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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: SliderOnTheBlack who wrote (41791)4/7/1999 9:30:00 PM
From: ldo79  Read Replies (1) of 95453
 
Slider, here's a small e&p that just reported:

IRVING, Texas, April 7 /PRNewswire/ -- MagnumHunter Resources, Inc. (''Magnum Hunter'') (Amex: MHR - news) today announced significantly increased oil and gas production amid much lower oil and gas prices for the fourth quarter and year-ended December 31, 1998. Proved oil and gas reserves were 323 billion cubic feet equivalent (Bcfe) at December 31, 1998, after record annual production of 21 Bcfe, up 50% from 1997 production of 14 Bcfe. Despite 51 Bcfe of downward reserve revisions primarily due to lower commodity prices at year-end, Magnum Hunter was successful in finding through the drill bit and with property acquisitions over 61 Bcfe of new proven reserves. Exploration and development expenditures totaled $30.7 million for the year, funding 6 exploratory wells and 84 developmental wells for an overall success rate of 99%. These additions to reserves resulted in a reserve life index of over 15 years. Proved reserves at year-end 1997 were 333 Bcfe. Prices used in reserve reports at December 31, 1998 were held constant at $9.42 per barrel of oil (Bbl) and $2.12 per thousand cubic feet of gas (Mcf) as compared to prices used at December 31, 1997 of $16.08 per Bbl and $2.34 per Mcf.

Regards
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