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Stock Market & Financial Investment News

News Breaks
April 16, 2013
07:09 EDTMHRMagnum Hunter says daily production approaching 20K bpd
Magnum Hunter Resources announced an operational update on each of the company's upstream unconventional resource plays for Q1 and provided an operational update for the company's midstream division, Eureka Hunter Pipeline. The company said, "We are expeditiously proceeding ahead with the closing of the sale of our Eagle Ford Division to Penn Virginia as previously announced. We anticipate financial closing prior to the end of April 2013...Companywide daily production is quickly approaching 20,000 Boe per day. We will not be lowering our production guidance for the year even after losing approximately 3,200 Boe per day later this month due to the Eagle Ford sale. With the imminent sale and closing of the Eagle Ford Division, we will be reallocating the capital budget previously earmarked for this Division to both the Appalachian and Williston Basin Divisions and maintain an overall $300M upstream capital expenditure budget for the year. Our liquidity position will significantly improve at the end of this month with the expectation of completely paying off our existing Senior Revolving Credit Facility at that time...With our midstream division, we are in a unique position to gather and process new discoveries in this region much more expeditiously than our competition."
News For MHR From The Last 14 Days
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July 29, 2014
08:20 EDTMHRMagnum Hunter to host investor day with a conference call hookup
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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.

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