Magnum Hunter Resources Provides Eagle Ford Shale Operations Update
finance.yahoo.com
Two New Discoveries on Production; Furrh #2H - 1,270 Boepd IP Rate; Kudu Hunter #1H - 1,590 Boepd IP Rate; Company Wide Current Daily Production - 9,500 Boepd
Mr. H.C. "Kip" Ferguson, President of Eagle Ford Hunter, LLC, commented, "Since the end of the third quarter, our Eagle Ford Division has put on production and sales two additional wells located on the Company's lease acreage position in the black oil window, the Furrh #2H and the Kudu Hunter #1H. The respective IP rates in excess of 1,200 Boepd are representative of the continued success we are having as a result of our increasing knowledge, improved fracing techniques in combination with longer laterals and more frac stages per lateral. We are fortunate to hold some of the better mineral lease acreage positions in the entire Eagle Ford play when comparing rates of return on capital deployed. We have substantial inventory with 198 drilling locations currently identified across our 52,000 gross leasehold acreage position. Our Company's in-house reservoir engineers have identified net unrisked resource potential of 39 million Boe over our current acreage. Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources stated, "As of November 30th, Magnum Hunter's total company wide production level is approximately 9,500 Boe per day. Our previously stated production exit rate goal for year-end 2011 of 10,000 Boepd appears to be on track and within budget."
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