|By Marketwired .||
|March 14, 2014 07:00 AM EDT|
HOUSTON, TX -- (Marketwired) -- 03/14/14 -- 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 certain updates on its drilling and completion activities in the Marcellus and Utica Shale Plays.
Marcellus and Utica Drilling Update
Over the next 30 days, the Company anticipates production flowing to sales from 8 gross (7 net) wells in the Marcellus and Utica Shale Plays via the Company's majority owned Eureka Hunter Pipeline System. Of these wells, the Company anticipates the three WVDNR Pad wells located in Wetzel County, West Virginia, in which the Company owns a 100% working interest, will begin flowing to production sales over the next 17-20 days. The Stalder Pad wells, the Stalder #2MH and Stalder #3UH, will be turned into production over the next 10-12 days following the finalization of fracture stimulation of the Stalder Marcellus well which is nearing completion. In addition, the pipeline segment at the Ormet Pad is in the final stages of installation, and the Company anticipates the three wells on this pad to flow to production over the next 45 days. Following the completion of the WVDNR Pad wells, Stone Energy (under its joint venture with the Company) will then commence the completion of 4 gross (2 net to the Company) wells, already drilled and cased, located in Wetzel County, West Virginia, over the next couple of weeks with production flowing to sales anticipated in the next 60 days. The Company anticipates incremental production from the WVDNR, Stalder and Ormet Pad locations will be in the range of 6,000 - 8,000 barrels of oil equivalent per day net to the Company.
On the WVDNR Pad located in Wetzel County, West Virginia, the Company has drilled and completed the fracture stimulation of the three 100% owned Marcellus Shale wells, the WVDNR #1207, #1208 and #1209. The wells were drilled and cased to an average vertical depth of 7,500 feet with a 4,000 foot average horizontal lateral. The Company is currently cleaning up the location and anticipates production from the wells to begin flowing to sales over the next 17-20 days.
As previously reported, the Company drilled and completed three ~100% owned wells located on the Ormet Pad in Monroe County, Ohio. The wells were drilled and cased to an average vertical depth of 5,900 feet with a 3,900 foot average horizontal lateral. The Ormet wells tested at a combined rate of 11,669 Mcf of natural gas and 1,788 Bbl of condensate per day or 3,733 barrels of oil equivalent per day. Eureka Hunter is finalizing the connection of its pipeline segment from the Ormet Pad to its mainline, and the Company anticipates production from these wells to flow to sales over the next 45 days.
The Company's first Marcellus Shale well drilled on the Stalder Pad, the Stalder #2MH, has been drilled and cased, and the Company is currently fracture stimulating the remaining four stages of the well, which the Company expects to complete in the next couple of days. The Stalder #2MH was drilled and cased to a true vertical depth of 6,070 feet with a 5,474 foot horizontal lateral. The Company's first dry gas Utica Shale well, the Stalder #3UH, also located on the Stalder Pad in Monroe County, Ohio, is currently shut-in due to the fracture stimulation of the Stalder #2MH (the Marcellus well). Production from both Stalder wells will begin flowing to sales into the Eureka Hunter Pipeline over the next 10-12 days.
On the Farley Pad (100% owned wells) located in Washington County, Ohio, the Company has drilled and cased the Farley #1306H well in the Utica Shale to a true vertical depth of 7,850 feet with a 6,313 foot horizontal lateral. The Company has also completed the drilling of another Utica Shale well on the Farley Pad, the Farley #1304H, and is currently at total measured depth of 14,250 feet and expects to begin run casing in the next 3-5 days. The Farley #1304H was drilled to a true vertical depth of 7,914 feet with a 5,400 foot horizontal lateral. Following the drilling of the Farley #1304H, the Company will begin fracture stimulation of these two new Farley Utica wells later this month and expects to report initial production test rates in early-summer 2014 following an approximate 30-day resting period. The Company is in the advanced stages of completing a new take-away capacity agreement with a third-party midstream company and expects to be ready to flow production of all three wells on the Farley Pad to sales via a temporary sales line in August 2014.
