mhr release 7/23 all should be hitting this month
Magnum Hunter Announces Potentially Significant Gas Discovery
IRVING, Texas, July 23 /PRNewswire/ -- Magnum Hunter Resources, Inc. (Amex: MHR) ("Magnum Hunter") announced today a potentially significant natural gas discovery approximately 120 miles north of Houston in Walker County, Texas. The Company owns a 25% working interest in the new well completed in the Glen Rose formation at a vertical depth of approximately 11,800 feet.
The Wash McAdams #3-H, is a "turnazontal" well with two horizontal legs drilled in opposite directions from the same vertical hole. The two horizontal segments have exposed over 11,000 feet of the Glen Rose formation to the borehole, thereby increasing the amount of net pay and recoverable reserves from the well. Initial results are encouraging, and a pipeline connection is being constructed in preparation to conduct final production tests and begin gas sales within the next two weeks.
Magnum Hunter and co-owners have formed an Area of Mutual Interest (AMI) and currently hold over 35,000 mineral acres under lease within the AMI. A confirmation well is scheduled to commence during August at a location approximately 2 miles southwest of the discovery. Favorable test results are expected to lead to an active drilling program to develop this potentially major gas field.
The current well appears to have validated the geological analysis and "turnazontal" drilling technology designed to extract new gas reserves from this large prospective area. More detailed results on this new discovery will be released upon completion of the pipeline connection.
Magnum Hunter Resources, Inc. is one of the nation's fastest growing independent exploration and development companies engaged in three principal activities: (1) the acquisition, production and sale of crude oil, condensate and natural gas; (2) the gathering, transmission and marketing of natural gas; and (3) the managing and operating of producing oil and natural gas properties for interest owners.
For Further Information Contact: Michael P. McInerney, Investor Relations of Magnum Hunter Resources, Inc., 972-401-0752.
SOURCE Magnum Hunter Resources, Inc.
CO: Magnum Hunter Resources, Inc.
ST: Texas
IN: OIL
SU: DSC
07/23/98 08:25 EDT prnewswire.com |
