UPDATE: Halcon Resources To Sell Williston Basin Assets For $1.4 Billion In Cash, Shares Surge 18%

Halc�n Resources Corp. shares jumped 18% in premarket trade Tuesday, after the company said it has agreed to sell its Williston Basin assets to a unit of Bruin E&P Partners for $1.4 billion in cash. The deal is expected to close within 60 days, the company said in a statement. The assets being sold produce about 29,000 barrels of oil equivalent a day. "The sale of our Williston Basin operated assets transforms Halc�n into a single-basin company focused on the Delaware Basin where we have more than 41,000 net acres in Ward and Pecos Counties representing decades of highly economic drilling inventory," Halcon Chief Executive Floyd Wilson said. "The cash proceeds from this transaction and related debt reduction provide us with a strong balance sheet and liquidity to execute our growth plans." Shares have fallen 52% in 2017 through Monday, while the S&P 500 has gained 8%.