Petrohawk Sells Terryville

HOUSTON,, March 15 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation ("Petrohawk" or the "Company") (NYSE: HK) today announced that it has entered into a definitive agreement to sell its interest in Terryville Field, located in Lincoln and Claiborne Parishes, Louisiana, to a private company for $320 million. The sale is the second of four asset packages expected to be sold by the Company during 2010.

"Within the first quarter, Petrohawk has sold two major fields, plus miscellaneous properties, as part of its billion dollar 2010 divestiture program. These asset sales total nearly $500 million, with a third major sale process continuing to progress. We remain confident in our plan for 2010 and beyond," said Floyd C. Wilson, Chairman and Chief Executive Officer.

As of December 31, 2009, Petrohawk had estimated proved reserves of approximately 110 billion cubic feet of natural gas equivalent (Bcfe) associated with its interest in Terryville Field, 53% of which was proved developed. Proved reserves were approximately 92% natural gas. Current production is approximately 20 million cubic feet of natural gas equivalent per day (Mmcfe/d). The transaction is expected to close on or before May 31, 2010, with an effective date of January 1, 2010. The transaction is subject to customary closing conditions and adjustments.

Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with the sale.

Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, South Texas and East Texas.

For more information contact Joan Dunlap, Vice President - Investor Relations, at 832-204-2737 or jdunlap@petrohawk.com. For additional information about Petrohawk, please visit our website at www.petrohawk.com.

Additional Information for Investors

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Permalink Reply by Skip Peel - Mineral Consultant on March 15, 2010 at 3:29
HK has gone "all in" on shale gas. If they want to HBP their shale leasehold and continue to lease and keep up with the Chesapeakes in the Haynesville and elsewhere, they have to raise cash.
Permalink Reply by Jaybird on March 15, 2010 at 3:59
$320,000,000 divided by their acreage total of 42,000 (net acreage) as of HK April 2008 presentation....

$7,619.05 per acre value. I wonder what private company bought it?

I could be wrong but it was fun to punch in those numbers into my calculator. :o)
Permalink Reply by The_Baron on March 15, 2010 at 5:31
Keep in mind this is for producing acreage, and would include all the wells and equipment, not just the leases.
Permalink Reply by BirdDawg, plain ole' idiot on March 16, 2010 at 0:49
Clayton Williams has a few units adjacent to KCS in Terryville.I wonder if they might be the buyer. They have been forming some new units in the area lately.
Permalink Reply by Les Bamburg on March 16, 2010 at 2:27
Jay, if it would have been an existing company I would have said J-W or Samson.
Permalink Reply by Jaybird on March 17, 2010 at 7:19
WildHorse Resources, LLC was the buyer
Permalink Reply by Jarrett Weber on March 18, 2010 at 5:27
Are they located in Houston?
Permalink Reply by Jaybird on March 18, 2010 at 10:14
I'm not sure.
Permalink Reply by Max on March 18, 2010 at 10:36
Yes, they are located in Houston. My lease came up for the two year extension in Webster Parish and Wildhorse, (Wildhorse bought the lease from BroadOak) chose not to extend the lease. There are four people in their office and we talked back and forth about the extension, but they finally decided not to re-up the lease. Now I know why.
Permalink Reply by Dave H on March 19, 2010 at 4:24
Wild who resources??? I am assuming the team of 4 has no intention of developing the field further but will more than likely flip it to another buyer??
Permalink Reply by sesport on March 17, 2010 at 13:27
What's up with some of these companies (Mustang/Blue Dolphin comes to mind) that have domicile addresses in Wilmington, Delaware?

80)
Permalink Reply by Skip Peel - Mineral Consultant on March 17, 2010 at 14:03
The State of Delaware has laws favorable to corporations.

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