Halcon sells Woodbine assets in Texas so they can keep lights on: they can't find a buyer for Big Dog known as Utica----woof, woof.

http://seekingalpha.com/article/2055743-halcon-resources-management...

http://www.rigzone.com/images/news/iFrame/Social_media_footer.html

Views: 5817

▶ Reply to This

Replies to This Discussion

Permalink Reply by Summer Johnston on February 28, 2014 at 5:04am

http://www.media-server.com/m/p/oognxk35

Around the 22:15 mark

No plans to move a rig into the Utica this year. "The results haven't been too wonderful in the far north part of the play and we're gonna see how these wells (one producing, one drilled) come out."

Permalink Reply by Jim Litwinowicz on February 28, 2014 at 8:10am

This company is so confusing.  Last summer they leased an additional 3000 acres in Venango Co and paid top dollar.  They are working on a gathering line to run cross Mercer Co and asking other gascos if they want to tie in.  

Plus Hilcorp has applied for E & S permits for two pads very near Venango Co in addition to the many others pads in Mercer Co so they are confident in what they have been finding.

Halcon is desperate for cash and will drill where they get the quickest ROI. If and when they get get good cash flow they will return to drilling in Mercer and Venango. Or they will sell out of the area to raise cash.

Maybe they are bad mouthing the area so they can have a front company come in and lease on the cheap.

Permalink Reply by MJ on February 28, 2014 at 8:20am

A very real possibility Jim...

Permalink Reply by deer spotter on February 28, 2014 at 8:24am

Jim like you say this company is a mystery. Floyd Wilson wanted to sell Halcon in 2015 now he is looking at 2016/ 2017. Could it be they are looking for a JV in the Utica? Last summer it was rumored to be Halcon/Willams.

Permalink Reply by Jim Litwinowicz on February 28, 2014 at 8:27am

Williams is a pipeline midstream.  Don't know if they do any JVs on wells.

Permalink Reply by deer spotter on February 28, 2014 at 9:24am

Halcon was to drill and Willams was to lay the pipeline

Permalink Reply by JREwing on February 28, 2014 at 9:36am

"Maybe they are bad mouthing the area so they can have a front company come in and lease on the cheap."

I don't think they're that smart.  Bahahaha   I think you hit the nail on the head in paragraph 3, but I think they're beyond the point of returning.  They need product flowing into sales pipelines NOW. Forget the inclement weather, forget the lack of infrastructure, forget the drilling difficulties.  What did Floyd call the people of Pennsylvania? Unfriendly and inhospitable or something to that effect?

My money's on a sale.  

Permalink Reply by deer spotter on February 28, 2014 at 11:31am

Strange company. Poorboy the area then try to sell. The issues are cash flow, other plays more productive and drilling/ completion procedures at this point. Some of the leases Halcon acquired from Sylvan energy should be due to renew soon. Will be interesting to see which why it goes.

Permalink Reply by JREwing on February 28, 2014 at 12:00pm
They passed. Several pages of releases same day (2-18) as the notice was filed to plug the Rainbow well.
Permalink Reply by deer spotter on February 28, 2014 at 12:09pm

Rainbow well a few miles from the Allam well ( one of Halcons better wells) in the Utica hard to figure.

Permalink Reply by jonathan M. on February 28, 2014 at 4:47pm
No one wants to accept the reality. The northern portion of utica has not worked. First bp disappeared now halcon is gone. It's not always a big conspiracy. The wells were bad and they moved on. Simple
Permalink Reply by deer spotter on March 1, 2014 at 12:38am

Halcons Allam well in Venango county tested as one of the better Utica wells, but not on line. Seneca has had some success in Forest and Elk counties Chevron very tight liped about two wells drilled in Venango co. in PA. That said the Utica is not the play E&P CO. had first thought but still productive.

RSS

© 2024   Created by Keith Mauck (Site Publisher).   Powered by

Badges  |  Report an Issue  |  Terms of Service