FIELD ACTIVITIES / Petrohawk Energy Ltd. Drilling Update
PETROHAWK ENERGY LTD. REPORTS SUCCESSFUL WELL RESULTS
CALGARY, AB--
Petrohawk Energy Ltd. reports participating for various
interests in the drilling of four (2.9 net) successful wells in
the 4th Quarter of 1998, of which two are potential oil wells,
one is a gas well and one a dual oil and gas well.
The Provost Viking gas well has been placed on production on
December 29th, 1998 and is producing approximately 325 mcf of
gas per day (188 mcf per day or 19 barrels of oil equivalent,
net to Petrohawk). The Company's interest is 58% before payout,
44% after payout.
The detailed results of the other wells will be published at a
later date, as the production testing is completed, or when the
wells have produced for a sustained period of time.
With the first of the 4 wells on production, PHK's productivity
has increased by approximately 22% to 105 barrels equivalent
per day. Once all four wells are placed on production,
Petrohawk's daily rate will be increased significantly, with
still additional development wells to be drilled. The Company
anticipates that its cash flow will increase significantly.
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