On the Stewart Winland Pad located in Tyler County, West Virginia, the Company has drilled and cased two Marcellus Shale wells, the Stewart Winland #1301 and #1302. The wells were drilled and cased to an average true vertical depth of 6,155 feet with a 5,750 foot average horizontal lateral. The Company is currently drilling the lateral portion of the third Marcellus Shale well, the Stewart Winland #1303, to a true vertical depth of 6,155 feet with a 5,800 foot horizontal lateral. Following the completion of this third Marcellus well, the Company will walk the robotic drilling rig over to the next location and drill the first horizontal Utica Shale well ever drilled in the State of West Virginia. The Company expects to report initial production test rates from these four new 100% owned wells on the Stewart Winland Pad during mid-summer 2014.
Production results from the group of wells described above are anticipated to almost double the Company's current overall daily production volumes.
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, Ohio, Kentucky, and North Dakota. The Company is presently active in three of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, and Williston Basin/Bakken Shale.
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.
AVP, Investor Relations
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Mar. 31, 2015 06:00 PM EDT Reads: 1,582
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Mar. 31, 2015 05:00 PM EDT Reads: 3,412
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Mar. 31, 2015 04:15 PM EDT Reads: 1,575
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, will discuss how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at...
Mar. 31, 2015 04:00 PM EDT Reads: 548
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Mar. 31, 2015 04:00 PM EDT Reads: 1,417
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
Mar. 31, 2015 03:59 PM EDT Reads: 496
With the arrival of the Big Data revolution, a data professional is expected to master a broad spectrum of complex domains including data processing, mathematics, programming languages, machine learning techniques, and business knowledge. While this mastery is undoubtedly important, this narrow focus on tool usage has divorced many from the imagination required to solve real-world problems. As the demand for analysis increases, the data science community must transform from tool experts to "data...
Mar. 31, 2015 03:00 PM EDT Reads: 646
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...
Mar. 31, 2015 03:00 PM EDT Reads: 3,012
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
Mar. 31, 2015 03:00 PM EDT Reads: 1,421
SYS-CON Events announced today that QTS Realty Trust, one of the nation’s largest and fastest-growing providers of data center facilities and cloud services and a leader in security and compliance, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. QTS Realty Trust, Inc. (NYSE: QTS) is a leading national provider of data center solutions and fully managed services, and a leader in security and compliance...
Mar. 31, 2015 03:00 PM EDT Reads: 1,369
SYS-CON Events announced today that WSM International (WSM), the world’s leading cloud and server migration services provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. WSM is a solutions integrator with a core focus on cloud and server migration, transformation and DevOps services.
Mar. 31, 2015 03:00 PM EDT Reads: 1,402
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
Mar. 31, 2015 03:00 PM EDT Reads: 3,188
While not quite mainstream yet, WebRTC is starting to gain ground with Carriers, Enterprises and Independent Software Vendors (ISV’s) alike. WebRTC makes it easy for developers to add audio and video communications into their applications by using Web browsers as their platform. But like any market, every customer engagement has unique requirements, as well as constraints. And of course, one size does not fit all. In her session at WebRTC Summit, Dr. Natasha Tamaskar, Vice President, Head of C...
Mar. 31, 2015 02:39 PM EDT Reads: 458
Sematext is a globally distributed organization that builds innovative Cloud and On Premises solutions for performance monitoring, alerting and anomaly detection (SPM), log management and analytics (Logsene), and search analytics (SSA). We also provide Search and Big Data consulting services and offer 24/7 production support for Solr and Elasticsearch.
Mar. 31, 2015 02:15 PM EDT Reads: 1,589
SYS-CON Events announced today that Emcien will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Emcien’s vision is to let anyone use data to know the future. Emcien has built an automated, predictive analysis product that improves the lives of real people. Emcien allows people to automate their data analysis so they can build a better future.
Mar. 31, 2015 02:00 PM EDT Reads: 619