Petrohawk Energy

In July of 2011, BHP Billiton and Petrohawk announced a deal in which BHP will acquire Petrohawk for over $12 billion. Read more on the deal at at our Eagle Ford Shale News section under the post BHP Petrohawk Deal Brings Australia to the Eagle Ford Shale.

Petrohawk announced its discovery of the Eagle Ford Shale in October of 2008. The company now has three core areas that include acreage across several counties. Petrohawk is dedicating more rigs to the Black Hawk and Hawkville fields, but is continuing drilling and evaluation of its Red Hawk acreage. Petrohawk was an early entrant in the Eagle Ford Shale and has now shifted much of its resources from the Haynesville Shale and other gas plays to the Eagle Ford.

Petrohawk prefers to operate its properties, but does have a JV with Swift Energy on acreage in McMullen County, TX. Petrohawk will likely continue its high levels of activity for many years to come as the company holds leases and begins to down space its wells.

Petrohawk Energy Corporation is a exploration, development, and production company that has exposure to oil and gas. Petrohawk is traded as HK on the NYSE. Petrohawk has become a leader in the shale plays after being an early entrant in the Fayetteville Shale (Arkansas), Haynesville Shale (Louisiana and Texas), and now the Eagle Ford Shale (South Texas). The company divested its Fayetteville assets in 2010 to focus in other growth areas. Petrohawk also has a significant position in the Permian Basin of West Texas

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Counties Where Petrohawk is Active

Petrohawk Eagle Ford Shale Map

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Petrohawk Eagle Ford Shale Quarterly Commentary

Press Release

August 3, 2011

“The Black Hawk area (DeWitt County, Texas) continues to produce excellent results. A majority of Petrohawk-operated wells were produced on a constrained basis due to transportation infrastructure limitations. During the quarter, Petrohawk averaged nine operated rigs in the Black Hawk area, with 25 operated and one non-operated wells drilled. Net production from Black Hawk averaged 73 Mmcfe/d, comprised of 22% natural gas, 62% condensate and 16% natural gas liquids. Transportation infrastructure issues for the Company are moderating in the area with the addition of a dedicated truck fleet. Modifications to facilities at the Company’s Point Comfort barge facility are nearly complete and the facility is expected to begin operating during the third quarter.

In Hawkville Field (LaSalle and McMullen Counties, Texas), Petrohawk averaged five operated rigs and drilled 15 operated wells and two non-operated wells during the quarter. Net production in the field averaged 129 Mmcfe/d, comprised of 67% natural gas, 14% condensate and 20% natural gas liquids. Well performance in Hawkville Field has continued to improve as a result of the expanded implementation of HiWAY frac technology, deployed by two dedicated Schlumberger hydraulic fracturing fleets. Petrohawk and Schlumberger are experimenting with variations in the HiWAY design, including higher sand volumes and fiber concentrations, in an attempt to optimize well performance for each area of the Eagle Ford trend. In addition, the Company is testing new frac designs in both the Hawkville Field and Black Hawk area with its Halliburton dedicated hydraulic fracturing fleet.

Results in the Red Hawk prospect in Zavala County, Texas, failed to meet minimum expectations during the quarter. As a result, capital spending at Red Hawk will be terminated and capital budgeted for 2011 will be reallocated to other operating areas.”

May 5, 2011

“…Petrohawk is currently operating 14 rigs in the Eagle Ford Shale and expects to maintain that level for the balance of the year with five rigs in Hawkville Field and 9 rigs in the Black Hawk area. The Company drilled 25 operated and 3 non-operated wells total in the Eagle Ford during the first quarter. Twelve operated wells and 2 non-operated wells were drilled in Hawkville Field, 11 operated wells and 1 non-operated well were drilled in Black Hawk and 2 operated wells were drilled in Red Hawk. Net production in the play averaged 7.5 Mbo/d, 5.9 Mbngl/d and 76 Mmcf/d (156 Mmcfe/d) for the quarter.

In the Black Hawk area, spud to spud days ranged between 19 and 40 days during the first quarter with an average of 30 days. In Hawkville Field, spud to spud days ranged between 26 and 44 days during the first quarter with an average of 32 days. Increased drilling efficiencies are a result of several improvements that have been made as the Company gains experience in the Eagle Ford, including a high-grading of the rig fleet, improved bit design, modified mud systems and other technology enhancements…….

On April 12th Petrohawk released updated type curves for the various well types within the Hawkville and Black Hawk areas. Multiple curves for the play have been released is due to the wide variety in the product mix that occurs across each play area. The estimated ultimate recoveries (EURs) implied by those type curves range from 5 Bcf + 207 Mbngl and 2.5 Bcf + 250 Mbc + 195 Mbngl in Hawkville, and 1.8 Bcf + 550 Mbc + 220 Mbngl in Black Hawk. These type curves are based upon the historical performance of each area and assume that the wells will be capable of producing at an optimum choke setting, and do not take into account additional curtailment that might occur from infrastructure constraints.…”

Source: Petrohawk Energy Corporation

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