Magnum Hunter Resources Announces Successful Drilling and Completion of Wells on Mississippi Reef Prospect

Strategic Insights -

Magnum Hunter Resources, Inc. has announced a significant development in its exploration and development efforts, with the successful drilling and recompletion of wells on the second Mississippi Reef prospect in Eastland County, Texas. The company holds a 100% working interest in the wells, which have added over 4 million cubic feet of gas equivalent per day to Magnum Hunter's current daily production. This marks a major milestone for the company, which has seen its daily production increase to approximately 59 million cubic feet equivalent.

Key Takeaways:

  • Magnum Hunter Resources, Inc. has successfully drilled and recompleted wells on the second Mississippi Reef prospect in Eastland County, Texas, increasing the company's daily production by over 4 million cubic feet of gas equivalent per day.
  • The new producers are flowing at a combined rate of 950 thousand cubic feet of gas and 50 barrels of oil per day from less than 4,000 feet total depth.
  • The company currently holds a 100% working interest in the wells and is evaluating other potential Mississippi Reef projects.
  • Magnum Hunter Resources, Inc. has a presence in three principal activities: crude oil and natural gas production, gathering, transmission, and marketing, and managing and operating producing oil and gas properties for interest owners.
  • The company's investor relations contact is Michael P. McInerney, who can be reached at 972-401-0752.

Statistics:

  • 59 million cubic feet equivalent: Magnum Hunter's current daily production
  • 4 million cubic feet of gas equivalent per day: Increase in daily production due to the new wells
  • 950 thousand cubic feet of gas and 50 barrels of oil per day: Combined flow rate of the new producers
  • 100%: Working interest held by Magnum Hunter Resources, Inc. in the wells
  • 1998: Year in which the Company first drilled on the Mississippi Reef prospect in Eastland County, Texas

Sources:

  • Magnum Hunter Resources, Inc. (http://www.magnumhunter.com/)
  • Michael P. McInerney, Investor Relations of Magnum Hunter Resources, Inc. (972-401-0752)