Magnum Hunter Resources Reports 235% Increase 2011 Reserves

Magnum Hunter Resources Corporation (NYSE: MHR) reported a 235% increase in the quantity of its 2011 estimated reserves as compared to 2010.

As quoted in the press release:

Magnum Hunter’s total proved reserves increased by 31.5 million barrels of oil equivalent (Boe) to 44.9 million Boe (48% crude oil & ngl; 50.9% proved developed producing) as of December 31, 2011 as compared to 13.4 million Boe (51% crude oil & ngl; 44% proved developed producing) at December 31, 2010.

Magnum Hunter’s Chairman of the Board and CEO, Mr. Gary C. Evans commented:

The ability to book new proved reserves in our three unconventional resource plays continues to grow exponentially due to the success we have been experiencing with our new well drilling efforts.

Click here to read the Magnum Hunter Resource (NYSE: MHR)press release.