Magnum Hunter Announces Total Proved Reserves
Magnum Hunter Resources Corporation (NYSE: MHR) announced today a 116% increase in the quantity of the Company's estimated total proved reserves at year-end 2010 as compared to year-end 2009. The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of December 31, 2010, discounted at 10% ("PV-10"), also increased 171% as compared to year-end 2009.
Magnum Hunter's total proved reserves increased by 7.2 million barrels of oil equivalent (Boe) to 13.4 million Boe as of December 31, 2010 as compared to 6.2 million Boe at December 31, 2009. The Company's reserve life (R/P ratio) remained flat at approximately 23 years as of December 31, 2010.
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