Halcon Resources will purchase GeoResources in a deal valued at about $1 billion. "The transaction will effectively increase our estimated proved reserves by over 150 percent to approximately 52.8 million barrels of oil equivalent, 69 percent of which is liquids, and substantially increase our average net daily production by over 170 percent to approximately 11,070 barrels of oil equivalent based on fourth quarter 2011 production rates," said Halcon Chairman, President and CEO Floyd Wilson in a statement.

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