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HOUSTON, TEXAS, Oct. 2, 2012 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK) ("Halcón" or the "Company") today provided an operational update.
The recently closed acquisitions of GeoResources, Inc. and assets in East Texas ("East Texas Assets") were structured to bolster the Company's production profile and reserve base while providing additional growth opportunities in liquids-rich regions.
Halcón continues to transition from the leasehold acquisition phase of its development into the drilling phase with 11 operated drilling rigs currently running on resource style assets. The Company estimates that it will add four to six operated drilling rigs to its resource style drilling program by year end 2012. Halcón Field Services LLC, a midstream subsidiary of Halcón, continues to work on infrastructure construction and solutions in all areas of activity.
Operational UpdateWoodbine/Eagle Ford
Halcón currently has approximately 190,000 net acres, prospective for the Woodbine, Eagle Ford and other formations, leased or under contract in Leon, Madison, Grimes and Polk Counties, Texas.
The Company has 15 horizontal wells producing and 5 wells being drilled. Expectations are to spud 18 to 22 wells in the play in the second half of 2012 with an average working interest of approximately 84%. Halcón is currently operating five rigs across Leon, Madison and Grimes Counties, Texas and plans to add an additional one to two rigs by the end of 2012. Pad drilling has been employed on portions of the Company's Woodbine/Eagle Ford acreage.
Halcón's first Woodbine completion, the AM Easterling-Gresham A 1H (92% working interest), had an initial gross production rate of approximately 942 barrels of oil equivalent per day (Boe/d), or 919 barrels of oil and 139 Mcf of natural gas, on a 32/64" choke. Average daily production from the well over its first thirty days was approximately 706 Boe/d (98% oil). The well was drilled to a total measured depth of 14,265 feet, including a 6,730 foot lateral, and was completed with 24 stages.