September 22, 2009, 2009 (FinancialWire) — Petrohawk Energy Corp. (NYSE: HK) said it has entered into a definitive agreement to sell its Permian Basin properties to a privately-owned company for total consideration of $376 million in cash. The sale is scheduled to close by October 30.

As of December 31, 2008, Petrohawk reported estimated proved reserves of 177 Bcfe for these assets. The properties are currently producing around 30 Mmcfe/d.

Permian Basin is the geological the name of two large intercontinental basins that were formed in the Permian period. The North American

 basin is in the South of the U.S., centered in Texas.

 Petrohawk’s Permian Basin assets are in the western part of Texas and southeastern part of New Mexico.

Houston-based Petrohawk Energy is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, South Texas, East Texas, and Oklahoma.

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