Halcón Resources’ Sale Foiled Due to Low Prices and Mushrooming Debt

Mining Weekly reported that Halcon Resources Corp.’s (NYSE:HK) plan to sell itself to the highest bidder has been hampered by low oil prices and an increasing debt load. The company is now pinning its hopes on its 131,000 acres in North Dakota’s Bakken shale formation as its only growth option.

As quoted in the market news:

The dilemma highlights how low oil prices are foiling plans some small energy companies had to build themselves up quickly and try a sale to the highest bidder. Still, some investors see Halcón, whose shares are down 84% over the past two years, as a potential buying opportunity.

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