Seeking Alpha reports BHP Billiton (NYSE:BHP) agreed to pay $15B for Petrohawk (NYSE:HK) on Thursday.
The market news is quoted as saying,
This amounted to $37.25/share, a huge premium given HK closed Thursday at $23.49/share. This effectively raises the prices on all of the oil leases in the major oil shale plays. HK had its acreage spread between the Haynesville, the Eagle Ford, and the Permian Basin. Most of its assets were in natural gas.