Magnum Hunter to Restart Marcellus/Utica Drilling Later This Year

MDN reports in a related story today that Magnum Hunter Resources (MHR) is “this close” to closing two separate deals that will bring in around 1 billion big ones. What do they plan to do with all that money? About half of it–somewhere around $550 million of it, will be used to restart MHR’s drilling program in the Utica and Marcellus. When? Sometime in the late third to mid-fourth quarter of this year, says MHR CEO Gary Evans. Along with his comments on timing for MHR to restart their currently stalled drilling program, Evans gave the following inside information on how much (or how little) you can contract a drilling rig for these days in the Marcellus/Utica region. Used to be it cost $24,000 a day for a rig to drill your wells. But that was last year. Now?…

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