Houston-based E&P company Petrohawk Energy Corp. (NYSE: HK) has closed the sale of its interests in Terryville Field, in Lincoln and Claiborne parishes, Louisiana, to privately held, Houston-based WildHorse Resources LLC for $320 million.

WildHorse Resources has acquired a 96% interest in Terryville Field, which targets Cotton Valley production and the Grey Sand and Bossier zones. As of year-end 2009, proved reserves were approximately 110 billion cubic feet of equivalent (92% gas; 53% proved development). Current net production is currently 20 million cubic feet of gas equivalent per day.

Petrohawk has closed approximately $1.37 billion in asset sales in 2010.

Bank of America Merrill Lynch was advisor to Petrohawk.

Wells Fargo Securities LLC analyst Michael Hall previously estimated the transaction multiples at $2.90 thousand cubic feet equivalent (Mcfe) per proved reserve ($5.49 per proved developed) and $16,000 per flowing Mcfe. Subash Chandra, analyst with Jefferies & Co. Inc., estimated $2.91 per Mcfe proved and $16,000 per flowing Mcfe. “We had expected somewhere closer to $10,000 per flowing Mcfe,” he said. Analysts at Tudor, Pickering, Holt & Co. Securities Inc. also valued the deal at $2.91 per Mcfe and $96,000 per flowing barrel of oil equivalent.

Petrohawk has properties in North Louisiana, Arkansas, South Texas, East Texas, Oklahoma and the Permian Basin.