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

Stocks in this article: HK

There are currently seven Eagle Ford wells producing, one well being completed and three wells being drilled.

Utica/Point Pleasant

The Company averaged two operated rigs, spud four wells and completed four wells in Ohio and Pennsylvania during the three months ended March 31, 2013.

Halcón is in the process of delineating its Utica/Point Pleasant acreage position and expects the process to be completed by the fourth quarter of 2013. Production testing has commenced on the Phillips 1H in Mercer County, Pennsylvania, and the Company anticipates that four wells will have been tested or will be in the testing phase by the end of May 2013.

The Phillips 1H commenced flow back on April 8, 2013 and measured first hydrocarbons on April 14, 2013. Halcón has maintained a continuous flowback on the well and rates continue to increase. While still recovering frac load, early stage flow rate data is encouraging. The oil being produced is 52 degree API and the natural gas being produced is 1,330 BTU/SCF.

The Company is focused on building an inventory of approved/permitted multi-well pads in preparation for a full scale development program to optimize drilling and completion costs.

There is currently one Utica/Point Pleasant well producing, four wells resting, one well being completed and two wells being drilled.

Woodbine

During the quarter, Halcón averaged 5 operated rigs and spud 11 wells on its Woodbine acreage.

The Company has implemented a standardized measure for calculating initial flow rates. Woodbine wells are low energy wells that do not achieve maximum production until artificial lift equipment is installed. Initial rates will not be reported until a well has been online for 45 days, at which time the initial rate is calculated based on the highest 7 day average.

Halcón brought ten Woodbine wells online during the period (eight in Leon County and two in Madison County), five of which have been online long enough to report flow rates using the new standardized measure. Four of the five wells are in Leon County and one is in Madison County. The average initial and 30 day rates for the applicable wells completed in Leon County were 503 Boe/d (95% oil) and 438 Boe/d (96%) oil, respectively. The initial rate for the well completed in Madison County was 358 Boe/d (81% oil).

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