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Average Daily Production Increases 542% Year-Over-Year
Cash Flow Per Share Increases 211% Year-Over-YearDefinitive Agreement Signed for Divestment of Eagle Ford Assets in Fayette and Gonzales Counties
HOUSTON, May 2, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its first quarter 2013 financial results and provided an operational update.
After adjusting for selected items (primarily related to the non-cash impact of derivatives and acquisition and merger related transaction costs), Halcón reported net income for the three months ended March 31, 2013 of $17.5 million, or $0.05 per diluted share, compared to a net loss of $2.7 million, or $0.04 per diluted share in the comparable quarter of 2012 (see Selected Item Review and Reconciliation table for additional information). Before adjusting for selected items, the Company reported net income available to common stockholders of $5.5 million, or $0.01 per diluted share for the quarter.
Cash flow from operations before changes in working capital, after adjusting for selected items (see Condensed Consolidated Statements of Cash Flows and Selected Item Review and Reconciliation table for additional information), was $106.4 million for the quarter, or $0.28 per diluted share, compared to $6.3 million, or $0.09 per diluted share for the same period of 2012. Halcón reported cash flow from operations before changes in working capital (see Condensed Consolidated Statements of Cash Flows for a reconciliation to net cash provided by operating activities), before adjusting for selected items, of $104.8 million, or $0.27 per diluted share for the three months ended March 31, 2013.
Revenues for the first quarter of 2013 increased to $190.7 million, compared to $26.9 million for the three months ended March 31, 2012. The increase is primarily attributable to increased production volumes related to the acquisitions of GeoResources, Inc. ("GeoResources"), certain producing assets in East Texas ("East Texas Assets") and two entities owning certain producing assets in the Williston Basin ("Williston Basin Assets") in 2012.