Magnum Hunter Resources Announces Spudding of First Utica

New Post Public Reply Private Reply Replies (0) Message Board
testuser
Magnum Hunter Resources Announces Spudding of First Utica Shale Well in Ohio

HOUSTON, TX--(Marketwired - Apr 12, 2013) - Magnum Hunter Resources Corporation ( NYSE : MHR ) ( NYSE MKT : MHR.PRC ) ( NYSE MKT : MHR.PRD )  NYSE MKT : MHR.PRE ) (the "Company" or "Magnum Hunter"), announced today the commencement of drilling its first Utica Shale well on the Farley Pad (4 Well Pad) located in northern Washington County, Ohio along the Noble County, Ohio border. Triad Hunter, LLC ("Triad Hunter"), a wholly-owned subsidiary of the Company, is operating the well and owns 100% working interest in this drilling unit. The development plan is to first drill a vertical pilot hole for extensive logging and core analysis, and then to plug back and drill a 6,000+ foot lateral in the Point Pleasant portion of the Utica Shale. The well will then be fracture stimulated and tested this summer.

Triad Hunter has mineral rights on approximately 88,000 gross acres (79,000 net acres) of Utica potential in Ohio and West Virginia, with a significant portion of this mineral acreage held by existing production. Based on offset well results and industry analysis, we believe approximately one-half of our existing acreage position is located in the wet gas window of this emerging play.

Management Comments

Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, "While this new well currently drilling represents our first horizontal Utica Shale test in Ohio, we have three other horizontal wells already drilled in the Marcellus formation located nearby in Monroe County, two of which are waiting on fracture stimulation and new pipeline installation by our midstream affiliate, Eureka Hunter. Having the opportunity of possessing two significant production horizons at one location is unique in this region. The down hole log interpretations of these two new wells which indicate a very high liquids content is most encouraging. We believe our activities in Southeastern Ohio will have significant economic impact on our Company in the ensuing months. We continue to assemble mineral acreage in the region to increase our inventory and foothold position."

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, Kentucky, Ohio, Texas and North Dakota and Saskatchewan, Canada. The Company is presently active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale.

For more information, please view our website at www.magnumhunterresources.com .

Forward-Looking Statements

The statements and information contained in this press release that are not statements of historical fact, including any estimates and assumptions contained herein, are "forward looking statements" as defined in Section 27A of the Securities Act of 1933, as amended, referred to as the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, referred to as the Exchange Act. These forward-looking statements include, among others, statements, estimates and assumptions relating to our business and growth strategies, our oil and gas reserve estimates, our ability to successfully and economically explore for and develop oil and gas resources, our exploration and development prospects, future inventories, projects and programs, expectations relating to availability and costs of drilling rigs and field services, anticipated trends in our business or industry, our future results of operations, our liquidity and ability to finance our exploration and development activities and our midstream activities, market conditions in the oil and gas industry and the impact of environmental and other governmental regulation. In addition, with respect to any pending transactions described herein, forward-looking statements include, but are not limited to, statements regarding the expected timing of the completion of proposed transactions; the ability to complete proposed transactions considering various closing conditions; the benefits of any such transactions and their impact on the Company's business; and any statements of assumptions underlying any of the foregoing. In addition, if and when any proposed transaction is consummated, there will be risks and uncertainties related to the Company's ability to successfully integrate the operations and employees of the Company and the acquired business. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "could," "should," "expect," "intend," "estimate," "anticipate," "believe," "project," "pursue," "plan" or "continue" or the negative thereof or variations thereon or similar terminology.

