Petrohawk 1Q Production Jumps 58 Pct

HOUSTON (AP) — Oil and gas company Petrohawk Energy Corp. on Tuesday said its first-quarter production jumped 58 percent from the prior-year period, and reaffirmed its 2009 full-year production outlook of 40 percent year-over-year growth.

Production for the quarter amounted to about 412 million cubic feet of natural gas equivalent per day (MMcfe/d), which is 14 percent higher than fourth-quarter 2008 production. The company said over the course of the first quarter it drilled 165 gross wells, of which 34 were operated, with a success rate of 99 percent.

Petrohawk maintained its previously stated $1 billion capital spending budget for the year and said the company expects service cost reductions and other efficiencies to help increase activity levels in the Eagle Ford Shale and other areas during the year.

The company estimated second-quarter between 420 and 430 MMcfe/d.

Shares of Petrohawk rose 35 cents to $20.71 in Tuesday afternoon trading.