Petrohawk Energy Corp., Houston, (NYSE: HK) is evaluating the sale of conventional assets in its Permian Basin region, according to the company.
These properties include interests in Waddell Ranch, Sawyer, Jalmat and TXL fields of West Texas and southeastern New Mexico. The Permian Basin properties currently produce approximately 35 million cubic feet equivalent per day.
Petrohawk announced the planned divestitures in conjunction with its plan to reduce its 2009 capital budget by a third and reallocate spending to more heavily weight projects with the highest internal rates of return and highest potential for reserve growth, primarily development in the Haynesville and Fayetteville shales. The 2009 capital budget is reduced to $1 billion, revised from a previously announced budget of $1.5 billion.
“The company has no current plans or need to access the equity capital markets,” it reports.
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