Petrohawk Energy Corporation Announces Sale of Fayetteville Shale Interests for $650 Million

Petrohawk Energy Corporation HK today announced that it has completed the sale of its natural gas assets in the Fayetteville Shale, located primarily in Cleburne and Van Buren Counties, Arkansas, to XTO Energy Inc., a subsidiary of ExxonMobil, for $575 million. The sale has an effective date of October 1, 2010. In addition, the Company has entered into a definitive agreement with XTO Energy to sell its midstream assets in the Fayetteville Shale for $75 million. The portion of the transaction involving the midstream assets is expected to close in early 2011 and is subject to regulatory approval and customary closing conditions.