Friday, April 15, 2011

Petrohawk Energy reported 34% increase in 2010 hydrocarbon production over 2009; Announced $2,300 million Capital Program for 2011; Plan to double its liquid production in 2011

Petrohawk produced an average of 562 Mmcfepd during 2010. The midpoint of full year 2011 production guidance is 885 Mmcfepd, representing an estimated 31% year over year increase and a 57% year over year increase pro forma for 2010 divestitures. The midpoint of first quarter 2011 production guidance is 770 Mmcfepd.

Petrohawk announced $2,300 million capital program, of which $1,900 million (82%) is allotted to drilling and completion activities.

Eagle Ford Shale:
- Planned 12 rigs for 1H 2011 and 15 rigs for 2H 2011. ~347,600 risked net commercially productive acres

Black Hawk:
- Estimate of ~73,600 risked commercially productive net acres. Currently operating eight rigs ramping to 10 rigs by June 2011

Hawkville Field:
- Currently operating 5 rigs with plan to hold constant in 2011. Risked estimate of ~224,000 commercially productive net acres

Red Hawk:
- Five wells scheduled for 2011, two waiting on completion. 

Haynesville Shale:
- Estimated ~225,000 risked commercially productive net acres; 75% operated. Operated rig count currently 16 and will hold thru 1st half 2011, 7 in 2ndhalf of 2011; leasehold requirements primarily met by mid-year

Lower Bossier Shale:
- Estimate ~150,000 risked commercially productive net acres. The company anticipates initiating Bossier development once Haynesville lease capture complete in mid-2012

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