AKK 0.00% 0.3¢ austin exploration limited

announcement out , page-27

  1. 21,290 Posts.
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    Talk about "solid P.R." This announcement was made by Halcon on 15 APRIL 2013/b> in their Q.R!!!!!!!!

    Why did AKK wait until the SPP closes ONE WHOLE MONTH later to announce it ???

    Halcón Resources Unveils New East Texas Eagle Ford Shale Play and Provides General Update

    HOUSTON, TEXAS , April 15, 2013 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK) ("Halcón" or the "Company") today unveiled a new East Texas Eagle Ford Shale play and provided a general update.

    New East Texas Eagle Ford

    Internally referred to as El Halcón, this new East Texas Eagle Ford Shale play has been established as the Company's fourth core area. The play extends across several counties in East Texas. Halcón is targeting 150,000 net acres in the play and currently has in excess of 50,000 net acres leased or under contract.

    The Company has seven wells producing, one well being completed and three wells being drilled in this play. The average initial and 30 day rates for the producing wells have been 859 barrels of oil equivalent per day ("Boe/d", 94% oil) and 694 Boe/d (94% oil), respectively. These seven Eagle Ford wells have an average effective lateral length of 5,632 feet and were completed with an average of 28 frac stages. Expectations are to spud 15 to 20 wells in the play in 2013 by operating 1 to 3 rigs while spending approximately $100 million . Halcón's early stage estimates for reserves per well are 350,000 to 400,000 barrels of oil equivalent with development costs of $7 million to $8 million .

    Floyd C. Wilson , Chairman and Chief Executive Officer, commented, "This management team knows a thing or two about the Eagle Ford Shale , and we intend to utilize our extensive knowledge of the formation to exploit this new opportunity to create shareholder value."

    Where is this "new play" in relation to Birch???

 
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