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» Petrohawk Energy Q2 2010 Earnings Call Transcript
We have accumulated nearly 1 million acres of highly perspective land, all identified through our research and experience. And this platform is a great one; by the way on a proforma basis, average daily net production for the second quarter was nearly 15,000 barrel of oil equivalent per day. We have eight operated drilling rigs running in our oily resource plays and we will add several more rigs throughout the year approaching 15 rigs by the end of the year. We expect to drill over 60 wells during the second half of 2012.All-in-all, a great start maybe even better and that today we are announcing two Wildcat discoveries. In East Texas our Woodbine and our Woodbine Eagle Ford area are exploratory well, the Covington 1H in Grimes County found productive intervals in both the Woodbine and Eagle Ford formations. We are currently drilling a horizontal lateral in this one in the Woodbine and intend to produce that zone first in this well bore. We plan to drill in Eagle Ford only producer as soon as possible on the same location. Our area of interest here includes Leon, Madison, Grimes, Brazos, Walker and Polk counties. We will be running five rigs here by the fourth quarter of this year. We currently hold over 170,000 acres in this exciting area and plan to drill at least 20 more wells during the second half of the year. Our second Wildcat discovery that we’ll mention today is one of our previously undisclosed Wildcat plays and is also a multi-zone discovery. In Austin, Colorado Counties, Texas where we accumulated over 10,000 acres, on our way to our goal of 50,000 acres or so, targeting the Midway and Navarro formations. Our Kollatschny 1 (inaudible) in both of these areas. This well was drilled to a total vertical depth of just over 17,000 feet and completion operations are underway in the Navarro section between 15,000 and just under 17,000 feet. This is a vertical well utilizing stage hydraulic pressure and we will co-mingle midway within Navarro after the Navarro production settles in or we’ll drill a separate midway well on this pad site.
We have already spud our second well on this project, the Hillboldt 1, approximately six miles north east of the initial well and we have 60 square mile 3D shoot underway. In both of the discoveries, we expect oil gas and natural gas liquids production and I am expecting big numbers. In the Williston Basin we are running three operating rigs today and plan to keep this rig counts through the end of the year.Recent wells continue to perform in line with our expectations and our type curve and drilling and completion cost remain below $8 million per well. We are currently evaluating modifications and completion design up here which we hope may increase recoveries. And here the prospects of the spread narrowing as compared to NYMEX or WTI looks favorable overtime. We may look to add to our position in the Bakken overtime and we plan to begin testing the Three Forks on our acreage very soon. Our Mississippi Lime project in Osage County is well underway. We have drilled five horizontal wells and four disposal wells so far. One well recently went on production, another is being fracked today and three more waiting on frac jobs. It’s too early to say much here, but we are encouraged by what we have seen so far. In the recent call, in the recent press release we unveiled our entry into the Tuscaloosa Marine Shale play and disclosed our intent to acquire up to 200,000 acres. We have well over 50,000 acres in this play so far and we will spud our first well there this quarter. Also in Louisiana, in the Wilcox play we now hold over 80,000 net acres of leasehold in seismic options. We will complete our first well in this area later this month and we will run at least for the balance 2012. Read the rest of this transcript for free on seekingalpha.com