Magnum Hunter Resources Provides Operating Status of Shut-In Appalachian Production Due to Severe Weather
Magnum Hunter Resources Corporation (NYSE: MHR) is providing a status report on the effect of the Company's production in the Appalachia region, which includes West Virginia and Ohio, from a severe thunderstorm that hit the area last Friday afternoon. Due to loss of electricity in the region, the storm resulted in approximately 30 million cubic feet equivalent per day ("mmcfepd") net to Magnum Hunter being shut-in over the past three days. The Company has subsequently brought approximately 70% of the wells back online and anticipates the remaining shut-in production to be back in service over the next five days. None of the Company's personnel were injured during this severe storm.
Additionally, due to the storm and the after effects, the Company has experienced gas production curtailments at the tailgate of its pipeline into Dominion Transmission as it relates to power and start-up issues at their Hastings processing facility located in Hastings, West Virginia, which could possibly continue for several weeks. Currently, approximately 17% (5.8 mmcfepd) of Magnum Hunter's net production in this region is being curtailed.
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