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Halcon to begin Utica drilling



Published: Sat, March 2, 2013 @ 12:00 a.m.

By Jamison Cocklin

jcocklin@vindy.com

YOUNGSTOWN

Houston-based Halcon Resources Corp. has announced that it will begin work on between 20 and 25 production wells across its 131,000 acres of leasehold in the Utica Shale play, which includes Trumbull and Mercer counties.

After its fourth-quarter earnings report this week, the company gave an operational update on its work nationwide. It said it plans to spend $200 million in Ohio and Pennsylvania this year.

Already, two wells, including one in Venango County, Pa., and one in Mercer County, Pa., have been drilled and completed.

Those wells will rest for 60 days, according to a press release from Halcon, with production tests expected to begin at those sites sometime between April and June.

Halcon’s first 10 wells will be drilled in the first half of 2013.

The company has leases in Lordstown and Hartford Township.

The company, like others operating in Northeast Ohio, also said infrastructure options would be explored this year, with Halcon likely pursuing third parties for its processing and pipeline-distribution needs.

Halcon reported Thursday that its proven reserves, or the energy sources underground that it potentially can extract, totaled 108.8 million barrels of oil equivalent as of Dec. 31, an increase of 417 percent from 2011.

The company reported a profit of $10.5 million, or 2 cents per share, on revenues of $124.7 million for the fourth quarter.

Full-year results included a loss of $4 million, or 3 cents per share, on revenues of $247.9 million.


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