Petrohawk Energy (HK) reported on the company’s activity in the Permian Basin during the second quarter of 2011.
Petrohawk Energy is operating four rigs in the Permian Basin, with a concentration in the Delaware Basin. The company drilled a vertical well into the Wolfcamp formation in Culberson County, Texas. The well tested at a production rate of one million cubic feet of 1250 BTU natural gas per day.
Petrohawk Energy also reached total depth on a horizontal well into the Bone Springs formation in Reeves County, Texas. This is the first horizontal well into the Bone Springs and the company plans to complete the well in August 2011.
Petrohawk Energy Permian Basin Summary
- 325,000 net acres – 70% in Delaware basin, 30% in Midland Basin.
- Average leasing cost of $1,400 per acre.
- Targeting the Bone Springs, Avalon Shale and Lower Wolfcamp formations.
- 2011 capital budget of $75 million – 15 gross operated wells.
- Three operated rigs in 2011.