Blue Ridge Mtn Res/Magnum Hunter

Blue Ridge Mtn Res/Magnum Hunter | Deep Well Services | Energy Companies | Energy Services | Tyler County | Utica Shale | West Virginia

PA Snubbing Company Helped Drill Utica’s #1 Well
September 30, 2014September 30, 2014

Last week MDN told you about the new reigning champion for most-productive Utica well ever, a well drilled in West Virginia by Magnum Hunter Resources (see Magnum Hunter Takes the Prize: Top Producing Utica Well). Two and a half weeks ago MDN told you about Deep Well Services (DWS), a “snubbing” company based in Pennsylvania (see PA “Snubbing” Company DWS Experiences Rapid Expansion). It seems there’s a connection between the two stories. DWS issued a press release yesterday to point out they were involved with working on the Magnum Hunter champion Utica well…
Read More “PA Snubbing Company Helped Drill Utica’s #1 Well”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Tyler County | Utica Shale | West Virginia

Magnum Hunter Takes the Prize: Top Producing Utica Well
September 26, 2014September 26, 2014

Magnum Hunter has announced they’ve drilled the most southern (geographically) Utica Shale well ever drilled. The surprise is that it’s drilled in Tyler County, WV. The further surprise is that it’s one of the most productive Utica or Marcellus well ever drilled. Is it THE most productive well ever drilled? We don’t know for certain, but we think so. The announcement (below) says Magnum Hunter brought the Stewart Winland 1300U online last weekend and that so far, the “current peak rate” of production has been 46.5 million cubic feet per day (Mmcf/d). Truly astonishing…
Read More “Magnum Hunter Takes the Prize: Top Producing Utica Well”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | Eureka Midstream | Industrywide Issues | Ohio | Pipelines | Statewide OH | Statewide WV | Triad Hunter | West Virginia

Magnum Hunter’s Pipeline System Boosts Volumes in OH/WV
September 26, 2014September 26, 2014

A second announcement from Magnum Hunter over the past two days is not nearly as important as the first–but interesting nonetheless. Magnum Hunter announced yesterday that Eureka Hunter–Magnum’s pipeline gathering subsidiary–has bumped up the volume of gas flowing through the system to an average 316,500 million Btus per day, or roughly 307 million cubic feet (Mmcf) per day. Fully one-third of the gas flowing through the system, which is located in West Virginia and Ohio, comes from another Magnum Hunter subsidiary–Triad Hunter. Lot’s of “Hunters” out there. 😉 Here’s the announcement of the increasing volumes flowing through Eureka Hunter’s pipelines these days…
Read More “Magnum Hunter’s Pipeline System Boosts Volumes in OH/WV”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | Eureka Midstream | Industrywide Issues | M&A

Morgan Stanley Buys Partnership in Eureka Hunter for $65M
September 17, 2014September 17, 2014

Yesterday Magnum Hunter, a Marcellus/Utica driller with a number of subsidiaries, including midstream company Eureka Hunter, announced that Morgan Stanley is becoming a partner in Eureka Hunter. Price tag for becoming a partner? $65 million. According to Magnum Hunter and Morgan Stanley, Eureka Hunter is now worth $1 billion. The deal itself is complicated and includes multiple subsidiaries and names you’ve likely never heard of (like Ridgeline Midstream and ArcLight Capital Partners). We just told you the news in a nutshell. Below is the press release from Magnum Hunter announcing that news–a press release obviously written by lawyers, rendering it virtually unreadable for the rest of us…
Read More “Morgan Stanley Buys Partnership in Eureka Hunter for $65M”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies

