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Stock Market & Financial Investment News

News Breaks
January 2, 2013
08:21 EDTMHRMagnum Hunter expands Marcellus and Utica leasehold position in Ohio
Magnum Hunter announced a new Joint Operating Agreement with Eclipse Resources, a privately-held company headquartered in State College, Pennsylvania. The contract area covers an existing mineral leasehold position currently owned by both companies in the Marcellus Shale and Utica Shale Formations located in Monroe County, Ohio. Terms of the new Agreement include Magnum Hunter's wholly-owned subsidiary, Triad Hunter and Eclipse, collectively working together within the contract area on an equal and joint basis on approximately 1,950 net mineral acres with the objective of drilling approximately twelve horizontal wells in the Marcellus Shale and twelve horizontal wells in the Utica Shale over the next three years. It is estimated that the total combined capital costs associated with this development effort in the contract area will exceed $200M.
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July 25, 2014
07:04 EDTMHRMagnum Hunter acquires Ormet Mineral Interest in OH, WV for $22.7M
Magnum Hunter announced that it closed on the purchase of approximately 1,700 net mineral acres located in Monroe County, Ohio and Wetzel County, West Virginia for approximately $22.7M from the Ormet Corporation, et al. This acquisition will increase the company's net revenue interest on its existing 875 acre oil and gas lease located on the related acreage from approximately 86% to nearly 100% in the Marcellus Shale formation only. Under the same agreement, the company has also acquired an approximate 100% net revenue interest in the balance of the mineral rights to this acreage which will also include the Utica Shale formation. The company has previously drilled three Marcellus Shale wells on the existing oil and gas lease which have been producing rich natural gas and condensate since May 6. This mineral interest acquisition adds to the company's large drilling inventory of potential Marcellus and Utica Shale wells in these two counties of West Virginia and Ohio. The company is already drilling the vertical section of the first dry gas Utica Shale well on the Ormet 15 Pad. This well is expected to have an approximate lateral length of 4,800 feet with an anticipated 20+ stages of fracture stimulation treatment. The current development plan includes a total of 4 gross Utica Shale wells to be drilled, completed, and producing on this property by year-end 2014. The Eureka Hunter gas gathering system is already constructed and available for throughput once these wells are completed.
July 14, 2014
07:08 EDTMHRMagnum Hunter reports mid-year proved reserves up 10.7% to 79.8 MMBoe
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