BHP Billiton has swooped on a deal to buy Petrohawk Energy. If signed off, the deal would bring three shale gas sites into BHP’s hand. The energy companies have agreed a selling price of $38.75 per share.

J. Michael Yeager, BHP Billiton Petroleum Chief Executive, said: “Petrohawk has a focused portfolio of three world class onshore natural gas and liquids rich shale assets. With over a decade of significant investment and volume growth ahead, this transaction would build on our recent acquisition of the Fayetteville shale in Arkansas and provides the potential to more than double our existing resource base.”

Petrohawk’s assets cover roughly a million net acres in Texas and Louisiana and produce around 950 million cubic feet of oil and gas per day.