1 HK $6.82
-0.17 (-2.50%)    

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Tuscaloosa Marine Shale

We have ≈314,000 net acres leased or under contract in Louisiana and Mississippi that we believe are prospective for the Tuscaloosa Marine Shale formation. We expect to spud 10 to 12 operated wells in the play running an average of two rigs in 2014. We recently signed a definitive agreement with credit funds and accounts managed by affiliates of Apollo Global Management, LLC (NYSE: APO), which will invest up to $400 million in our wholly owned subsidiary, HK TMS, LLC. The capital from this financial partnership will allow us to accelerate activity in the play. We produced 3 Boe/d from the TMS in 1Q14.

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