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Halcon Resources Provides Utica/Point Pleasant Operational Update

Stocks in this article: HK

HOUSTON, May 23, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today provided an operational update specific to its acreage in Northeast Ohio and Northwest Pennsylvania, the Company's core area in the Utica/Point Pleasant play.

The Phillips 1H (90% WI), located in Mercer County, Pennsylvania, tested at a peak rate of 120 barrels of condensate per day and 2.5 million cubic feet of per day of 1,250 BTU natural gas. Based on composition analysis and assuming full ethane recovery, Halcón estimates that the well would produce an additional 240 barrels of NGLs per day for a total peak production rate of 730 Boe/d.  This well was drilled to a total measured depth of 12,411 feet, had an effective lateral length of 5,360 feet and was completed with 20 frac stages. Production from the Phillips 1H is currently being placed into a sales pipeline, and the Company expects the well to continue to clean up over time.

The Allam 1H (100% WI), located in Venango County, Pennsylvania, is currently shut-in awaiting infrastructure, and tested at a peak rate of 6.6 million cubic feet of per day of 1,210 BTU natural gas and 22 barrels of condensate per day. Based on composition analysis and assuming full ethane recovery, Halcón estimates that the well would produce an additional 728 barrels of NGLs per day for a total peak production rate of 1,652 Boe/d. This well was drilled to a total measured depth of 14,300 feet, had an effective lateral length of 5,580 feet and was completed with 21 frac stages. The Allam 1H was still recovering load water at the end of the flow test and is expected to continue to clean up once it is opened to pipeline sales.   

The Brugler 1H (90% WI), located in Trumbull County, Ohio, started flowing the frac load back on May 13, 2013. Expectations are to tie this well into a sales pipeline in early July 2013. This well was drilled to a total measured depth of 10,959 feet, had an effective lateral length of 3,826 feet and was completed with 16 frac stages.

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