HOUSTON, TEXAS, Dec. 16, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK)("Halcón" or the "Company") today announced a reduction to its 2014capital spending program and unveiled 2014 divestment programplans. Halcón is lowering its drilling and completionsbudget guidance for 2014 by 14% to approximately $950 million,which is inclusive of planned drilling activity in all areas. In addition, the Company expects to spend $100 to $125 million inaggregate on leasehold, infrastructure, seismic and other,excluding capitalized interest and G&A. Halcón isreaffirming previously issued 2014 production guidance of 38,000 to42,000 barrels of oil equivalent per day. As previously disclosed, the Company is in theprocess of divesting certain non-core conventional assets in threeseparate transactions for total proceeds of approximately $300million, two of which have closed. Halcón expects the thirdtransaction to close on December 20, 2013. The Company plansto continue the portfolio management process and currently expectsto divest additional non-core assets in 2014 for total proceeds ofapproximately $300 to $400 million. Floyd C. Wilson, Chairman and Chief ExecutiveOfficer, stated, "We expect to fund our entire 2014 capital budgetwith a combination of cash flow from operations, borrowings underour revolving credit facility and proceeds from additional non-coreasset sales. We are well positioned to deliver significantgrowth of reserves, production and cash flow while maintainingcapital discipline. In addition, we are focused on capitalefficiency and intend to achieve higher rates of return across ourasset portfolio via a persistent emphasis on technologicalinnovation." Forward-Looking Statements This release contains forward-looking statementswithin the meaning of Section 27A of the Securities Act of 1933 andSection 21E of the Securities and Exchange Act of 1934. Forward-looking statements are based on current beliefsand expectations and involve certain assumptions orestimates that involve various risks and uncertainties,such as financial market conditions, changes in commodities pricesand the other risks discussed in detail in Halcón's Annual Reporton Form 10-K for the year ended December 31, 2012 and othersubsequent filings with the Securities and ExchangeCommission. Readers should not place undue reliance on anysuch forward-looking statements, which are made only as of the datehereof. The Company has no duty, and assumes noobligation, to update forward-looking statements as a resultof new information, future events or changes in theCompany's expectations.
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