Boston, MA 05\/14\/2014 (wallstreetpr) \u2013 Halcon Resources Corp (NYSE:HK)<\/b> has come out to clear the air over its financial health. Though the company has debt that exceeds its market cap, it is not worried at all about its ability to undertake future investments.<\/p>\n
Halcon Resources Corp (NYSE:HK) recently announced that it will not turn to outside sources to finance its planned drilling projects in the oil-rich Tuscaloosa Marine Shale (TMS). The company intends to sink about 10 wells in TMS before the end of this year. The company projects the cost per well at $13 million, which is far more expensive that well that it has in other locations.<\/p>\n
However, the costs notwithstanding, the CEO Floyd Wilson wants to take the worry out of the heart of the investors. He said the company intends to seek a partner with which it can undertake the TMS project through a joint venture. That move will save the company the need to sink into more expensive debts.<\/p>\n
TMS well projects would not have become much of an issue if Halcon Resources Corp (NYSE:HK) took calculated steps at the Utica shale. The company made missteps in the shale that eventually caused financial strain within its ranks and placed future investments at jeopardy.<\/p>\n
However, all that is now water under the bridge and the company wants its investors to focus on the future because the bitter lessons learnt in the past should inform more careful approach to future investments.<\/p>\n
Enough money<\/b><\/p>\n
Halcon Resources Corp (NYSE:HK) saw its cash reserve drop to about $0.37 million in the most recent quarter down from $2.83 million in the previous quarter. However, the company has a credit facility that when combined its cash reserve brings the available funds for TMS project to $452 million.<\/p>\n
As such, the CEO said the company is well equipment to deal with the TMS project without any need to commit to strenuous financing options.<\/p>\n
\u00a0A business for sale<\/b><\/p>\n
Halcon Resources Corp (NYSE:HK) expects to put itself up for sale once it achieves stable operations that can appeal to potential buyers.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 05\/14\/2014 (wallstreetpr) \u2013 Halcon Resources Corp (NYSE:HK) has come out to clear the air over its financial health. Though the company has debt […]<\/p>\n","protected":false},"author":6,"featured_media":21684,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[3081,3082],"stock_ticker":[],"class_list":["post-22276","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-halcon-resources-corp-nysehk","tag-nysehk","entry"],"acf":[],"yoast_head":"\n