PERTH (miningweekly.com) - Diversified major BHP Billiton has completed its acquisition of US-based Petrohawk Energy Corporation, with the company saying its annual petroleum production would now grow by some 10%.

The acquisition was completed through a short-form merger under Delaware law of its wholly owned subsidiary into Petrohawk, with Petrohawk being the surviving corporation as a wholly owned subsidiary of BHP Billiton.

BHP Petroleum CEO J. Michael Yeager said that the merger was the final step of the acquisition process, and followed the completion of the tender offer by BHP to acquire all the outstanding common stock of Petrohawk.

“With the completion of this transaction, BHP Billiton Petroleum is on track to deliver compound annual growth in production volumes of 10% for the remainder of the decade,” Yeager said.

“We are excited that Petrohawk’s sizeable US workforce is joining our talented group of professionals and we are ready to grow this business over the long term.”

Petrohawk has now requested a delisting from the New York Stock Exchange.

Petrohawk’s assets cover around one-million net with an estimated 2011 production of around 950-million cubic feet equivalent per day, or 158 000 barrels of oil equivalent per day.
 

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