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Halcon Resources Announces First Quarter 2013 Financial Results And Provides Operational Update

Stocks in this article: HK

The Company completed 10 wells in its Fort Berthold area during the period, five each in the Bakken and Three Forks formations. The average initial and 30 day production rates for the applicable Bakken wells were 1,691 Boe/d (82% oil) and 889 Boe/d (85% oil), respectively. These Bakken wells have an average effective lateral length of 10,041 feet and were completed with an average of 27 frac stages. The average initial and 30 day production rates for the applicable Three Forks wells were 1,463 Boe/d (84% oil) and 613 Boe/d (79% oil), respectively. These Three Forks wells have an average effective lateral length of 9,910 feet and were completed with an average of 28 frac stages.

Halcón completed two Bakken wells in its Marmon area during the first quarter of 2013, and the average initial production rate for these wells was 1,405 Boe/d (88% oil). These two Bakken wells have an average effective lateral length of 9,704 feet and were completed with an average of 35 frac stages.

The Company completed seven Bakken wells in its New Home II area during the period. The average initial and 30 day production rates for the applicable wells was 694 Boe/d (92% oil) and 314 Boe/d (85% oil), respectively. These Bakken wells have an average effective lateral length of 9,613 feet and were completed with an average of 31 frac stages.

One Bakken well that was spud by Halcón in the fourth quarter of 2012 was completed in an operated spacing unit in McKenzie County during the first quarter of 2013. The initial and 30 day production rates for this well were 2,104 Boe/d (84% oil) and 1,114 Boe/d (75% oil), respectively. This Bakken well had an effective lateral length of 9,523 feet and was completed with 30 frac stages.

Initial results from the implementation of several drilling and completion modifications are encouraging. The Company believes that modified completion techniques are the primary factor contributing to the improved initial rates from the recently drilled and completed wells in the Fort Berthold and Marmon areas. Specifically, the last four Three Forks wells drilled in the Fort Berthold area have an average initial production rate of 2,094 Boe/d (86% oil), a 77% improvement to all other Three Forks wells completed by Halcón in the Fort Berthold area during the first quarter of 2013 using the previous completion method. In the Marmon area, the average initial production rate for the two most recently drilled Bakken wells is 91% higher than the average initial production rate for all Company-operated Bakken wells previously completed in the area.

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