WhiteHawk Minerals closes $111.8M in acquisitions, raises credit line

WhiteHawk Minerals Corp. (NYSE: WHK) announced the closing of approximately $111.8 million in acquisitions, including a roughly $105.0 million purchase of Marcellus, Utica and Haynesville Shale natural gas mineral and royalty assets from San Jacinto Minerals II, according to a press release.

The acquisitions cover approximately 700,000 gross unit acres and 11,810 net royalty acres, including more than 1,700 producing wells, 245 wells in process and permits, and 2,500 undeveloped locations. The Appalachia interests span approximately 600,000 gross unit acres with operators including EQT Corporation (NYSE: EQT), Range Resources Corporation (NYSE: RRC), CNX Resources Corporation (NYSE: CNX) and Antero Resources Corporation (NYSE: AR). The Haynesville interests cover approximately 100,000 gross unit acres with operators including Expand Energy Corporation (NASDAQ: EXE), Apex Energy LLC and Adamas Energy LLC.

The acquisitions were funded through a $50.0 million issuance of Series E Preferred Stock, which closed Sept. 23, and a $75.0 million private placement of Class A common stock, which closed Sept. 21.

In connection with the closing, WhiteHawk completed its fall redetermination of its reserve-based revolving credit facility, increasing borrowing capacity to $175.0 million. The facility remains fully undrawn.

"The closing of the Acquisitions and related equity financings reflects our continued execution of WhiteHawk's business strategy, and deepens our exposure to the core of Appalachia and the Haynesville under the basins' leading operators," said Daniel Herz, Chairman, President and Chief Executive Officer of WhiteHawk.

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