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

As previously disclosed, production from the Williston Basin was negatively impacted by approximately 1,500 Boe/d in the first quarter due to the continued flaring of approximately 6 million cubic feet per day of natural gas, inclement winter weather and the implementation of batch drilling. Actions are currently underway to reduce flaring, but a more permanent solution is not expected to be in place until the fourth quarter of 2013.

There are currently 103 Bakken wells producing, 5 Bakken wells being completed or waiting on completion and 6 Bakken wells being drilled on Halcón's operated acreage in the Williston Basin. Similarly, there are currently 32 Three Forks wells producing, 1 Three Forks well waiting on completion and 3 Three Forks wells being drilled on Halcón's operated acreage.

El Halcón

The Company recently unveiled a 50,000 net acre position in East Texas that is targeting the Eagle Ford shale. Halcón will focus on defining the play area throughout the balance of 2013, and expectations are to build an aggregate position of up to 150,000 net acres over time.

The Company averaged one operated rig, spud two wells and completed two wells in El Halcón during the first quarter of 2013. The average initial and 30 day production rates for the applicable wells completed in the quarter were 1,028 Boe/d (94% oil) and 831 Boe/d (94%) oil, respectively. These wells have an average effective lateral length of 6,379 feet and were completed with an average of 33 frac stages.

Halcón recently drilled the Bumble Bee 1H well in Brazos County in 25 days (spud to rig release) with a pilot hole. This well has an effective lateral length of 8,870 feet, which is 39% longer than the average for the two wells completed in the first quarter. The curve was drilled in 24 hours and the lateral was drilled in 5.75 days.

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