Hawkwood Energy, an independent oil and gas company based in Denver, is buying rights to Eagle Ford shale oil land from Houston’s Halcon Resources for $500 million, Hawkwood announced on Wednesday.
Hawkwood, which is backed by private equity firm Warburg Pincus, is picking up 81,000 net acres largely located in Burleson and Brazos counties, northwest of Houston, including about 170 wells in the Eagle Ford, producing 9,200 barrels of oil and gas per day. Hawkwood said 80 percent of the production volume is oil.
The property abuts Hawkwood’s existing position in the far northeastern stretch of the Eagle Ford. The purchase boosts the company’s total production there to 14,500 barrels of oil and gas per day from 260 wells in the Eagle Ford, Woodbine, Austin Chalk and Buda formations.
“This transformational acquisition is a significant step toward the implementation of our strategy to build a leading independent E&P company in the core of the East Texas basin,” said Patrick Oenbring, chairman and chief executive officer of Hawkwood.
Halcon emerged from Chapter 11 bankruptcy in September.