Petrohawk Energy (HK) reported that the company has sold its Fayetteville Shale properties in Arkansas to XTO Energy, a subsidiary of Exxon Mobil (XOM). Petrohawk Energy received $575 million for the properties. XTO Energy also agreed to purchase midstream assets of Petrohawk Energy and the company expects that sale to close in 2011.
Petrohawk Energy said that the properties had proved reserves of 299 billion cubic feet of natural gas as of 12/31/2009. The properties have current production of 98 million cubic feet of natural gas equivalent per day.