UPDATE 1-Ram Energy sells majority stake to pvt co
* To sell 74 pct to Halcon Resources for up to $550 mln
* Ram Energy to be renamed as Halcon Resources Corp
* Ram Energy shares up 27 pct premarket
Dec 22 (Reuters) - Ram Energy Resources Inc said it would sell a 74 percent stake for up to $550 million to privately held Halcon Resources LLC to develop its oil fields in Oklahoma and Texas.
Halcon Resources, led by former Chairman of Petrohawk Energy, Floyd Wilson, will invest $275 million in common stock and $275 million in convertible notes in the oil and natural gas company.
The investment also includes warrants for the purchase of an additional 110 million shares.
Shares of Tulsa, Oklahoma-based Ram Energy, valued at about $90 million, were up 27 percent at $1.40 in premarket trading on Thursday.
After completion of the deal, expected in the first quarter, Ram Energy will be renamed as Halcon Resources Corp, and led by Wilson.
Ram Energy also has properties in Louisiana.
- IPhone emerges from 'bygone era', reviewers hail bigger handset
- On eve of secession vote, UK's fate hangs on a divided Scotland |
- Fed renews zero rate pledge, but hints at steeper rate hike path
- Boeing, SpaceX win contracts to build 'space taxis' for NASA
- Islamic State campaign tests Obama's commitment to Mideast allies