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Stock Market & Financial Investment News

News Breaks
January 23, 2013
08:20 EDTMHRMagnum Hunter says proved reserves up 63% to 73.1M Boe
Magnum Hunter Resources announced a 63% increase in the quantity of the company's estimated total proved oil and gas reserves at December 31, 2012 as compared to last year. Magnum Hunter's total proved reserves increased by 28.2M barrels of oil equivalent, or Boe, to 73.1M Boe, including 62.9% crude oil and ngls; 52% proved developed producing, at December 31, 2012 as compared to 44.9M Boe, including 48% crude oil and ngls; 51% proved developed producing, at December 31, 2011. The present value of estimated future cash flows, before income taxes, of the company's estimated total proved reserves as of year-end 2012, discounted at 10%, also increased 59% to $981.2M as compared to one year ago. The company's reserve life based on current production is approximately 10.8 years.
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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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