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HK > SEC Filings for HK > Form 8-K on 3-Mar-2014All Recent SEC Filings

Show all filings for HALCON RESOURCES CORP

Form 8-K for HALCON RESOURCES CORP


3-Mar-2014

Entry into a Material Definitive Agreement


Item 1.01 Entry into a Material Definitive Agreement.

On February 25, 2014, certain wholly owned subsidiaries of Halcon Resources Corporation (the "Company") entered into an Agreement of Sale and Purchase (the "Agreement") with a privately-owned company ("purchaser") pursuant to which the Company agreed to sell its Woodbine properties and related assets located in east Texas (the "East Texas Assets") to purchaser for a total purchase price of $450 million. The effective date of the transaction will be April 1, 2014 and the Company expects to close the transaction in mid-April 2014, subject to satisfaction of customary closing conditions set forth in the Agreement. The purchase price is subject to adjustment for (i) operating expenses, capital expenditures and revenues between the effective date and the closing date,
(ii) title and environmental defects, and (iii) other purchase price adjustments customary in oil and gas purchase and sale agreements. Upon the closing of the sale of the East Texas Assets, the borrowing base on the Company's revolving credit facility is expected to be reduced by $100 million.


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