Halcón Resources Corp. (NYSE: HK) was apparently unable to sit still in the month after it agreed to buy 21,000 net Southern Delaware Basin acres for $705 million.

On Feb. 28, the company closed its acquisition of Samson Exploration LLC’s Pecos County, Texas, acreage and in the interim agreed to buy additional interests from a nonoperating owner in the acreage for $22.3 million.

The “incremental acquisition” includes 594 additional net acres and average production of about 160 barrels of oil equivalent per day (boe/d). The deal is expected to close in early March.

In a sign of the swiftness with which Halcón is moving, Floyd Wilson, Halcón’s chairman, CEO and president, said on a March 1 earnings call that its Pecos acquisition closed “yesterday, we’re making locations today and we’re moving two rigs in next Wednesday. Who does that?”

Halcón also has an option to purchase up to 15,040 net acres in Ward and Winkler counties, Texas. The Ward acreage consists of two tracts: 6,720 net acres in the south and 8,320 net acres in the north.

The company has already met the conditions to option the southern tract by drilling a commitment well. To acquire the northern option, Halcón must make a $5 million payment by June 15 and spud a well by Sept. 1.

Separately, the company’s $500 million divestiture of its El Halcón asset in the Eagle Ford is set to close in March. Hawkwood Energy LLC agreed Jan. 24 to purchase the 80,500 net-acre position, which Floyd said would reduce Halcón’s overall production by 5,500 boe/d. The proceeds will help offset the Pecos acquisition.

The market responded positively to the update, with shares up about 4% by late afternoon March 1 to $8.42.

Investors seem impressed by the company’s longer-term development plans and its Delaware assets that replace “a less appealing El Halcón position that was being starved of capital,” Capital One Securities said in a March 1 report.

“HK’s plans to test the resource potential in Pecos and then Ward Counties provide a runway with considerably more upside potential,” the firm said. “Successful exercise of the Ward County acreage option seems imminent following the first successful vertical pilot well. The company will have an additional 15,000 net acres in the Delaware if the deal is consummated.”

Halcón is rapidly putting distance between its September bankruptcy exit and has established $700 million in liquidity, including $100 million in cash.

“In just a few months we’ve transformed our operational setting also,” Floyd said. “We’ve left one basin, we’ve entered another and we’re already drilling in our new basin—the Delaware.”

In Ward, Halcón finished its first vertical well at the southern end of its acreage.

“The only thing surprising about that well is it has four strong pay zones, all much better than expected, and our expectations were high,” Floyd said.

The company’s 2017 capex was raised slightly to $300 million to drill a few extra wells in the Delaware. Halcón expects to add a second operated rig in the Delaware by March. The company also operates in the Bakken, where it will work to reduce an inventory of drilled but uncompleted wells.

Halcón will continue to seek out acquisitions and grow its core acreage position but the company’s overall strategy is unchanged: develop a large inventory of highly economic drillsites and sell.

“At some point in the future, we’ll look to find a home for our wonderful assets or our company in a larger entity at an attractive level for our stakeholders,” Floyd said. “But that’s in the future.”

Darren Barbee can be reached at dbarbee@hartenergy.com.