Independent oil and natural gas company Petrohawk Energy Corp said it agreed to sell its Permian basin properties for $376 million to a privately held company.
The proceeds from the sale will be used to increase focus on its rapidly growing shale assets, particularly high-return, high-margin development in the Haynesville and Eagle Ford shales, Chief Executive Floyd Wilson said.
As of Dec. 31, 2008, reported estimated proved reserves for the Permian basin assets were 177 billion cubic feet of natural gas equivalent, which are currently producing about 30 million cubic feet equivalent per day, Petrohawk said.
Shares of Petrohawk closed at $23.63 Friday on the New York Stock Exchange.
(Reporting by Arup Roychoudhury in Bangalore; Editing by Gopakumar Warrier)