Profile: Magnum Hunter Resources Corp (MHR.N)

MHR.N on New York Stock Exchange

2.73USD
1 Apr 2015
Change (% chg)

$0.06 (+2.25%)
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$2.67
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Volume
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Magnum Hunter Resources Corporation, incorporated on June 4, 1997, independent oil and natural gas company. The Company is engaged in the exploration for and the exploitation, acquisition, development and production of crude oil, natural gas and natural gas liquids resources in the United States. The Company is active in the Marcellus Shale in West Virginia and Ohio; the Utica Shale in southeastern Ohio and western West Virginia; and the Williston Basin/Bakken Shale in North Dakota. The Company’s core oil and natural gas reserves and operations are primarily concentrated in West Virginia, Ohio and North Dakota. It is also engaged in midstream and oil field services operations, primarily in West Virginia and Ohio.

Appalachian Basin / Marcellus Shale and Utica Shale / West Virginia and Ohio

The Appalachian Basin drilling operations are focused on development in the liquids rich Marcellus Shale and Utica Shale underlying West Virginia and Ohio. As of January 31, 2014, the Company had a total of approximately 78,709 net leasehold acres in the Marcellus Shale. Its Marcellus Shale acreage is located principally in Tyler, Pleasants, Ritchie, Wetzel and Lewis Counties, West Virginia and in Washington and Monroe Counties, Ohio. As of January 31, 2014, it had 35 horizontal wells (27.5 net) producing in the Marcellus Shale and 14 horizontal wells (7.9 net) awaiting completion, one horizontal well drilling, and one drilling rig operating on its Company-operated Marcellus Shale properties.

As of January 31, 2014, the Company had a total of approximately 99,078 net leasehold acres prospective for the Utica Shale. Approximately 63,877 of the net acres are located in Ohio (a portion of which acreage overlaps its Marcellus Shale acreage), and approximately 35,201 of the net acres are located in West Virginia (a portion of which acreage overlaps its Marcellus Shale acreage).

As of January 31, 2014, the Company had a total of approximately 99,078 net leasehold acres prospective for the Utica Shale. Approximately 63,877 of the net acres are located in Ohio and approximately 35,201 of the net acres are located in West Virginia. Utica Shale acreage is located principally in Tyler, Pleasants and Wood Counties, West Virginia and in Washington, Monroe, Morgan and Noble Counties, Ohio. As of January 31, 2014, it had two horizontal wells (1.5 net) awaiting completion, one horizontal well (one net) drilling, and one drilling rig operating on the Company-operated Utica Shale properties.

Williston Basin / Bakken Shale / North Dakota

As of January 31, 2014, the Williston Basin properties in the United States, or Williston Basin U.S., included approximately 102,869 net acres in the Bakken/Three Forks Sanish formations in North Dakota. The Williston Basin U.S. acreage is located in Divide County, North Dakota. As of January 31, 2014, it had 255 wells (61 net) producing, 4 wells (1.4 net) awaiting completion, five wells (1.4 net) drilling, and 2 drilling rigs operating on its Bakken/Three Forks Sanish properties in North Dakota. The Company’s 2014 capital expenditure budget includes approximately $50 million of capital expenditures in the Williston Basin/Bakken Shale in North Dakota.

Midstream Operations

The Company is continuing the commercial development of the Eureka Hunter Gas Gathering System to support the development of its existing Marcellus Shale and Utica Shale acreage positions, as well as the expanding gas gathering needs of third party producers in these regions. The system is being constructed primarily out of 20-inch and 16-inch high-pressure steel pipe. As of January 31, 2014, the Company had completed the construction of a total of over 100 miles of pipeline as part of the system.

As of February 16, 2014, the Company was flowing approximately 171,000 million metric british thermal units (MMBTU) of natural gas per day through the Eureka Hunter Gas Gathering System. It gathered 3.2 billion cubic feet (Bcf) of natural gas during January 2014 with a peak day of approximately 170,000 MMBtu of natural gas delivered to a processing plant located near the town of Mobley in Wetzel County, on January 5, 2014.

Oil Field Services Operations

The oil field services operations consist of the ownership and operation of six drilling rigs that are used primarily for vertical section air drilling in the Appalachian Basin for it and third parties. The Company’s fleet of rigs includes a robotic walking drilling rig that can also drill the horizontal sections of wells in the shale plays where the Company is active. This drilling rig was designed especially for pad drilling with its unique footprint and capability to walk and rotate without being dismantled. As of January 31, 2014, the Company had approximately 280,657 net leasehold acres in its core operating areas, including approximately 78,709 net acres in the Marcellus Shale, approximately 99,078 net acres prospective for the Utica Shale and approximately 102,869 net acres in the Williston Basin/Bakken Shale in North Dakota.

Company Address

Magnum Hunter Resources Corp

777 Post Oak Blvd Ste 650
HOUSTON   TX   77056-3213
P: +1832.3696986
F: +1832.3696992

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