Petrohawk Energy (HK) reported an update on its oil and gas operations in the Haynesville Shale during the first quarter of 2011. The company expects to have most of its leasehold held by production by the end of 2011.
Petrohawk Energy operated an average of sixteen rigs in the Haynesville Shale and drilled 84 wells during the first quarter of 2011. The company plans to start reducing its rig count until it is operating six rigs in the play.
Petrohawk Energy also estimates that its Haynesville Shale operations will become cash flow positive by the third quarter of 2011. The company reported net production of 607 million cubic feet of natural gas equivalents per day in the first quarter of 2011.