Halcon buys GeoResources for $1bn

Agreed: Halcon to buy GeoResources for $1 billion

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Luke Johnson

 25 April 2012 16:40 GMT

US independent Halcon Resources has agreed to buy GeoResources for about $1 billion in cash and stock in a move aimed at boosting its holdings in the oil-rich Eagle Ford and Bakken plays.

Halcon will pay all GeoResources stockholders $20.00 in cash and 1.932 shares of Halcon Resources stock for each share owned. That equates to $37.97 per share based on Tuesday’s closing price of Halcon shares.

Floyd Wilson – Halcon’s chief executive who sold his former company, Petrohawk Energy, to BHP Billiton before taking on his new role last year – said the deal would be “immediately accretive to discretionary cash flow, production and reserves” for Halcon.

 “The combination will create a resource powerhouse with exposure to some of the most prolific unconventional liquids plays…

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