HOUSTON, TX--(Marketwired - Feb 20, 2015) - Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) ("Magnum Hunter" or the "Company") announced today that the Company's four new 100% owned WVDNR Pad wells (#1410, #1411, #1412 and #1413) located in Wetzel County, West Virginia have all been recently placed on production after several weeks of testing. Currently, all seven of the Company's 100% owned Marcellus Shale wells, which included three previously shut-in wells, on the WVDNR Pad are flowing to sales. The WVDNR Pad is currently producing approximately 35 MMcfe per day.
The WVDNR #1410 well was drilled and cased to a true vertical depth of 7,500 feet with a 4,350 foot horizontal lateral, and successfully fraced with 23 stages. The well tested at a peak rate of 12,966 MMcfe (17% NGLs and 3% condensate) per day with an energy content of 1,175 BTU on an adjustable choke with 2,250 PSI flowing casing pressure.
The WVDNR #1411 well was drilled and cased to a true vertical depth of 7,500 feet with a 4,048 foot horizontal lateral, and successfully fraced with 21 stages. The well tested at a peak rate of 10,761 MMcfe (18% NGLs and 1% condensate) per day with an energy content of 1,175 BTU on an adjustable choke with 1,493 PSI flowing casing pressure.
The WVDNR #1412 well was drilled and cased to a true vertical depth of 7,500 feet with a 4,842 foot horizontal lateral, and successfully fraced with 24 stages. The well tested at a peak rate of 12,992 MMcfe (17% NGLs and 3% condensate) per day with an energy content of 1,175 BTU on an adjustable choke with 1,984 PSI flowing casing pressure.
The WVDNR #1413 well was drilled and cased to a true vertical depth of 7,500 feet with a 5,807 foot horizontal lateral, and successfully fraced with 29 stages. The well tested at a peak rate of 13,321 MMcfe (17% NGLs and 3% condensate) per day with an energy content of 1,175 BTU on an adjustable choke with 2,456 PSI flowing casing pressure.
The Company's other three 100% owned Marcellus Shale wells on the WVDNR Pad (#1207, #1208 and #1209) were previously tested at a combined peak rate of approximately 29.1 MMcfe per day.
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "Due to inclement weather experienced in the Northeast, our complete testing of these new wells was somewhat delayed. This production pad is very meaningful to our Company and further exemplifies the high quality production characteristics of the southern Marcellus formation in West Virginia."
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia and Ohio. The Company is presently active in two of the most prolific unconventional shale resource plays in North America, the Marcellus Shale and Utica Shale located in Northwest West Virginia and Southeast Ohio.
Availability of Information on the Company's Website
Magnum Hunter is providing a reminder that it makes available on its website (at www.magnumhunterresources.com) a variety of information for investors, analysts and the media, including the following:
- annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
- the most recent version of the Company's Investor Presentation slide deck;
- announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
- press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
- corporate governance information, including the Company's corporate governance guidelines, committee charters, code of conduct and other governance-related matters.
Magnum Hunter's goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company's website frequently.
Certain information included on the Company's website constitutes forward-looking statements and is subject to the qualifications under the heading "Forward-Looking Statements" below and in the Company's Investor Presentation slide deck.
This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.