Petrohawk Energy (HK) released an operational update and provided details on its activities in the Eagle Ford Shale. The company is currently operating 8 rigs across 3 prospects - Hawkville, Black Hawk and Red Hawk.
Petrohawk Energy estimates that oil and natural gas liquids will increase from 3% of total production currently to 15-20% by the end of 2011.
Red Hawk
The Red Hawk Prospect is located in Zavala County, Texas. Petrohawk Energy is currently drilling the Mustang Ranch "C" #1H, its second well at Red Hawk, and expects the well to be complete within 30 days.
Hawkville Field
The Hawkville Field is located in La Salle and McMullen Counties in Texas. Petrohawk Energy has 25 wells on production here, and is expanding the boundaries of this field to the east and north.
Petrohawk Energy has a joint venture here with Swift Energy (SFY) and just completed the Bracken JV #1H, the first well in the joint venture.
The well had an initial production rate of 9 million cubic feet equivalent per day, but production was restricted and now is producing 6.4 million cubic feet equivalent per day. A second well is undergoing completion, and a third well is being drilled.
Black Hawk
The Black Hawk prospect is located in Dewitt County, Texas. Petrohawk Energy just completed the Kickendahl #1H, which was producing at an initial production rate of 3.1 million cubic feet per day of natural gas, and 745 barrels per day of condensate. The well is on restricted production with a 12/64-inch choke. The Krause #2H is scheduled for completion in may 2010.
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