Click here to close now.


News Feed Item

Magnum Hunter Resources Provides Operational Update on Its Marcellus and Utica Shale Plays

HOUSTON, TX -- (Marketwired) -- 03/14/14 -- Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) ("Magnum Hunter" or the "Company") announced today certain updates on its drilling and completion activities in the Marcellus and Utica Shale Plays.

Marcellus and Utica Drilling Update

Over the next 30 days, the Company anticipates production flowing to sales from 8 gross (7 net) wells in the Marcellus and Utica Shale Plays via the Company's majority owned Eureka Hunter Pipeline System. Of these wells, the Company anticipates the three WVDNR Pad wells located in Wetzel County, West Virginia, in which the Company owns a 100% working interest, will begin flowing to production sales over the next 17-20 days. The Stalder Pad wells, the Stalder #2MH and Stalder #3UH, will be turned into production over the next 10-12 days following the finalization of fracture stimulation of the Stalder Marcellus well which is nearing completion. In addition, the pipeline segment at the Ormet Pad is in the final stages of installation, and the Company anticipates the three wells on this pad to flow to production over the next 45 days. Following the completion of the WVDNR Pad wells, Stone Energy (under its joint venture with the Company) will then commence the completion of 4 gross (2 net to the Company) wells, already drilled and cased, located in Wetzel County, West Virginia, over the next couple of weeks with production flowing to sales anticipated in the next 60 days. The Company anticipates incremental production from the WVDNR, Stalder and Ormet Pad locations will be in the range of 6,000 - 8,000 barrels of oil equivalent per day net to the Company.

On the WVDNR Pad located in Wetzel County, West Virginia, the Company has drilled and completed the fracture stimulation of the three 100% owned Marcellus Shale wells, the WVDNR #1207, #1208 and #1209. The wells were drilled and cased to an average vertical depth of 7,500 feet with a 4,000 foot average horizontal lateral. The Company is currently cleaning up the location and anticipates production from the wells to begin flowing to sales over the next 17-20 days.

As previously reported, the Company drilled and completed three ~100% owned wells located on the Ormet Pad in Monroe County, Ohio. The wells were drilled and cased to an average vertical depth of 5,900 feet with a 3,900 foot average horizontal lateral. The Ormet wells tested at a combined rate of 11,669 Mcf of natural gas and 1,788 Bbl of condensate per day or 3,733 barrels of oil equivalent per day. Eureka Hunter is finalizing the connection of its pipeline segment from the Ormet Pad to its mainline, and the Company anticipates production from these wells to flow to sales over the next 45 days.

The Company's first Marcellus Shale well drilled on the Stalder Pad, the Stalder #2MH, has been drilled and cased, and the Company is currently fracture stimulating the remaining four stages of the well, which the Company expects to complete in the next couple of days. The Stalder #2MH was drilled and cased to a true vertical depth of 6,070 feet with a 5,474 foot horizontal lateral. The Company's first dry gas Utica Shale well, the Stalder #3UH, also located on the Stalder Pad in Monroe County, Ohio, is currently shut-in due to the fracture stimulation of the Stalder #2MH (the Marcellus well). Production from both Stalder wells will begin flowing to sales into the Eureka Hunter Pipeline over the next 10-12 days.

On the Farley Pad (100% owned wells) located in Washington County, Ohio, the Company has drilled and cased the Farley #1306H well in the Utica Shale to a true vertical depth of 7,850 feet with a 6,313 foot horizontal lateral. The Company has also completed the drilling of another Utica Shale well on the Farley Pad, the Farley #1304H, and is currently at total measured depth of 14,250 feet and expects to begin run casing in the next 3-5 days. The Farley #1304H was drilled to a true vertical depth of 7,914 feet with a 5,400 foot horizontal lateral. Following the drilling of the Farley #1304H, the Company will begin fracture stimulation of these two new Farley Utica wells later this month and expects to report initial production test rates in early-summer 2014 following an approximate 30-day resting period. The Company is in the advanced stages of completing a new take-away capacity agreement with a third-party midstream company and expects to be ready to flow production of all three wells on the Farley Pad to sales via a temporary sales line in August 2014.

On the Stewart Winland Pad located in Tyler County, West Virginia, the Company has drilled and cased two Marcellus Shale wells, the Stewart Winland #1301 and #1302. The wells were drilled and cased to an average true vertical depth of 6,155 feet with a 5,750 foot average horizontal lateral. The Company is currently drilling the lateral portion of the third Marcellus Shale well, the Stewart Winland #1303, to a true vertical depth of 6,155 feet with a 5,800 foot horizontal lateral. Following the completion of this third Marcellus well, the Company will walk the robotic drilling rig over to the next location and drill the first horizontal Utica Shale well ever drilled in the State of West Virginia. The Company expects to report initial production test rates from these four new 100% owned wells on the Stewart Winland Pad during mid-summer 2014.

Production results from the group of wells described above are anticipated to almost double the Company's current overall daily production volumes.

About Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas-based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the States of West Virginia, Ohio, Kentucky, and North Dakota. The Company is presently active in three of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, and Williston Basin/Bakken Shale.

Availability of Information on the Company's Website

Magnum Hunter is providing a reminder that it makes available on its website (at a variety of information for investors, analysts and the media, including the following:

  • annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
  • the most recent version of the Company's Investor Presentation slide deck;
  • announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
  • press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
  • corporate governance information, including the Company's corporate governance guidelines, committee charters, code of conduct and other governance-related matters.

Magnum Hunter's goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company's website frequently.

Certain information included on the Company's website constitutes forward-looking statements and is subject to the qualifications under the heading "Forward-Looking Statements" below and in the Company's Investor Presentation slide deck.

Forward-Looking Statements

This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter's Annual Report on Form 10-K for the fiscal year ended December 31, 2013 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company In the past, he was co-founder of social-trading platform Currensee, which...
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
In his General Session at 17th Cloud Expo, Bruce Swann, Senior Product Marketing Manager for Adobe Campaign, explored the key ingredients of cross-channel marketing in a digital world. Learn how the Adobe Marketing Cloud can help marketers embrace opportunities for personalized, relevant and real-time customer engagement across offline (direct mail, point of sale, call center) and digital (email, website, SMS, mobile apps, social networks, connected objects).
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
The Internet of Everything is re-shaping technology trends–moving away from “request/response” architecture to an “always-on” Streaming Web where data is in constant motion and secure, reliable communication is an absolute necessity. As more and more THINGS go online, the challenges that developers will need to address will only increase exponentially. In his session at @ThingsExpo, Todd Greene, Founder & CEO of PubNub, exploreed the current state of IoT connectivity and review key trends and t...
Two weeks ago (November 3-5), I attended the Cloud Expo Silicon Valley as a speaker, where I presented on the security and privacy due diligence requirements for cloud solutions. Cloud security is a topical issue for every CIO, CISO, and technology buyer. Decision-makers are always looking for insights on how to mitigate the security risks of implementing and using cloud solutions. Based on the presentation topics covered at the conference, as well as the general discussions heard between sessi...
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.