Halcon Up Almost 10% Today; For Investors Only

Disclaimer: this is not an investment blog. Do not make any investment decisions based on anything you read here or think you may have read here.

This is what makes blogging about the Bakken so much fun: one never knows where one will end up. From the Bakken, I ended up following GEOI, which was bought by Halcon, and Halcon eventually led me to Tuscaloosa Marine Shale.

One can track back on the blog if interested, starting with Halcon at the sidebar at the right. If you do, you will eventually reach the recent Halcon presentation (a PDF). 

Today, HK is up almost 10%. The jump is probably due to a Goodrich Petroleum well noted at this blog.

Now back to the linked presentation, now that it has downloaded. Halcon has:

• about 142,000 net acres in the Bakken
• about 100,000 net acres in the Eagle Ford
• about 300,000 net acres in the Tuscaloosa

I had forgotten all of that. You know, Halcon is not a small entity any more. 500,000 net acres in three incredible plays. Let's put that in perspective: KOG has slightly less than 200,000 net acres in one play, the Bakken, and most of that is concentrated in a few locations in the Bakken.

KOG: market cap -- $3.6 billion
HK: market cap -- $2.2 billion

$3.6 billion / 200,000 acres = $18,000/acre
$2.2 billion / 542,000 acres = $4,000/acre