Tuscaloosa Marine Shale Unveiled as New Core Area
Agrees to Sell Non-Core Assets for $450 Million
HOUSTON, Feb. 26, 2014 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE:HK) ("Halcón" or the "Company") today announced its fourth quarter and full year 2013 results.Halcón generated revenues of $289.3 million for the quarter ended December 31, 2013, compared to $124.8 million for the quarter ended December 31, 2012. Revenues for the full year 2013 were $999.5 million, compared to $248.3 million for the full year 2012. Production for the three months and full year ended December 31, 2013 increased by 119% and 254% to 40,217 barrels of oil equivalent per day (Boe/d) and 33,329 Boe/d, respectively, compared to the same periods of 2012. Halcón reported full year 2013 production near the high-end of guidance, despite a 1,220 Boe/d negative impact related to weather downtime, primarily in the Williston Basin, during the fourth quarter. Production was comprised of 84% oil, 6% natural gas liquids (NGLs) and 10% natural gas for the quarter and 83% oil, 6% NGLs and 11% natural gas for the year. Including the impact of hedges, the Company realized 88% of the average NYMEX oil price, 39% of the average NYMEX oil price for NGLs and 96% of the average NYMEX natural gas price during the fourth quarter 2013. For the full year 2013, Halcón realized 92% of the average NYMEX oil price, 37% of the average NYMEX oil price for NGLs and 98% of the average NYMEX natural gas price. Total operating costs per unit (including lease operating expense, workover and other expense, taxes other than income, gathering and other expense, and general and administrative expense), after adjusting for selected items (see Selected Operating Data table for additional information), decreased by 17% to $27.69 per Boe in the fourth quarter of 2013, compared to the same period of 2012. Total operating costs per unit for 2013, after adjusting for selected items (see Selected Operating Data table for additional information), were $29.20 per Boe, representing a decrease of 21% versus 2012.