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.
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Permalink Reply by Summer Johnston on
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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."
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Permalink Reply by Jim Litwinowicz on -
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.
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Permalink Reply by deer spotter on
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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.
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Permalink Reply by Jim Litwinowicz on
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Williams is a pipeline midstream. Don't know if they do any JVs on wells.
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Permalink Reply by deer spotter on
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Halcon was to drill and Willams was to lay the pipeline
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Permalink Reply by JREwing on
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"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.
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Permalink Reply by deer spotter on
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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.
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Permalink Reply by JREwing on
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They passed. Several pages of releases same day (2-18) as the notice was filed to plug the Rainbow well.
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Permalink Reply by deer spotter on
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Rainbow well a few miles from the Allam well ( one of Halcons better wells) in the Utica hard to figure.
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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
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Permalink Reply by deer spotter on
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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.
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