012, Location: North America

Halcon Resources Corporation (Halcon or the Company) announced that it has closed on the previously announced acquisitions of GeoResources, Inc. ("GeoResources") and assets in East Texas (East Texas Assets). The Company has also amended its senior secured revolving credit facility (Credit Facility) increasing the Company's liquidity. Concurrent with the closing of the GeoResources transaction, approximately $725 million of net proceeds from the issuance of senior unsecured notes on July 16, 2012 were released from escrow and used to fund the approximate $532 million cash portion of the GeoResources acquisition, and to partially fund the cash consideration of the East Texas Assets acquisition.

Halcon also issued approximately 51.3 million shares of common stock to GeoResources stockholders to fund the stock portion of the transaction. The total transaction value for the East Texas Assets acquisition is approximately $300 million in cash plus the issuance of approximately 20.8 million shares of the Company's common stock to a consortium of private oil and gas companies. The effective date of this transaction is April 1, 2012. Effective August 1, 2012, Halcon's Credit Facility was amended to increase the facility size to $1.5 billion, increase the borrowing base from $225 million to $525 million and modify the commodity hedging limits to allow the Company to hedge up to 85% of anticipated production from total proved reserves. The next borrowing base redetermination is scheduled for the fourth quarter of 2012.

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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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