Halcón Resources Corporation (NYSE: HK) will purchase undeveloped oil and gas assets from Petro-Hunt LLC for $1.45 billion.

The assets are comprised of 81,000 acres in North Dakota.

The purchase price includes $700 million in cash and $750 million in equity.

Houston-based Halcón is an energy company that focuses on developing onshore energy assets. Petro-Hunt, based in Dallas, is an oil and gas exploration company.

Additionally, Halcón agreed to sell $300 million of its common stock to Canada Pension Plan Investment Board. The deal is subject to closing conditions, including closing on the oil and gas assets.

Energy industry