From Baron Funds first quarter letter: Halcon Resources Corp. (HK) is an independent exploration and production company that was recently recapitalized through a merger between a private company (Halcon) that was founded by the former management team of Petrohawk Energy and a small public company Ram Energy. This team started Halcon shortly after the close of the sale of Petrohawk to BHP Billiton for $15 billion. The focus of the recapitalization was to gain access to public markets and capital to enable Halcon to reposition Ram's asset into a handful of emerging unconventional and conventional oil plays in the U.S.We believe that the current management and technical team at Halcon can replicate the successes they had at Petrohawk and several other predecessor entities through aggressive leasing and development. As a result, Halcon could produce substantial growth in oil/liquids production, cash flow and shareholder value over the next several years. (Jamie Stone)
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