These forward-looking statements are subject to numerous assumptions, risks, and uncertainties. Factors that may cause our actual results, performance, or achievements to be materially different from those anticipated in forward-looking statements include, among others, the following: adverse economic conditions in the United States, Canada and globally; difficult and adverse conditions in the domestic and global capital and credit markets; changes in domestic and global demand for oil and natural gas; volatility in the prices we receive for our oil, natural gas and natural gas liquids; the effects of government regulation, permitting and other legal requirements; future developments with respect to the quality of our properties, including, among other things, the existence of reserves in economic quantities; uncertainties about the estimates of our oil and natural gas reserves; our ability to increase our production and therefore our oil and natural gas income through exploration and development; our ability to successfully apply horizontal drilling techniques; the effects of increased federal and state regulation, including regulation of the environmental aspects, of hydraulic fracturing; the number of well locations to be drilled, the cost to drill and the time frame within which they will be drilled; drilling and operating risks; the availability of equipment, such as drilling rigs and transportation pipelines; changes in our drilling plans and related budgets; regulatory, environmental and land management issues, and demand for gas gathering services, relating to our midstream operations; and the adequacy of our capital resources and liquidity including, but not limited to, access to additional borrowing capacity.

These factors are in addition to the risks described in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's 2011 annual report on Form 10-K, as amended, filed with the Securities and Exchange Commission, which we refer to as the SEC. Most of these factors are difficult to anticipate and beyond our control. Because forward-looking statements are subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such statements. You are cautioned not to place undue reliance on forward-looking statements contained herein, which speak only as of the date of this document. Other unknown or unpredictable factors may cause actual results to differ materially from those projected by the forward-looking statements. Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. We urge readers to review and consider disclosures we make in our reports that discuss factors germane to our business. See in particular our reports on Forms 10-K, 10-Q and 8-K subsequently filed from time to time with the SEC. All forward-looking statements attributable to us are expressly qualified in their entirety by these cautionary statements.

Contact: Chris Benton AVP, Finance and Capital Markets ir@magnumhunterresources.com (832) 203-4539

Investors-Hangout-Stock-Message-Boards-thumbnail-2015.png

test123 kjk
Scroll down for more posts ▼

Top 10 Most Recent News Articles

Koppers Faces Investigation: Investors Cautious Amid Probe

Updated Category News Views 211

Deep Dive: Koppers' Financial Turmoil When a company throws a financial party, you don't expect the hangover to come in the form of an investigation notice. That’s what’s brewing over at Koppers Holdings Inc., leading many seasoned investors to take a hard, scrutinizing look at the books. The latest buzz? An inquiry into whether the company gave its investors the full...

Continue Reading
Cultural Bridges and Mazu's Spirit: Gen Z's Role

Updated Category News Views 183

Youthful Energy Revives Ancient Traditions Over in Putian, China, you'd have seen a curious sight in late October—hundreds of young folks from over 20 corners of the globe gathering not for a concert or some influencer meet-up, but to dive into Mazu's legacy. This ain't your typical cultural event. More than 200 Gen Z representatives came together, bridging their...

Continue Reading
Blue Owl Tech Faces Lawsuit Post-44% Share Dive

Updated Category News Views 59

The air's thick with tension for investors of Blue Owl Technology Finance Corp. (NYSE:OTF) as they wake up to the news of a securities class action lawsuit that's no small fry. You don’t have to look too far to see why the folks holding the bag might be steamed. We’re talking about a 44% drop in stock price since the merger with Blue Owl Technology Finance Corp....

Continue Reading
2027 Toy of the Year Finalists Energize Play Market

Updated Category News Views 156

A Kaleidoscope of Innovation in Toys There's a familiar buzz in the air, folks. The 2027 Toy of the Year Awards finalists have been unveiled, and they're bringing a fresh wave of creativity to children's playrooms. These aren't just toys; they're miniature innovators ready to light up the market this holiday season. The reveal happened at the Chicago Toy & Game Fair and...

Continue Reading
Boston STEM Expo Sparks Young Minds in Engineering

Updated Category News Views 74

If you really want to light up a kid's imagination, throw them into a room full of science experiments and let 'em have at it. That's exactly what happened at the recent Society of Women Engineers' Innovation Expo in Boston's Seaport District. The place was buzzing, and not just because of all the engineering gadgets on display—it was the energy of young minds...

Continue Reading
J&J's New Study: Sjögren’s Solution Insight Sparks Debate

Updated Category News Views 103

Patient-Centric Take on Sjögren's Disease Johnson & Johnson has dropped fresh Phase 2 results on nipocalimab, reminding everyone they're at the helm of reshaping treatments for Sjögren's disease (SjD). A condition leaving about four million folks craving better days, in multiple ways, shines a light on what's gripping patients the hardest. It's hard not to sit up and...

