Petrohawk Energy Corp., Houston, (NYSE: HK) plans to acquire assets in the Arkansas Fayetteville shale for $343 million in cash from Contango Oil & Gas Co., Houston, (Amex: MCF) Alta Resources LLC and others. The assets include more than 24,000 net acres (50% operated) primarily in Van Buren and Conway counties, Arkansas. Net production is approximately 11 million cubic feet of gas equivalent per day. The average initial gross production rate for the eight operated wells drilled during 2007 is approximately 2 million cubic feet per day. Proved reserves are approximately 60 billion cubic feet equivalent. Of the total net acreage acquired, the company estimates that only 11% is proved, and has an estimated reserve potential of more than 500 billion cubic feet equivalent.
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