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Halcon Resources Announces Fourth Quarter And Full Year 2012 Financial Results And Provides Operational Update

2012 Average Net Daily Production Increases by 128%

Proved Reserves Grow by 417%

Bakken/Three Forks and Woodbine Well Results Continue to Improve

HOUSTON, TEXAS, Feb. 27, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its fourth quarter and full year 2012 financial results and provided an operational update.

Fourth Quarter and Full Year 2012 Financial Results

Halcón generated revenues of $124.7 million for the quarter ended December 31, 2012, compared to $25.6 million for the quarter ended December 31, 2011. Revenues for the full year 2012 were $247.9 million, compared to $103.7 million for the full year 2011. The increases were primarily attributable to incremental production volumes related to the acquisitions of GeoResources, Inc. ("GeoResources"), certain producing and undeveloped assets in East Texas ("East Texas Assets") and two entities owning certain producing and undeveloped assets in the Williston Basin ("Williston Basin Assets").

Production for the three months and full year ended December 31, 2012 increased by 349% and 128% to 18,348 barrels of oil equivalent per day (Boe/d) and 9,404 Boe/d, respectively, compared to the same periods of 2011. Fourth quarter 2012 production was comprised of 75% oil, 6% natural gas liquids (NGLs) and 19% natural gas. The Company divested approximately 500 Boe/d of certain conventional assets in South Louisiana in November 2012, which impacted quarterly production by approximately 150 Boe/d. In addition, due to gas infrastructure constraints, approximately 6 million cubic feet per day of net gas production (primarily related to the recently acquired Williston Basin Assets) is currently being flared. The gas flaring impacted production in the fourth quarter 2012 by approximately 300 Boe/d. 

Taking into account the effect of hedges, Halcón realized 104% of the average NYMEX oil price, 44% of the average NYMEX oil price for NGLs and 102% of the average NYMEX natural gas price during the fourth quarter 2012. Similarly, for the full year 2012, the Company realized 99% of the average NYMEX oil price, 44% of the average NYMEX oil price for NGLs and 129% of the average NYMEX natural gas price.

Stock quotes in this article: HK 

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