Continue Reading
Moon Base Ambitions: Impulse Space Wins Key NASA Contracts

Updated Category News Views 88

NASA's Vision and Impulse's New Role Ever think you'd see a company like Impulse Space set to play a starring role in humanity's return to the lunar surface? Well, strap in because this isn't just a pipe dream anymore. NASA's bold plan to establish a Moon Base has taken a tangible step forward with Impulse winning two hefty task orders. This ain't just peanuts—this duo...

Continue Reading
Invasive Procedures Don't Extend Life in Stable Heart Disease

Updated Category News Views 168

Challenging Longstanding Beliefs Today’s news from the heart research front might set a few cardiology heads spinning. We’ve got big-time findings out of the ISCHEMIA-EXTEND study, throwing more weight on the evidence pile that early invasive heart procedures for patients with stable coronary artery disease don’t actually extend your life. Managing care with a blend...

Continue Reading
Future FinTech Under Investigation: Shareholder Impact Looms

Updated Category News Views 81

Future FinTech Faces Legal Scrutiny When the walls close in under financial suspicion, the spotlight can burn brighter than any anticipated market gain. That's precisely what Future FinTech Group Inc. (NasdaqCM: FTFT) is up against now. Kahn Swick & Foti, LLC, featuring the ex-Attorney General of Louisiana, Charles C. Foti, Jr., has begun scrutinizing the actions of...

Continue Reading
Evaluating GLP-1 Telehealth? Key Questions to Consider

Updated Category News Views 166

Navigating the Landscape of GLP-1 Telehealth Providers In the sprawling jungle of telehealth options for GLP-1 care, it's easy to feel like you're drowning in sameness. Picture this: you land on a sleek page promising the moon and stars, but who knows what's behind the curtain? That's where seasoned advice comes in, like a compass in this murky digital forest. Meant, a...

Continue Reading

Top 5 Most Recently Viewed Articles

Klarna Group plc Investors Take Legal Action Amid Class Action Suit

Updated Category News Views 146

Klarna Group plc Investors Pursue Class Action Amid Concerns The renowned law firm Berger Montague PC is investigating claims on behalf of investors connected to Klarna Group plc (NYSE: KLAR), following a recent class action lawsuit. The firm is focused on representing individuals who purchased Klarna securities during the recent class action period. Understanding the...

Continue Reading
Saba Capital Income Fund Shares Distribution Insights

Updated Category News Views 312

Saba Capital Income Fund Announces Shareholder Distribution Sources Saba Capital Income & Opportunities Fund (NYSE: BRW), a registered closed-end management investment company on the New York Stock Exchange, is reaching out to its shareholders and interested parties with key details regarding its distribution sources under Section 19(a) of the Investment Company Act. This...

Continue Reading
Insta360 Partners with SMX Championship for Immersive Action.

Updated Category News Views 274

Insta360 Unveils Unique Partnership with SMX World Championship Insta360, a leader in innovative 360-degree action camera technology, is thrilled to announce its collaboration with the SMX League as the official action camera sponsor for the SMX World Championship. This exciting partnership enhances how fans experience the electrifying world of dirt bike racing, beginning...

Continue Reading
Revolutionizing 1031 Exchanges: The New Online Marketplace

Updated Category News Views 163

Introducing a Game-Changer for 1031 Exchanges 1031 Specialist is excited to announce the upcoming launch of its innovative online marketplace designed specifically for 1031 exchanges. This platform aims to revolutionize how investors find and evaluate replacement properties across the nation. Understanding the urgency and complexities involved in 1031 exchanges, the...

Continue Reading
Enteral Feeding Formulas Market Growth Forecast to 2032

Updated Category News Views 149

Insights into the Enteral Feeding Formulas Market The enteral feeding formulas market has shown remarkable growth, with its size reaching USD 7 billion in 2023. This segment is projected to experience a substantial compound annual growth rate (CAGR) of 7.1% from 2024 to 2032. Enteral feeding formulas are specialized liquid nutrition products aimed at individuals unable to...

Continue Reading