YOUNGSTOWN, Ohio -- Because of low oil prices, Houston-based Halcon Resources Corp. said Thursday it would further reduce its drilling and completion budget this year to between $375 million and $425 million.

This compares to an earlier 2015 forecast of between $750 million and $800 million.

The company operates in the oil-rich Bakken shale in North Dakota and Eagle Ford shale in Texas. It plans to operate an average of two rigs in the Fort Berthold area and one rig in El Halcon in East Texas in 2015, versus the six rigs it had planned earlier.

Halcon said it expects to produce between 40,000 and 45,000 barrels of oil equivalent per day in 2015.

The company has three producing wells in the Mahoning Valley region of the Utica shale, two in Lordstown Township, one in Vienna Township.

Poor well production in the region forced the company to suspend its drilling program here last year.

SOURCE: Halcon Resources Corp.

Published by The Business Journal, Youngstown, Ohio.
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