Groundhogggg, page-8

Meant also to add

"Halcón’s biggest success in the Woodbine Sands has come from the Halliday Field in Leon County where their first 14 wells this year (2013) had an IP rate of 440 barrels of oil equivalent (BOE). The drilling and completion cost was about $6.5 MM per well and estimated ultimate recovered liquids (EUR) were 562 MBbl – a 130 percent IRR for $90/Bbl oil"

This is indicative of the problem - some areas generate higher returns than others - within the same play. So Halliday field as you point out has 130% for its wells yet their Woodbine acreage play overall was much lower - yet they dispose of the entire acreage.

But so far the northern part of El-Halcon has outperformed the southern part (where Birch is) but overall the play works very well.