Halcon Resources Rg (NYSE: HK) is off to an incredible start in the pre-market hours this morning, and for good reason. The company announced a massive asset sale, leading to excitement among investors and gains in the value of the stock. Of course, our friends at Trade Ideas were the first to alert us to the gains. At the moment (9:14), HK is trading at $6.30 per share after a gain of $1.84 per share (41.26%) thus far today.

HK Gains Big On Massive Asset Sale

As mentioned above, Halcon Resources is having an incredibly strong time in the pre-market hours this morning after announcing a massive asset sale. The company said that it will be selling all assets it operates in the Williston Basin. The buyer of the assets will be Bruin E&P and the sale will bring in a total of $1.4 billion in cash. These assets produce a total of approximately 29,000 barrels of oil equivalent per day.

The company said that it intends to focus its operations on the more lucrative Delaware basin. The Delaware basin is part of the Permian basin, an area where we've seen quite a few land acquisitions as more and more producers work to take their part of the abundant lands. In a statement, HK CEO Floyd Wilson had the following to offer:

The sale of our williston Basin operated assets transforms Halcon into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres...”

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What We'll Be Watching For Ahead

Moving forward, the CNA Finance team will be watching HK incredibly closely. In particular, we're interested in following the work the company is doing in the Delaware Basin, as their singular focus on the basin will likely produce fruitful results. Nonetheless, we'll continue to follow the story closely and bring the news to you as it breaks!

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Hey everyone, I'm Joshua Rodriguez. I'm the founder of CNA Finance as well as several other sites. If you'd like to connect with me, follow me on or Twitter! I'd love to see ya there. Also, if you're looking for top quality content for your blog, news outlet, or any other website for that matter, please reach out to me at Info@CNAFin.com! Legal Disclaimer - CNA Finance is NOT an investment advisor. All investment decisions should be well thought out and made with the help of a an investment advisor. For our full legal disclaimer, please scroll to the bottom right of this page.

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