Magnum Hunter Dumps Shallow Well Contract Drilling

Magnum Hunter Resources Corporation (MHR), a driller 100% focused on the Marcellus/Utica emerged from bankruptcy last May, less than five months after filing (see Magnum Hunter Emerges from Bankruptcy with CEO Gary Evans Gone). In September, the MHR board hired John K. Reinhart as the new CEO (see Magnum Hunter Finds New CEO to Replace Forced-Out Gary Evans). In November, the company announced a new CFO (see Magnum Hunter Rebuilds Executive Team, Gets New CFO). Reinhart continues to build his team and tweak the company's portfolio. Once upon a time Magnum Hunter had a number of subsidiaries: GreenHunter Resources (water and wastewater), Eureka Hunter (pipelines), and Alpha Hunter Drilling. GreenHunter is now gone, sold and merged into Fountain Quail Disposal (see GreenHunter Out of Bankruptcy, Merges with Fountain Quail Disposal). However, MHR retained both Eureka Hunter and Alpha Hunter. Earlier this week MHR announced they have sold some of Alpha Hunter, the part that does shallow well (conventional) drilling. The buyer and the sale price were not disclosed...

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