BREAKING NEWS

BREAKING NEWS

Magnum Hunter Hits Utica In W.Va.

MOUNDSVILLE – Magnum Hunter Resources joins Gastar Exploration and Stone Energy in fracking the Utica Shale in West Virginia via the Stewart Winland well pad in Tyler County, becoming at least the third company to drill Mountain State Utica.

The company is also now selling about 11.7 million cubic feet of natural gas – and 1,788 barrels of condensate, which industry officials describe as “a very light oil” – per day pumped from property owned by Ormet Corp. in Monroe County.

Houston, Texas-based Magnum Hunter is the parent company of driller Triad Hunter, as well as pipeliner Eureka Hunter.

“We are anxiously awaiting the completion operations of the most southern Utica test, Stewart Winland No. 1300, in the entire play located in Tyler County,” Gary C. Evans, chairman and CEO of Magnum Hunter, said.

Company officials plan to drill the Winland well to a vertical depth of 10,750 feet, before then turning the shaft horizontally to complete a 5,500-foot lateral.

“This new data point will significantly enhance the prospects for our existing southeastern leasehold position,” Evans added.

On the Ohio side of the Ohio River, the company completed drilling and fracking on the Ormet pad, directly across Ohio 7 from the closed plant.

Magnum Hunter began selling oil and gas from these wells on May 6.

Eureka Hunter is in the process of installing liquids stabilization equipment and loading facilities near its Ohio River crossing at Sardis, Ohio.

The pipeline running under the river allows gas pumped in West Virginia to be processed in Ohio, or gas drilled in Ohio to be processed in West Virginia.

“The company is continuing to make good progress on our game plan of growing production, proved reserves along with our leasehold inventory in both the Marcellus and Utica Shale plays, while at the same time increasing midstream volume throughout and continuing divesting of non-core assets,” Evans added.