Petrohawk Energy (HK) issued an operational update on its activities in the Haynesville Shale. The company participated in 94 wells in the Haynesville Shale during the second quarter of 2010, of which 28 were operated. All the operated wells were completed under restricted production practices.
Petrohawk Energy reported that average daily production from the Haynesville Shale during the second quarter of 2010 was 386 million cubic feet equivalent per day.
Petrohawk Energy is currently drilling the company’s first well in the Haynesville Shale using a modified wellbore design that requires less pressure to conduct hydraulic fracturing operations on the well. The company estimates that if the design is successful, it would reduce well costs by $1 million. This is important because Petrohawk Energy reported a 30% increase in well completion costs since the beginning of 2010.
Petrohawk Energy reduced its rig count in the Haynesville Shale during the second quarter of 2010, and is operating 14 rigs on the play. The company is focused on converting its acreage here from term to held by production.