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Halcon Resources Provides Operational Update

Stocks in this article: HK

HOUSTON, TEXAS, June 10, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today provided an operational update.

The Company is currently operating 17 rigs across its holdings and is producing approximately 30,000 barrels of oil equivalent per day.  Drilling and completion results continue to improve and there are 27 wells currently being completed or waiting on completion.  Halcón continues to identify and acquire specific acreage in its core areas.

Bakken/Three Forks

The Company is operating eight rigs on its 135,000 net acre position in the Williston Basin.  The implementation of drilling and completion modifications continues to yield impressive results. 

Specifically in the Fort Berthold area, Halcón has transitioned to batch pad drilling and made several modifications to its completion design.  The Company is utilizing plug and perf on completions.  In addition, Halcón has changed to ceramic proppant, increased the proppant volume per lateral foot, increased stage density and is employing simultaneous fracs or zipper fracs. 

The three most recently drilled and completed Bakken wells in the Fort Berthold area have an average initial production rate of 2,648 Boe/d (78% oil), which represents a 38% improvement versus all Bakken wells drilled and completed by the Company in this area in the first quarter of 2013 using the previous completion method.  The most recently drilled and completed Bakken well in the Fort Berthold area produced at an initial rate of 3,060 Boe/d (90% oil), the highest initial production rate of any Company-owned well in the Bakken formation.  This well was the first well drilled on a two-well pad.  The frac plugs are currently being drilled out on the second well, which has been flowing back during drill out, and this well is currently producing 2,732 Boe/d (86% oil) with just 67% of the lateral cleaned out.

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