Floyd Wilson isn't one to shy away from publicly commenting on his company's operations. Not too long ago, he was filling investors in on how poorly Halcon Resources' (NYSE:HK) Utica wells were performing. Now, he has officially put the company he founded on the auction block. Unfortunately, there don't appear to be too many buyers in the market right now.
One of the better bets might be a national oil company from China, as they were busy buying into the North American energy business last year. Perhaps his statements about the Utica are scaring some companies away, but results from Chesapeake Energy (NYSE:CHK) and others have been pretty surprising. Estimates show that $6 billion has already been spent on drilling in the region, so clearly there are some deep-pocketed believers. For more on the topic, check out the short clip below.
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This segment is from Tuesday's edition of "Digging for Value," in which sector analysts Joel South and Taylor Muckerman discuss energy and materials news with host Alison Southwick. The twice-weekly show can be viewed on Tuesdays and Thursdays. It can also be found on Twitter, along with our extended coverage of the energy & materials sectors @TMFEnergy.