Company Announces Utica/Point Pleasant Discovery Well in Trumbull County, Ohio; Kibler 1H Tested at Rate of 2,233 Boe/d (75% liquids)
Company Currently Producing ~35,000 Boe/d
New Company Record 3,317 Boe/d IP Rate in Williston BasinHOUSTON, August 1, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its second quarter 2013 financial results and provided an updated outlook. Revenues for the second quarter of 2013 increased to $214.3 million, compared to $23.3 million for the three months ended June 30, 2012. Net production for the period increased 646% year-over-year to an average of 29,165 barrels of oil equivalent per day (Boe/d). Second quarter 2013 production was comprised of 83% oil, 5% natural gas liquids (NGLs) and 12% natural gas. The Company realized 97% of the average NYMEX oil price, 35% of the average NYMEX oil price for NGLs and 91% of the average NYMEX natural gas price during the second quarter of 2013, excluding the impact of derivatives. Halcón reported net income available to common stockholders, after assumed conversions, of $37.3 million, or $0.08 per diluted share for the quarter. After adjusting for selected items (primarily related to the non-cash impact of derivatives), the Company reported net income for the three months ended June 30, 2013 of $16.8 million, or $0.04 per diluted share, compared to net income of $2.8 million, or $0.02 per diluted share in the comparable quarter of 2012 (see Selected Item Review and Reconciliation table for additional information). Halcón reported cash flow from operations before changes in working capital of $122.7 million, or $0.28 per diluted share for the three months ended June 30, 2013 (see Condensed Consolidated Statements of Cash Flows for a reconciliation to net cash provided by operating activities). After adjusting for selected items (see Condensed Consolidated Statements of Cash Flows and Selected Item Review and Reconciliation table for additional information), cash flow from operations before changes in working capital was $122.7 million for the quarter, or $0.28 per diluted share, compared to $0.2 million, or $0.00 per diluted share for the same period of 2012.