HOUSTON, TEXAS, Dec. 9, 2014 (GLOBE NEWSWIRE) -- Halcón Resources Corporation (NYSE: HK) ("Halcón" or the "Company") today announced that it has commissioned its first compressed natural gas ("CNG") facility through its subsidiary, Hawk Clean Fuels.
This CNG facility is serving the Company's operations in its El Halcón area in East Texas and is being used to displace diesel fuel used in drilling operations. Halcón believes using CNG to displace diesel fuel used in drilling operations is not only better for the environment, but should also result in a nearly 50% savings on fuel costs. The Company expects to build similar facilities to service its operations in the Williston Basin in 2015.
Since the discovery of El Halcón two years ago, Halcón has drilled over 80 wells in the play, and believes it has de-risked its entire 101,000 net acre position. Natural gas fueling is one of many ways the Company expects reduce costs and increase efficiencies in the play as it transitions from lease capture mode to development mode.
Floyd C. Wilson, Chairman and Chief Executive Officer, commented, "El Halcón has been a tremendous success for our Company, and others in the area, and we are always looking for new ways to lower completed well costs. Natural gas fueling is certainly a step in the right direction and can also be applied to our operations in other areas."
Nick D. Koch, Vice President of Operations for El Halcón, stated, "We're excited to use this technology, not only to reduce drilling costs and improve economics, but also to reduce emissions in an area whose population continues to grow. The residents surrounding our acreage have been very hospitable and it's good to know we have their support."
Any questions regarding natural gas fueling, or requests for fueling services, should be directed to Travis Boeker at (832) 649-4012.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. Forward-looking statements are based on current beliefs and expectations and involve certain assumptions or estimates that involve various risks and uncertainties, such as financial market conditions, changes in commodities prices and the other risks discussed in detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2013 and other subsequent filings with the Securities and Exchange Commission. Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Halcón has no duty, and assumes no obligation, to update forward-looking statements as a result of new information, future events or changes in the Company's expectations.
About Halcón Resources
Halcón Resources Corporation is an independent energy company engaged in the acquisition, production, exploration and development of onshore oil and natural gas properties in the United States.
CONTACT: Scott M. Zuehlke VP, Investor Relations Halcon Resources (832) 538-0314