UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

Exhibit 99.1

UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION

On September 30, 2016 (the “Effective Time”), certain wholly-owned subsidiaries (the “Sellers”) of Halcón Resources Corporation (“Halcón” or the “Company”) executed an Assignment and Assumption Agreement  (the “Assignment Agreement”) with an affiliate of Apollo Global Management (the “Buyer”) pursuant to which the Sellers assigned to Buyer, as of the Effective Time, one hundred percent (100%) of the common shares (the “Membership Interests”) of HK TMS LLC (“HK TMS”), which transaction is referred to as the “HK TMS Divestiture.”  HK TMS was previously a wholly-owned subsidiary of the Company and held all of the Company’s oil and natural gas properties in the Tuscaloosa Marine Shale.  In exchange for the assignment of the Membership Interests, the Buyer assumed all obligations relating to the Membership Interests of HK TMS from and after the Effective Time.

The following unaudited pro forma condensed combined financial information and explanatory notes adjust Xxxxxx’s historical statements of operations to give effect to the HK TMS Divestiture as of January 1, 2015 with respect to the statements of operations information for the six months ended June 30, 2016 and the year ended December 31, 2015 and as of June 30, 2016, with respect to the balance sheet information.  The unaudited pro forma condensed combined financial statements are provided for illustrative purposes only and are not intended to represent or be indicative of the consolidated results of operations or financial position of Halcón that would have been recorded had the HK TMS Divestiture been completed as of the dates presented and should not be taken as representative of future results of operations or financial position of Halcón.  The unaudited pro forma condensed combined financial statements have been derived from and should be read in conjunction with the historical consolidated financial statements and accompanying notes contained in Halcón’s Annual Report on Form 10-K for the year ended December 31, 2015 (audited) and Quarterly Report on Form 10-Q for the six months ended June 30, 2016 (unaudited), as filed with the Securities and Exchange Commission.

Halcón  Resources Corporation and Subsidiaries

Unaudited Pro Forma Condensed Combined Balance Sheet

As of June 30, 2016

(in thousands)

					HK TMS Divestiture
		Halcón			Pro Forma			Halcón
		Historical			Adjustments			Pro Forma
Current assets:
Cash		$	7,173		$	7,069	(1)	$	104
Accounts receivable		112,855			1,636		(2)	111,219
Receivables from derivative contracts		135,455			—			135,455
Restricted cash		17,164			16,999		(1)	165
Inventory		1,498			—			1,498
Debt issuance costs, net		5,557			—			5,557
Prepaids and other		8,694			—			8,694
Total current assets		288,396			25,704			262,692
Oil and natural gas properties (full cost method):
Evaluated		7,679,917			507,421		(2)	7,172,496
Unevaluated		1,180,148			—			1,180,148
Gross oil and natural gas properties		8,860,065			507,421			8,352,644
Less - accumulated depletion		(6,779,116		)	(493,271		)(2)	(6,285,845		)
Net oil and natural gas properties		2,080,949			14,150			2,066,799
Other operating property and equipment:
Gas gathering and other operating assets		100,355			175		(2)	100,180
Less - accumulated depreciation		(23,155		)	(76		)(2)	(23,079		)
Net other operating property and equipment		77,200			99			77,101
Other noncurrent assets:
Receivables from derivative contracts		5,642			—			5,642
Equity in oil and natural gas partnership		11			—			11
Funds in escrow and other		1,613			—			1,613
Total assets		$	2,453,811		$	39,953		$	2,413,858
Current liabilities:
Accounts payable and accrued liabilities		$	242,189		$	1,504	(2)	$	240,685
Asset retirement obligations		412			—			412
Current portion of long-term debt, net		2,825,807			—			2,825,807
Total current liabilities		3,068,408			1,504			3,066,904
Long-term debt, net		—			—			—
Other noncurrent liabilities:
Liabilities from derivative contracts		194			—			194
Asset retirement obligations		48,554			1,280		(2)	47,274
Other		9,283			9,121		(3)	162
Mezzanine equity:
Redeemable noncontrolling interest		212,503			212,503		(4)	—
Stockholders’ equity (deficit):
Preferred stock		—			—			—
Common stock		12			—			12
Additional paid-in capital		3,288,371			—			3,288,371
Accumulated deficit		(4,173,514		)	(184,455		)(5)	(3,989,059		)
Total stockholders’ equity (deficit)		(885,131		)	(184,455		)	(700,676		)
Total liabilities and stockholders’ equity (deficit)		$	2,453,811		$	39,953		$	2,413,858

Halcón  Resources Corporation and Subsidiaries

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Six Months Ended June 30, 2016

(in thousands, except per share amounts)

