Magnum Hunter Drilled 24 NE Wells in 2014, Proved Reserves Up 25%

Yesterday Magnum Hunter Resources, a growing driller in the Marcellus/Utica region, announced their “proved” reserves have jumped a healthy 25% by the end December 2014 over a year earlier. Proved reserves are defined as the estimated quantities of oil and gas which geological and engineering data demonstrate with reasonable certainty (90% or more certainty) to be recoverable in future years from known reservoirs under current economic and operating conditions. Magnum Hunter’s estimated total proved reserves increased in 2014 to 83.8 million barrels of equivalent (or MMboe), compared to 67.3 MMboe at the end of 2013. They reckon it breaks down as 70% natural gas and the rest natural gas liquids, condensate and oil. Magnum Hunter’s acreage in the Marcellus and Utica is impressive: they now own 80,000 net acres in the Marcellus and 125,000 net acres in the Utica. Last year they drilled 24 wells in the Marcellus/Utica. They have their eye on a potential future 1,000 more drilling locations in WV and OH…

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