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

East Texas Eagle Ford - El Halcón

The Company operated an average of three rigs in El Halcón during the three months ended September 30, 2013 and expects to operate an average of three rigs during the fourth quarter of 2013. Current expectations are to operate an average of three to four rigs in the play in 2014.

Halcón spudded 13 wells and put 19 wells online during the period. Net production increased by approximately 204% quarter-over-quarter and the Company is currently producing approximately 6,500 Boe/d net from this core area. The Company continues to make significant progress towards optimizing well spacing and completion designs in an effort to maximize recoveries and improve returns. 

Average time from spud to total depth decreased by 37% to 14.4 days during the quarter compared to the second quarter of 2013, and the average cost per foot decreased by 19% over the same period. A new Company record was recently achieved by drilling a well with an 8,000 foot lateral from spud to total depth in 7.3 days.

Halcón is in the process of drilling step out wells and early results are positive. The Company's initial step out well, the Stasny-Honza 1H in Brazos County, Texas located approximately five miles south of the nearest Company-operated producing well, came online in the third quarter producing 1,262 Boe/d. This is a record IP rate for Halcón in this area and further de-risks its acreage position.

The Company is making substantial progress towards its goal of leasing 100,000 net acres or more in the play and currently has approximately 90,000 net acres leased or under contract. There are currently 31 Eagle Ford wells producing, 8 wells being completed or waiting on completion and 3 wells being drilled. 

Utica/Point Pleasant

During the quarter, Halcón tested four wells and connected two wells into sales pipelines. The Company recently connected the Kibler 1H (Trumbull County, Ohio) into a sales pipeline.

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