Magnum Hunter Moving its HQ from Texas to…Texas?
August 8, 2014August 8, 2014

Magnum Hunter Resources sold off its Eagle Ford (TX) assets in April 2013 and the drilling and midstream company has become laser focused on the Marcellus and Utica Shale region–in West Virginia and Ohio–since that time. They also maintain operations in the Bakken Shale of North Dakota and Canada, but the Marcellus/Utica is where they are focused. Magnum also has several divisions that concentrate their work in the northeast–GreenHunter Water, Triad Hunter, Eureka Hunter Pipeline, Alpha Hunter Drilling. Like many companies they have a list of subsidiaries a mile long (see the list below)–most of them either wholly or mostly concentrated in the northeast. So when Magnum Hunter decided it was time to move out of their Houston headquarters, where did they decide to move? Pittsburgh, PA? Charleston, WV? Columbus, OH? Nope. They’re moving to…
Read More “Magnum Hunter Moving its HQ from Texas to…Texas?”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | GreenHunter Resources

GreenHunter Resources 2Q14: Still Waiting to Launch
August 5, 2014August 5, 2014

GreenHunter Resources (i.e. GreenHunter Water) issued their second quarter 2014 update yesterday. We have the update below so you can read through it. Our quick take: GreenHunter is still “waiting to launch.” They are an important player in the freshwater/wastewater management arena for the Marcellus and Utica region. But the company is small (total revenue for the first six months of 2014 was just north of $15 million). According to GreenHunter’s COO, the projects they’re working on for the rest of this year and in 2015 will take the business “to an entirely new level.” If the Coast Guard allows them to launch barge shipments, we think he’s right. Revenue for the first six months of 2014 is up a very health 45%, and the bleeding (losses) have slowed from $0.30 per share for the first six months in 2013 to $0.14 per share for the first six months of 2014…
Read More “GreenHunter Resources 2Q14: Still Waiting to Launch”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | GreenHunter Resources | Hydraulic Fracturing | Industrywide Issues | Monroe County | Ohio | Sand/Proppant | Trucking | Wastewater

New Ormet Aluminum Plant Owner Shops Barge Facility to Shalers
August 4, 2014August 4, 2014

Three weeks ago MDN highlighted news from NGI’s Shale Daily that Magnum Hunter Resources had purchased the mineral rights for two former Ormet properties in Ohio and West Virginia (see Magnum Hunter Buys Ormet Property in OH/WV, More Wells Coming?). Ormet, you may recall, had a big aluminum plant in Hannibal (Monroe County), OH that sits on the Ohio River (complete with a big barge facility) that was bankrupted because they couldn’t get Ohio to lower the electricity bills long enough for them to convert their own coal-burning electric generation plant into using natural gas mined from under the property (see Final Chapter of Ormet Plant Closing – Utica Could have Saved It). It was a big fail on the part of Gov. John “foreigner hunter” Kasich’s administration and the Public Utilities Commission of Ohio (PUCO). Magnum now owns the mineral rights, and Niagara Worldwide LLC now owns the real estate and plant itself in OH. Niagara issued a press release today advertising that they’re looking to re-open the Hannibal site for business. The announcement has a big tie-in with the shale drilling industry…
Read More “New Ormet Aluminum Plant Owner Shops Barge Facility to Shalers”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Industrywide Issues | Reserves (Proved and Unproved)

Magnum Hunter Proved Reserves Up 10.7%, Marcellus/Utica Tops
July 15, 2014July 15, 2014

Magnum Hunter Resources (MHR) provided a mid-year update yesterday that shows the company’s proved reserves increased an impressive 10.7%–just since December 2013. The Marcellus/Utica has also become more important for MHR. As NGI’s Shale Daily points out in a story published yesterday, “Magnum Hunter Resources Corp. said Monday the Appalachian Basin now accounts for approximately 80% of its total proved reserves, up from 70% at the end of last year as it continues to divest non-core assets to focus on developing nearly 200,000 net Marcellus/Utica acres.” Translation: MHR is inching ever closer to becoming a “pure-play” driller. Here’s yesterday’s update from MHR:
Read More “Magnum Hunter Proved Reserves Up 10.7%, Marcellus/Utica Tops”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Monroe County | Ohio | West Virginia | Wetzel County

Magnum Hunter Buys Ormet Property in OH/WV, More Wells Coming?
July 11, 2014July 11, 2014

