Floyd Wilson, chairman and CEO of Petrohawk Energy, said: “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 $500m, with a third major sale process continuing to progress. We remain confident in our plan for 2010 and beyond.”
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.
The company said that the 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.
