One decision. The story of Halcon is the sequel to Petrohawk, and it's important to understand Petrohawk to grasp the next chapter. Petrohawk sold at a 63% premium because of its dominant position in two leading shale plays—the Haynesville and Eagle Ford shales—and emerging oil-prone shale plays in the Permian Basin. And yet when Wilson formed Petrohawk in 2004, "our shale strategy was nonexistent." Petrohawk's enormous success resulted in a bold change in business strategy mid-course. That Petrohawk was built on doing the hard work of acquiring conventional reserves and drilling small wells, resulting in modest production and reserve growth. "Same old stuff." But in 2007 Wilson decided to take a new direction. "We decided to discontinue our conventional activities and sell everything we owned—that we had worked hard to build for four years. In 2008, we sold everything we had acquired.