Petrohawk Energy (HK) released earnings for the second quarter of 2010 ending 6/30/2010, and also updated investors on the company’s operations in various shale areas including the Eagle Ford Shale in Texas.
Petrohawk Energy is developing the Hawkville Field, located in LaSalle and McMullen Counties in Texas. Although the Hawkville Field is in the dry gas area of the Eagle Ford Shale, the company estimates that 40% of its 230,000 net acres here have gas with a high BTU content and also contain condensate.
Petrohawk Energy drilled 11 wells here during the second quarter of 2010 and completed 8 of these wells. Two of the wells were completed with unrestricted production and had average initial production rates of 9.2 million cubic feet equivalent per day. The six other wells were completed under restricted rate conditions, and had average initial production rates of 6.5 million cubic feet equivalent per day.
Petrohawk Energy is operating 4 rigs in the Hawkville Field and plans to keep the rig count constant for the balance of the year.