Halcon Resources Corp. Chief Executive Floyd C. Wilson said his company is upbeat about the natural gas liquids potential of the Midway-Navarro formations in the Texas counties of Austin and Colorado.
"This is a pure wildcat discovery," Wilson said during an Aug. 2 earnings conference call.
Halcon was named Ram Energy Resources until it was bought by Wilson, chief executive of Petrohawk Energy. Wilson also is chairman and president of Halcon.
BHP Billiton Ltd. bought Petrohawk Energy for $12 billion last year. Earlier this year, Halcon bought GeoResources Inc. for nearly $1 billion (OGJ Online, Apr. 25, 2012).
Wilson said Halcon plans to acquire 25,000-75,000 net acres in the Permian Midway-Navarro play, adding a one-rig drilling program is expected to spud four to six wells this year. The play is being developed vertically. The first well, Kollatschny 1, reached 17,320 TD in Austin County. Halcon believes the well to be a two-zone discovery.
"We have made significant strides towards our goal of building a liquids-rich asset base with substantial drilling inventory," Wilson said. This includes Halcon’s acquisitions in the Tuscaloosa marine shale and the Utica shale.
In other news, Wilson said Halcon wants to sell 24,000 net acres in the Eagle Ford shale in south Texas by Dec. 31.
