The Company recently closed on two of the three previously disclosed divestitures of certain non-core conventional assets. Halcón anticipates closing on the third divestiture by the end of 2013. In aggregate, as of December 31, 2012, estimated proved reserves associated with these non-core conventional assets were approximately 19.9 million barrels of oil equivalent, 67% of which was proved developed. Proved reserves were approximately 82% oil and NGLs, and these assets produced an average of approximately 4,300 Boe/d in the third quarter of 2013. As previously disclosed, total consideration for the divestment of these non-core conventional assets is estimated to be approximately $300 million, prior to closing adjustments.The Company is reiterating previously issued 2013 production guidance of 30,000 to 34,000 Boe/d; despite the impact to fourth quarter production from the divestiture of certain non-core conventional assets. On a pro forma basis, adjusting for the impact of Halcón's 2013 acquisition and divestiture activity, previously issued 2013 production guidance would be reduced by approximately 4,000 Boe/d.
Halcon Resources Announces Third Quarter 2013 Financial Results And Provides 2014 Outlook
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts