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

Stocks in this article: HK

Early stage results from Halcón's initial three well 660 foot Bakken downspacing pilot test in the North Fort Berthold area are promising. These three downspacing pilot wells recently came online producing an average of 2,665 Boe/d, which compares favorably to all other Bakken wells recently put online in the area.   Based on these results, the Company has scheduled the majority of future drilling in the Fort Berthold area at 660 foot spacing. Drilling Bakken and Three Forks wells 660 feet apart has commenced on four additional pads with initial results expected late in the first quarter of 2014. In addition, Halcón plans to conduct initial Bakken downspacing tests in Williams County in early 2014. The Company is also a 15.5% working interest partner in the Continental Resources operated Rollefstad Unit, which is testing the first three benches of the Three Forks formation. Halcón expects results from this Continental Resources operated test by year end 2013. 

The following is a diagram depicting the development plan for the drilling spacing unit (DSU) in the North Fort Berthold area that contains results from the Company's initial three well 660 foot downspacing pilot test. The combined IP rate for the five wells completed with the modified techniques and recently put online in the DSU was 13,503 Boe/d. 

A photo accompanying this release is available at: http://www.globenewswire.com/newsroom/prs/?pkgid=21995

As illustrated above, continued downspacing success in the Fort Berthold area could significantly increase Halcón's drilling inventory, production and reserves.

There are currently 132 Bakken wells producing, 5 Bakken wells being completed or waiting on completion and 3 Bakken wells being drilled on the Company's operated acreage in the Williston Basin. In addition, there are currently 39 Three Forks wells producing, 3 Three Forks wells being completed or waiting on completion and 3 Three Forks wells being drilled on Halcón's operated acreage.

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