Magnum Hunter Provides Eagle Ford Shale Well Results, Says Board May Have 'Second Thoughts' About Divesting Properties
Magnum Hunter Resources Corporation (NYSE: MHR) announced today production results from two new Eagle Ford Shale wells operated by the Company. Both wells went on production December 22, 2012. The Rhino Hunter #1 located in Lavaca County, Texas is producing approximately 2,033 barrels of oil per day and 1,113 mcf of natural gas (2,218 boe/d) on a 16/64" choke. Magnum Hunter owns approximately 48% working interest in the Rhino Hunter #1. The Zebra Hunter #1 is also located in Lavaca County, Texas and is producing approximately 1,995 barrels of oil per day and 898 mcf of natural gas (2,145 boe/d) on a 16/64" choke. Magnum Hunter owns approximately 45% working interest in the Zebra Hunter #1. Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter Resources Corporation, commented, "These two new Eagle Ford wells are by far our best producers since we initiated drilling operations in this play in 2010. We have to-date drilled or participated in a total of 42 successful wells in the oil trend of the Eagle Ford. Our net daily production in the Eagle Ford is currently over 4,100 boe/d. With these consistent results, and the significant reserve additions we are seeing from new wells that are now exceeding 500 thousand barrels of oil equivalent per well, our Management and Board may very well have second thoughts about our decision to possibly completely divest these properties at this time."
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