Halcon Resources is leveraging an experienced staff and the most advanced technology available to grow its influence in the oil and gas industry. The relatively young company is focused on the acquisition, production, exploration and development of onshore liquids-rich assets in the United States, particularly at its two core operations in North Dakota and Texas.
The first of the company’s primary operations is located within one of the most promising reserves in the country: the Bakken Formation. As of the end of 2014, Halcon held approximately 129,000 acres throughout the state, and early results have been promising. This year, the company expects to begin drilling operations for 25 to 30 new wells in the Williston Basin. According to the U.S. Energy Information Administration, the region’s production climbed to nearly 600,000 barrels per day in 2012, highlighting the extreme production potential of the basin that’s been unlocked by modern drilling technology.
El Halcon, the company’s second core operation, is located in the most active shale play in the world, the Eagle Ford Shale Formation of East Texas. Halcon plans to begin drilling operations on 12 to 15 operated wells this year. This play could provide Halcon with potentially massive increases in production capacity. In March 2015, the region’s production totals climbed to 1.6 million daily barrels, according to Fuel Fix.
With operations in two of the country’s most promising regions, as well as a collection of non-core plays around the nation, Halcon is in a strong position to increase its market share in the competitive industry. Following the release of the company’s Q1 2015 financial results, industry analysts were optimistic about the potential for strong growth moving forward. In addition to dramatic decreases in operating costs, Halcon was able to meet its average production goals for the period, netting just over 43,000 barrels of oil equivalent per day.
Led by proven Chairman and Chief Executive Officer Floyd Wilson, former Petrohawk President and CEO, analysts agree that the company has made significant steps towards growth in recent months. With a rapidly improving balance sheet and sufficient liquidity “to fund operations… for the next several years,” according to Wilson, Halcon is embracing the vision and agility needed to become a resource powerhouse in the oil and gas industry. As the market appears to be headed toward a lasting shift in both prices and production targets, look for Halcon to continue making waves in the years to come.
For more information, visit www.halconresources.com
