Halcon Buying Resolute's Williams County Bakken Acreage For $75 Million

Resolute Energy Bakken Acreage Map

Resolute Energy has agreed to sell approximately 19,600 net acres in the Bakken to Halcon Resources for $75 million.

The deal includes 19,600 net acres in Williams County in what the company calls the New Home area. Production is estimated at a little less than 1,000 boe/d and Halcon already owns an interest in the acreage.

Halcon is gaining back an interest in acreage that was sold to Resolute from GeoResources in 2010. Halcon bought GeoResources in August of 2012. Resolute purchased a 47.5% interest in 42,000 gross acres for $20 million from GeoResources almost three years ago. Now, Resolute is the selling the acreage to Halcon for $75 million.

Resolute will retain approximately 9,400 net acres prospective for the Bakken in McKenzie County.

At the time of writing, neither company had issued a press release in regard to the deal. Only an 8-K detailing the PSA was recorded with the SEC.

Resolute Energy Bakken Operations Update - Planning Sale

Resolute Energy Operating Areas

Resolute Energy plans to sell its Bakken properties in 2013 to fund development of other assets, but the Bakken does account for 8% of the company's production. Production was down slightly in the first quarter, but is expected to rebound in the next few months.

The company cited weather related delays for lower production, but expects the Bakken will rebound to between 1,100-1,200 boe/d in the second quarter. Spring break up could delay production in the quarter, but four wells are clear and waiting on pumping units. There should be room for production to outperform expectations.

Read the company's full press release at resolutenaturalresources.com