On May 7, Halcón Resources Corp. (NYSE: HK) detailed its first-quarter 2014 financial and operational results. The quarter ended March 31, the company said.

Total revenues were $275.1 million, the company said, noting that this was a 44% increase over first-quarter 2013’s revenues.

Regarding capex, the company detailed the breakdown of capital costs. A total of $331.2 million was spent on drilling and completions, $14.2 million was spent on infrastructure and seismic and $113.8 million was spent on acquisitions, the company noted. Acquisitions were primarily in the Tuscaloosa Marine Shale and El Halcón areas, the company added.

Halcón divested noncore East Texas assets for $450 million, the company said, noting that the transaction is scheduled to close in May. The assets include about 83,000 net acres, mostly in Grimes, Leon and Madison counties, Texas, the company added. The estimated proved reserves, as of Dec. 31, 2013, were about 16.3 million barrels of oil equivalent (boe), 39% of them proved developed.

Regarding liquidity during the quarter, the revolving credit facility’s borrowing base was increased to $800 million from $700 million during a redetermination, Halcón said. As of March 31, there was about $452 million in undrawn facility capacity, plus cash, the company added. This amount was increased to $802 million when the East Texas noncore asset sale was factored in pro forma, along with a related $100 million reduction to the borrowing base, the company noted.

Regarding operations, the capital spent on drilling and completions in first-quarter 2014 was in line with the company’s guidance, Halcón said. Halcón added that an average of three to four rigs would remain active for the rest of the year in the Williston Basin, where nearly 25,000 boe/d are currently being produced.

In the El Halcón area, two to three rigs will be operated for the rest of the year, and an average of 7,018 boe/d was produced of the quarter, the company said. This was an 843% increase over first-quarter 2013, the company added. Currently, about 10,400 boe/d is being produced in El Halcón, the company noted.

Halcón Resources Corp. acquires, explores and develops onshore domestic oil and natural gas.