Magnum Hunter’s 4Q13 Update: 2 Wells, 2 Formations, Same Pad
Magnum Hunter (MH) issued their fourth quarter 2013 and full year 2013 financial and operational update yesterday. Below we’ve selected out the operations portion leaving the financial discussion behind. What does it show? MH sold off their Eagle Ford assets in 2013 for $401 and has invested that money in the two remaining regions in which the focus–the Marcellus/Utica and the Bakken Shale (or Williston Basin). MH is currently operating 6 drilling rigs–3 in the Marcellus/Utica and 3 in the Bakken. They drilled 8 new wells in the northeast in 4Q13 and 15 new wells in the Bakken (so you see where their attention is going–to the more oily play).
Of interest, buried in the narrative, is mention of the recent Stadler 3UH Utica Shale well recently brought online in Monroe County with a peak rate of 32.5 MMcf/d (see Magnum Hunter’s Prolific (& Dry) Utica Well in Monroe County, OH). Here’s the interesting part: MH is also right now completing the Stalder 2MH well on the same pad–except the 2MH is a Marcellus (not Utica) well. So MH is targeting two different formations on the same pad. It will be fascinating to compare the production from the two wells. Here’s select portions of yesterday’s update: