DENVER, March 9, 2017 /PRNewswire/ -- Hawkwood Energy, LLC ("Hawkwood"), an independent oil and gas company primarily focused in East Texas, today announced today that it has closed its previously announced acquisition of producing and non-producing assets from subsidiaries of Halcon Resources for $500 million less customary purchase price adjustments. The transaction had an effective date of January 1, 2017.
The acquired assets include approximately 81,000 net acres primarily located in Burleson and Brazos counties, with current gross production of 9,200 Boe/d (80% oil) from 170 wells producing primarily from the Eagle Ford formation. The leasehold position is approximately 80% held by production and 90% operated. With the completion of this transaction, Hawkwood's gross East Texas production will be approximately 14,500 Boe/d (83% oil) from 260 wells in the Eagle Ford, Woodbine, Austin Chalk and Buda formations. Hawkwood will control more than 180,000 net acres and over 1,000 commercial drilling locations in the Eagle Ford and Woodbine formations.
"We are pleased that we have completed this transaction with Halcon expeditiously, and we now plan to conduct an active drilling program to further develop these assets along with our existing properties," said Patrick Oenbring, Chairman and Chief Executive Officer of Hawkwood. "We are excited about the opportunity to capitalize on the basin's strong and improving development economics and the technical capabilities of our experienced team for the benefit of our stakeholders."
Hawkwood Energy, LLC is a Denver-based independent upstream oil and gas company. Hawkwood was founded in 2012 with equity funding from lead investors Warburg Pincus and Ontario Teachers' Pension Plan. For more information, visit www.hawkwoodenergy.com.
Peter Jeffe 917-680-7244
Mary Zimmerman / Christopher Beattie 212-878-9201
Ontario Teachers' Pension Plan
Deborah Allan 416-730-5347
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SOURCE Hawkwood Energy, LLC