Apollo to take over Halcon assets in TMS

Private equity giant Apollo Global Management is taking over US junior Halcon Resources’ assets in the Tuscaloosa Marine shale (TMS) tight oil play after determining that Halcon owed Apollo more than the assets were worth.

Houston-based Halcon had failed to meet its drilling commitments outlined in its $200 million investment agreement with Apollo in the TMS and chose to hand over its assets in the play instead of paying the fees due because of the breach of the deal, according to a regulatory filing.

Apollo