Little doubt about Petrohawk's shale outlook

Houston-based Petrohawk isn’t taking its foot off the pedal when it comes to investments in natural gas drilling in shale formations.
In its earning release this morning the company notes it closed on approximately $135 million in leasehold acquisitions during the third quarter, for the year “has added approximately 53,000 net acres to its position in the Haynesville Shale play at a cost of approximately $190 million” and for all of 2009 “expects its total expenditures on leasehold acquisitions to be approximately $300 million.”
The drilling and completion budget for next year? $1.45 billion, heavily weighted to activities in the Haynesville Shale, ($900 million) then The Eagle Ford Shale ($350 million) the Fayetteville Shale ($100 million) and the rest to other regions.
Petrohawk has issued a bunch of equity and debt this year to fund this stuff and may be selling up to $1 billion in assets next year to keep up the pace.
Possible items on the block include the company’s midstream business, the Terryville Field in northwest Louisiana, the West Edmond Hunton Lime Unit in central Oklahoma.

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