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Magnum Hunter Resources Corporation (NYSE:MHR,AMEX:MHR-PrC) provided update on drilling, operations, and production in the oil-window of the Eagle Ford Shale unconventional resource play in South Texas.
Magnum Hunter Resources Corporation (NYSE:MHR,AMEX:MHR-PrC) provided update on drilling, operations, and production in the oil-window of the Eagle Ford Shale unconventional resource play in South Texas.
The press release is quoted as saying:
The Company’s capital budget for the Eagle Ford Division for fiscal 2011 remains at approximately $75 million (30% of the total capex budget) to drill 16 gross wells (8.4 net wells). Since spudding our first Eagle Ford Shale well in June 2010 and year-to-date, Magnum Hunter has drilled and completed 11 gross wells (6.3 net wells). The Furrh #2H well (50% working interest) is located in Lavaca County and is currently drilling with an anticipated 20 stage frac completion date beginning in mid-October. Eagle Ford Hunter has an additional 8 gross wells (4.5 net wells) planned for spudding before year-end 2011. The Company anticipates having a total of 19 gross wells (10.8 net wells) on line and flowing to sales on or before year-end 2011.
Magnum Hunter Resources’ Chairman of the Board and CEO, Mr. Gary C. Evans, said,
“Over the last several weeks, our Eagle Ford Division has successfully put on production and into sales two extraordinary wells. The more experience we continue to obtain in this region is undoubtedly creating better production results. A combination of longer laterals, more frac stages, and certain modifications to downhole equipment has led to new well completions ranging from 1,000 – 2,000 Boepd per well.
Click here to access the entire press release
