Magnum Hunter Drills 53 NE Wells in 2014, Plans Just 5 in 2015

Magnum Hunter Resources (MHR) released its full year and fourth quarter 2014 update yesterday (selected portions below). MHR is a small-to-medium sized, but growing, driller focused almost totally on the Marcellus and Utica Shale. They own 80,000 net acres in the Marcellus and 120,000 net acres in the Utica. In 2014, the company drilled a combined 53 wells and achieved an average daily production of 101.3 million cubic feet equivalent. However, 2015 is a different matter. They plan to drill just 5 wells (and maybe not even those). They’re actively seeking joint venture partners who will give them a total of $500 million to drill in the Utica. The chief problem that we see is that MHR is swimming in debt…

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