Petrohawk Energy Corp. (HK) said it signed definitive agreement to sell its Permian Basin properties to a privately-owned company for total consideration of $376 million in cash.
The sale is expected to close by October 30, 2009 and is subject to customary closing conditions and adjustments.
Commenting on the transaction, Floyd Wilson, company's chairman and chief executive officer, stated, "Proceeds from this sale will add to our already-strong liquidity position, as we continue to focus our attention on our rapidly growing shale assets, particularly high-return, high-margin development in the Haynesville and Eagle Ford Shales."
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