Halcon reports Tuscaloosa progress

Halcón Resources reported Wednesday that its Tuscaloosa Marine Shale operations are progressing, and the company still plans to drill 10 to 12 wells in 2014 and participate in 15 to 20 others with partners.

The company has roughly 316,000 acres under lease or contract in the formation, which stretches across the middle of Louisiana into Mississippi. In March, Halcon acquired 95 percent of Encana Corp.’s Tuscaloosa acreage in East and West Feliciana parishes and in Wilkinson County, Miss.

Halcón said it is still evaluating joint venture/financing options for its entire Tuscaloosa acreage. Discussions with several potential financial partners are ongoing, and Halcón expects to complete the process during the second quarter.

Halcón reported a first-quarter loss of $77.9 million, or 19 cents per share. The loss included a non-cash, pre-tax charge of $61.2 million, primarily related to the sale of assets. The company sold 83,000 acres in East Texas for $450 million and the deal is expected to close in May. Without the non-cash charges, the company’s earnings were $11.9 million, or 3 cents per share.