Petrohawk Energy to sell Louisiana asset for $320 mln

By IBTimes Staff Reporter | March 15 2010 9:15 AM

Petrohawk Energy Corp said it agreed to sell its interest in Terryville Field, Louisiana, to a private company for $320 million.

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The sale is the second of the four asset packages the company expects to sell in 2010.

In early March, the independent energy company agreed to sell its interest in an Oklahoma asset for $155 million to a private company.

The company said it estimated proved reserves of about 110 billion cubic feet of natural gas equivalent (Bcfe) associated with its interest in Terryville Field, as of Dec. 31, 2009.

The company expects the deal, which is part of its 2010 divestiture program, to close by May 31.

Shares of the company closed at $22.35 Friday on the New York Stock Exchange. (Reporting by Arundhati Ramanathan in Bangalore; Editing by Ratul Ray Chaudhuri)

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