Both companies said July 10 that they had agreed to extend the Department of Justice’s review of their merger while Halliburton readies divestment of billions of dollars in revenue-generating business divisions.
The $47 million transaction more than quadruples the Fort Worth, Texas-based company’s net acreage in the Permian Basin and ups production by 15%.
Equipment auctions are frequent and often the product of insolvency, but equipment should be thoroughly inspected before bids. The equipment has often been cannibalized for parts.
Milagro wants to sell its assets and 1,200 wells to White Oak Resources VI LLC, a company that acquires producing properties on the Gulf Coast of Texas and Louisiana.
The Radnor, Pa.-based company kept its Eagle Ford assets and instead sold its East Texas terrain, where it had abandoned drilling but continues to face questions about its leverage.
George Solich said FourPoint aims to be the largest producer in the Anadarko Basin. Meanwhile, the company continues to scour the Permian for an entry point.