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Gold/Mining/Energy : MHRC on the OTC market
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From: JakeStraw1/15/2014 8:06:04 AM
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Magnum Hunter Resources Reports Total Proved Reserves of 75.9 MMBoe at Year-End 2013
finance.yahoo.com

Proved Reserves Up 23% From Year-End 2012*; Present Value (PV-10) Up 22% From Year-End 2012 to $922 Million*

Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter, commented, "This past year's growth in proved reserves was primarily attributable to our success in the Marcellus Shale Play of West Virginia and Southeastern Ohio. We were successful at replacing over 100% of the reserves lost in 2013 due to asset divestitures which included our Eagle Ford Division ($401 million). We had three new Marcellus wells that have been estimated to have over 10.5 Bcfe of proved reserves per well and one of those wells was estimated to have 11.7 Bcfe of proved reserves. Approximately 55% of our Marcellus wells exceed the average estimated cumulative proved reserves of 7.8 Bcfe each. Every year since initiating operations in the Marcellus Shale Play back in 2010, we have been successful at increasing the ultimate recoveries on new drills. This is a testimony of not only the quality of our lease acreage position, but also management's ability to continue improving upon our well completion methods. A significant point to note is that none of the proved reserves announced today include the Utica Shale Play where we hold close to 100,000 net leasehold acres with the exception of one well that had only a partial completion due to downhole issues. Therefore, with our greatly expanded Appalachian drilling budget, we are confident in our ability to continue to grow our proved reserves in both of these two exciting resources plays in a significant way during 2014."
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