Magnum Hunter Resources Corp. (MHR) Reports Strong Increase in Production

on April 01 2010 6:01 AM

Magnum Hunter Resources Corp. released an operational update on its oil and gas properties for the full year 2009. The company drilled 33 gross wells during the year.

Magnum Hunter Resources Corporation reported average daily production of 703 barrels of oil equivalent (BOE) in 2009, a 23% increase over the 572 BOE of average daily production in 2008. The company said that this production was composed of 70% crude oil and 30% natural gas liquids.

Magnum Hunter Resources Corporation attributed the strong increase in production to the development of the Mohall Madison field of North Dakota.

Magnum Hunter Resources Corporation reported that 32 of the 33 wells drilled were successful, for a success rate of 97%. The company replaced 1200% of its production in 2009, at a finding and development cost of $4.50 per BOE.

Gary C. Evans, the CEO of Magnum Hunter Resources Corporation, said, “We are well on our way to building a premier independent oil and gas company. As of this writing, our market capitalization is approaching $200 million, up from $10 million in May of last year. Our share price has increased more than 800% and MHR has been the best performing stock in the sector since May 2009.”

Magnum Hunter Resources Corporation is an oil and gas exploration and production company with acreage in the Eagle Ford Shale in Texas, the Bakken Shale in North Dakota and the Marcellus Shale in Pennsylvania.