The assets acquired in the transaction include approximately 1,000 wells producing approximately 104 million cubic feet of natural gas equivalent per day.
Milagro now owns in excess of 264 billion cubic feet of gas equivalent (bcfe), with an additional 400 risked bcfe of potential reserves identified on the 162,700 net acres owned or controlled by Milagro. As part of the transaction, Milagro also acquired rights to an extensive library of over 6,000 square miles of 3D seismic.
Robert Cavnar, president and CEO of Milagro, said: We are extremely pleased to acquire such high-quality assets from Petrohawk. It’s a rare opportunity which provides a strong combination of solid production, significant existing cash flow, as well as tremendous upside growth opportunities.
