WhiteHawk Energy have announced a definitive agreement to acquire up to US$105 million of natural gas mineral and royalty assets primarily located in northwestern Louisiana (Haynesville Royalties). The Haynesville Royalties are focused in the core of the basin, representing some of the highest quality natural gas reserves in the United States. WhiteHawk’s position will cover 375 000 gross unit acres in the Haynesville Shale. The Haynesville Royalties are being actively developed by best-in-class natural gas operators Southwestern Energy, Chesapeake Energy, Aethon Energy Management, and Comstock Resources. Under the Haynesville Agreement, WhiteHawk will acquire up to US$105 million of the Haynesville Royalties with an initial effective date of 01 February 2023.
WhiteHawk management expects the Haynesville Royalties to be a strong compliment to the Company’s existing high-quality natural gas mineral and royalty assets. During 2022, WhiteHawk acquired natural gas mineral and royalty assets covering 475 000 gross unit acres in the core of the Marcellus Shale focused in Greene and Washington Counties, Pennsylvania. Pro forma for the Haynesville Royalties acquisition, the Company will have interests in over 2300 producing horizontal wells across the two preeminent natural gas basins in North America, anchored by some of the best natural gas operators in the country with combined market capitalisation of approximately US$40 billion. The diversified position will benefit from sales points in both the Northeast and Gulf Coast regions.
Daniel C. Herz, Chief Executive Officer of WhiteHawk, said: “The acquisition of the Haynesville Royalties is an excellent next step for WhiteHawk. With these assets, WhiteHawk is continuing to execute on its business plan of acquiring mineral and royalty interests in the highest quality natural gas basins in North America, anchored by best-in-class operators. Natural gas continues to be a core element of the global economy and is needed to provide clean electricity for vehicle electrification, offer affordable energy for heating homes, and further drive energy security for the United States and our allies.”
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/18012023/whitehawk-energy-announces-agreement-to-acquire-haynesville-shale-natural-gas-mineral-and-royalty-assets/