Houston-based Halcon Resources (NYSE: HK) announced an agreement to acquire Aggressive Portfolio holding GeoResources (NSDQ: GEOI) in a cash and stock deal worth nearly $1 billion.

Under the terms of the deal, GeoResources shareholders will receive $20 per share in cash plus 1.932 shares of Halcon for each share of GeoResources owned. Based on Halcon’s closing price on Tuesday, the deal is worth roughly $38 per GeoResources share–a 23 percent premium. GeoResources will likely trade at a slight discount to its takeover value until the deal closes.

As we outlined in the Jan. 19, 2012, issue of The Energy Strategist, Art of the Deal, GeoResources’ attractive mix of primarily oil- and natural gas liquids-producing properties in the Bakken Shale and the Eagle Ford Shale. GeoResources’ solid acreage positions in two of the hottest unconventional plays, coupled with the company’s small market capitalization, made it a tempting takeover target.

Sell GeoResources for a roughly 23 percent gain and allocate the proceeds to one of the other open positions in my Best Buys List.