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Gold/Mining/Energy : MHRC on the OTC market
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From: JakeStraw8/9/2011 9:11:13 AM
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Magnum Hunter Reports Second Quarter and Six Months Ended June 30, 2011 Financial & Operating Results
finance.yahoo.com

Magnum Hunter reported an increase in total revenues of 298% for the second quarter of 2011 compared to the second quarter of 2010. Total revenues were $33.4 million for the three months ended June 30, 2011 compared to $8.4 million for the three months ended June 30, 2010. This increase in revenues was driven principally by the significant increase in production derived from the NGAS and NuLoch acquisitions and the Company's ongoing drilling programs in the three unconventional resource plays.

Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources commented, "Our business plan remains on track. We have successfully closed two significant acquisitions during the second quarter and we are prudently developing our reserves in all three unconventional resource plays where we are active. Daily production is accelerating in each of these business units with new successful well completions. Because we now operate over 75% of our properties within our portfolio, if need be due to the extreme volatility being experienced in both the commodity and financial markets today, we can immediately adjust our capital expenditure program as needed. Magnum Hunter remains on target to exit 2011 at or above 10,000 barrels of oil equivalent per day."
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