* 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 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
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
After completion of the deal, expected in the first quarter,
Ram Energy will be renamed as Halcon Resources Corp, and led by
Ram Energy also has properties in Louisiana.