Halcon Production Results For 1Q15

From a Halcon press release:

Operational Update

The Company is currently operating three rigs across its holdings and currently has 23 wells being completed or waiting on completion. Halcón continues to be focused on reducing costs in the current commodity price environment. In the Bakken/Three Forks The Company operated an average of two rigs in the Williston Basin during the quarter. 

The Company also participated in 22 non-operated wells with an average working interest of approximately 1% during the quarter. On average, Halcón-operated wells put online in the Williston Basin continue to outperform the Company's 801 MBoe and 477 MBoe type curves for the Fort Berthold and Williams County areas, respectively.

Downspacing continues to yield positive results. Specifically, during the first quarter of 2015, Halcón brought six Bakken wells online spaced 660' [to] 770' apart drilled from a single pad with a cumulative IP rate of 21,131 Boe/d, one of which was a new Company record at 5,248 Boe/d.

Halcón has made significant progress negotiating lower costs with its service providers and continues to modify its drilling and completion techniques in an effort to improve recoveries and reduce costs. The Company's estimated completed well costs have come down approximately 30% compared to the fourth quarter 2014 average. The current authorization for expenditure (AFE) for wells drilled on its acreage in the Fort Berthold area is averaging approximately $8.0 million, which was previously Halcón's mid-year 2015 target. The Company anticipates well costs will trend down by another 5 - 10% or more in this area by mid-year 2015. 

Halcón continues to increase gas capture in the Williston Basin and is currently selling approximately 83% of its gas production. 

The Company is the operator of 172 producing Bakken wells and 53 Three Forks wells. Halcón currently has 11 Bakken wells and 5 Three Forks wells being completed or waiting on completion on its operated acreage. 

Halcon has one rig in Eagle Ford, Texas.

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