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Petrohawk Energy Corporation announced Monday morning it was planning to sell its Gulf Coast unit to focus on mid-continent natural gas resource development, predominantly in North Louisiana and East Texas and in the Fayetteville and Woodford Shales.hk Petrohawk also announced the purchase of 32,000 acres of natural gas property in Arkansas for an undisclosed sum. Both the Arkansas purchase and the sale of its gulf unit are expected to close during the third quarter. Separately, the company announced plans to form a Master Limited Partnership [MLP] with some of its Permian and Arkoma basin properties, leading to an initial public offering price in a range of $150 million - $225 million. Among the benefits of forming an MLP, management believes the move will "create additional stockholder value by increasing the valuation metrics of the reserves contributed to the MLP and [will] strengthen the Company's financial position and allow it to fund the development and acquisition of resource style properties within its core geographic regions." The announcements sent Petrohawk shares higher in pre-market action, gaining 4.48%, or $0.74 to $17.25, as of 8:34 a.m EST.

Sources: Press Release I, II, AP, Reuters, MarketWatch
Commentary: Where is the North American Natural Gas Market Headed?Natural Gas Picks and PansEnergy Stocks That Will Grow Even if U.S. Markets Decline
Stocks/ETFs to watch: Petrohawk Energy Corporation (NYSE:HK). Competitors: Anadarko Petroleum Corp. (NYSE:APC), Chesapeake Energy Corp. (NYSE:CHK), Comstock Resources Inc. (NYSE:CRK)
ETFs: SPDR S&P Oil & Gas Explore & Prod. (NYSEARCA:XOP)

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Source: Petrohawk To Sell Gulf Unit, Form Master Limited Partnership; Shares Up