MHRC on the OTC market Message Board

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Gold/Mining/Energy : MHRC on the OTC market

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From: JakeStraw	2/14/2014 12:18:38 PM
	of 188

Magnum Hunter Resources Announces Gas Discovery in First Utica Shale Well on Stalder Pad finance.yahoo.com Current Peak Rate Production of 32.5 MMCF per Day Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "Our first well on the Stalder Pad is the most eastern well and one of the most southern wells drilled to-date in the entire Utica Play of Ohio. The well's production is almost pure methane (97%) and therefore there is no need for processing, making it pipeline quality product. The benefit of owning the majority interest of our midstream division is that this well went directly through our gathering system to sales earlier this week. Therefore, we did not require any third-party to build a pipeline to this location. We are looking forward to drilling our first Utica well just across the Ohio River in West Virginia. We have a four well pad called the Stewart Winland, located in Tyler County, West Virginia, where we own 100% (87% NRI) of the working interest. We have already drilled one Marcellus well, are currently drilling the lateral of the second Marcellus well and after drilling the third Marcellus well on this pad later this month, our drilling rig will literally "walk" to the Utica location on this pad and commence drilling sometime in March, depending upon weather conditions. This new Utica well should geologically be deeper and higher pressure than the Stalder well. Our Eureka Hunter Gathering Pipeline is already present at that location so all four of these new wells will go directly to pipeline sales upon completion."

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