					HK TMS Divestiture
		Halcón			Pro Forma			Halcón
		Historical			Adjustments			Pro Forma
Operating revenues:
Oil, natural gas and natural gas liquids sales:
Oil		$	174,062		$	3,617	(6)	$	170,445
Natural gas		6,901			—			6,901
Natural gas liquids		5,441			—			5,441
Total oil, natural gas and natural gas liquids sales		186,404			3,617			182,787
Other		1,092			1		(6)	1,091
Total operating revenues		187,496			3,618			183,878
Operating expenses:
Production:
Lease operating		37,559			760		(7)	36,799
Workover and other		15,706			14		(7)	15,692
Taxes other than income		17,011			220		(7)	16,791
Gathering and other		21,903			4		(7)	21,899
Restructuring		5,073			—			5,073
General and administrative		66,324			78		(7)	66,246
Depletion, depreciation and accretion		94,937			3,640		(8)	91,297
Full cost ceiling impairment		754,769			83,941		(8)	670,828
Other operating property and equipment impairment		28,056			—			28,056
Total operating expenses		1,041,338			88,657			952,681
Income (loss) from operations		(853,842		)	(85,039		)	(768,803		)
Other income (expenses):
Net gain (loss) on derivative contracts		(35,781		)	—			(35,781		)
Interest expense and other, net		(106,113		)	(3,003		)(3)	(103,110		)
Gain (loss) on extinguishment of debt		81,434			—			81,434
Total other income (expenses)		(60,460		)	(3,003		)	(57,457		)
Income (loss) before income taxes		(914,302		)	(88,042		)	(826,260		)
Income tax benefit (provision)		—			—			—
Net income (loss)		(914,302		)	(88,042		)	(826,260		)
Series A preferred dividends		(6,396		)	—			(6,396		)
Preferred dividends and accretion on redeemable noncontrolling interest		(28,517		)	(28,517		)(9)	—
Net income (loss) available to common stockholders		$	(949,215	)	$	(116,559	)	$	(832,656	)
Net income (loss) per share of common stock:
Basic		$	(7.89	)				$	(6.92	)
Diluted		$	(7.89	)				$	(6.92	)
Weighted average common shares outstanding:
Basic		120,360						120,360
Diluted		120,360						120,360

Halcón  Resources Corporation and Subsidiaries

Unaudited Pro Forma Condensed Combined Statement of Operations

For the Year Ended December 31, 2015

(in thousands, except per share amounts)

					HK TMS Divestiture
		Halcón			Pro Forma			Halcón
		Historical			Adjustments			Pro Forma
Operating revenues:
Oil, natural gas and natural gas liquids sales:
Oil		$	512,346		$	16,701	(6)	$	495,645
Natural gas		22,509			—			22,509
Natural gas liquids		13,624			—			13,624
Total oil, natural gas and natural gas liquids sales		548,479			16,701			531,778
Other		1,799			—			1,799
Total operating revenues		550,278			16,701			533,577
Operating expenses:
Production:
Lease operating		103,590			2,287		(7)	101,303
Workover and other		20,862			43		(7)	20,819
Taxes other than income		48,890			945		(7)	47,945
Gathering and other		40,281			—			40,281
Restructuring		2,886			—			2,886
General and administrative		87,766			253		(7)	87,513
Depletion, depreciation and accretion		364,204			15,010		(8)	349,194
Full cost ceiling impairment		2,626,305			235,378		(8)	2,390,927
Total operating expenses		3,294,784			253,916			3,040,868
Income (loss) from operations		(2,744,506		)	(237,215		)	(2,507,291		)
Other income (expenses):
Net gain (loss) on derivative contracts		310,264			—			310,264
Interest expense and other, net		(232,878		)	(2,735		)(3)	(230,143		)
Gain (loss) on extinguishment of debt		761,804			—			761,804
Gain (loss) on extinguishment of Convertible Note and modification of February 2012 Warrants		(8,219		)	—			(8,219		)
Total other income (expenses)		830,971			(2,735		)	833,706
Income (loss) before income taxes		(1,913,535		)	(239,950		)	(1,673,585		)
Income tax benefit (provision)		(9,086		)	—			(9,086		)
Net income (loss)		(1,922,621		)	(239,950		)	(1,682,671		)
Series A preferred dividends		(17,517		)	—			(17,517		)
Preferred dividends and accretion on redeemable noncontrolling interest		(66,820		)	(66,820		)(9)	—
Net income (loss) available to common stockholders		$	(2,006,958	)	$	(306,770	)	$	(1,700,188	)
Net income (loss) per share of common stock:
Basic		$	(18.66	)				$	(15.81	)
Diluted		$	(18.66	)				$	(15.81	)
Weighted average common shares outstanding:
Basic		107,531						107,531
Diluted		107,531						107,531

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements

(1) Eliminates cash and restricted cash of HK TMS.

(2) Eliminates assets and liabilities attributable to HK TMS, including accounts receivable, oil and natural gas properties, other operating property and equipment, accounts payable, and asset retirement obligations.

(3) Eliminates HK TMS’s embedded derivative liability, which was recorded at fair value in the financial statements.

(4) Eliminates the HK TMS preferred shares. As of June 30, 2016, 172,294 preferred shares were outstanding.  The historical preferred shares were accreted up to the estimated required redemption value through June 30, 2016.

(5) Eliminates HK TMS’s historical accumulated deficit.

(6) Eliminates operating revenues of HK TMS.

(7) Eliminates operating and administrative expenses of HK TMS.

(8) Eliminates depletion expense and the full cost ceiling impairments incurred by HK TMS on its oil and natural gas properties.

(9) Eliminates the preferred dividends and the accretion of the preferred shares to the required redemption value.