Halcon Resources Acquires Delaware Basin Lands

Halcon Resources, and oil-and-gas driller, said late Tuesday it entered into an agreement to buy 20,748 net acres in the Southern Delaware Basin for $705 million with a Nov. 1, 2016, effective purchase date.

Halcon also said it entered into an option agreement to purchase an additional 15,040 net acres in Ward County, Texas from a private operator for $11,000 per acre, or $165.4 million.

Finally, the oil driller agreed to sell its East Texas Eagle Ford assets for $500 million, with a Jan. 1 effective date.

Halcon meanwhile said it plans a private offering 5,518 shares of automatically convertible preferred stock, each share of which will be convertible into 10,000 shares of its common stock, for $400 million, or $7.25 per common share.

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