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Halcon Resources Announces Third Quarter 2013 Financial Results And Provides 2014 Outlook

Bakken/Three Forks

Halcón operated an average of six rigs in the Williston Basin during the third quarter and expects to operate an average of five to six rigs in the play during the fourth quarter of 2013. Current expectations are to operate an average of four to five rigs in the basin in 2014.

The Company spudded 14 wells (7 Bakken/7 Three Forks) and put 13 wells (8 Bakken/5 Three Forks) online in the Fort Berthold area during the three months ended September 30, 2013.   In addition, Halcón spudded eight Bakken wells and put four Bakken wells online in Williams County during the period. The Company also participated in 44 non-operated wells during the quarter with an average working interest of approximately 4%.

The implementation of drilling and completion modifications continues to yield positive results. Average time from spud to total depth decreased by approximately 15% to 17.7 days in the Fort Berthold area and by 17% to 17.1 days in Williams County quarter-over-quarter. Net production from the Williston Basin increased by approximately 40% quarter-over-quarter. All Halcón-operated wells that have been drilled and completed with the modified techniques are performing significantly better than wells drilled and completed with the previous methods. During the third quarter, the Company reported its strongest Bakken IP rate to date, 3,914 Boe/d, in the Fort Berthold area.

Halcón believes increasing stage density and the amount of proppant volume per lateral foot are the primary factors contributing to the improved results in all areas of the Williston Basin. The Company also believes that the use of slickwater as the fluid type for completions has been and will continue to be a contributing factor for improved results. 

Halcón recently completed its first three Bakken wells in the Fort Berthold area using slickwater as the fluid type and results are encouraging. Two wells were drilled in the South Fort Berthold area (McGregory Buttes) and had an average 60-day rate of 1,542 Boe/d, which is 58% higher than the average of all other Company-operated Bakken wells put online in this area in 2013. The third slickwater well was completed in the North Fort Berthold area (Antelope) and recently came online producing 2,820 Boe/d, a 20% improvement compared to the average of all other Company-operated Bakken wells put online in this area in 2013.

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