MDN has chronicled the sad story of the Ormet aluminum smelting plant in Monroe County, OH. The short version is that the Public Utilities Commission of Ohio (PUCO) played a high-stakes game of chicken with Ormet and denied them permission to continuing burning coal to produce their own electricity while they got three Utica Shale wells on their property up and running (Magnum Hunter is the driller). Then PUCO denied Ormet’s request to get a reduced electric rate from the local utility company. Bottom line, more than 900 people are out of work (see Final Chapter of Ormet Plant Closing – Utica Could have Saved It). A reporter from NGI’s Shale Daily has a sharp eye and discovered that Magnum Hunter, the driller of the three Utica wells still operating on the Ormet property, has just purchased Ormet’s property in OH and WV…
Read More “Magnum Hunter Buys Ormet Property in OH/WV, More Wells Coming?”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | GreenHunter Resources | Industrywide Issues | Ohio | Pennsylvania | Pipelines | Statewide OH | Statewide PA | Statewide WV | West Virginia

3 New (Short) Pipelines from GreenHunter in Tri-state Area
June 30, 2014June 30, 2014

GreenHunter Resources, a subsidiary of Magnum Hunter Resources, is making small moves to compete with MarkWest Energy and Williams. Today, GreenHunter announced they are building (in a partnership with Major Pipeline LLC) three new, short pipelines. The three pipelines represent a total of 34 miles of new pipeline, when added together. One pipeline each will be dedicated to brine/wastewater, fresh water, and condensate. Two of the pipelines will originate in southwestern PA and one in WV. All of them will connect with one of GreenHunter’s barge terminals on the Ohio River. Also in the mix is a condensate “splitter”…
Read More “3 New (Short) Pipelines from GreenHunter in Tri-state Area”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Energy Services | GreenHunter Resources | Industrywide Issues | NGLs | Trucking

GreenHunter Launches Hydrocarbon Hauling Subsidiary in Northeast
June 26, 2014June 26, 2014

GreenHunter Resources is the frack wastewater hauling subsidiary of Magnum Hunter Resources. You may recall yesterday’s lead MDN story about dismissed lawsuits for MH (see Magnum Hunter Wins Dismissal in 5 of 6 Lawsuits Alleging Mismgmt). Yesterday GreenHunter issued a press release announcing a new sub-subsidiary: GreenHunter Hydrocarbons. This “grandson” of Magnum Hunter (“son” of GreenHunter) is a new business line for this increasingly complex corporate entity: They’re getting into the business of hauling natural gas liquids (ethane, butane, propane) including condensate and oil…
Read More “GreenHunter Launches Hydrocarbon Hauling Subsidiary in Northeast”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Industrywide Issues | Litigation

Magnum Hunter Wins Dismissal in 5 of 6 Lawsuits Alleging Mismgmt
June 25, 2014June 25, 2014

This is a “hmmm, that’s interesting” revelation for MDN. Yesterday Magnum Hunter Resources, a driller mostly focused on the West Virginia Marcellus and increasingly Ohio Utica Shale, issued a press release yesterday to say that they’ve been successful in getting five of six “securities class action and shareholder derivative lawsuits” against the company dismissed–without paying a penny to either the plaintiffs or their lawyers. The company is working on a sixth (and last) such lawsuit now. What is a securities class action/derivative lawsuit?…
Read More “Magnum Hunter Wins Dismissal in 5 of 6 Lawsuits Alleging Mismgmt”
Blue Ridge Mtn Res/Magnum Hunter | EdgeMarc Energy | Energy Companies | Ohio | Utica Shale | Washington County (OH)

Magnum Hunter JV Deal with EdgeMarc to Drill 1,080 Acres in OH
June 23, 2014June 23, 2014

This morning Magnum Hunter Resources announced a new, small joint venture with EdgeMarc (EM Energy Ohio) to drill on and under 1,080 acres of Marcellus/Utica property in Washington County, OH. This is the third such smallish jv between Magnum Hunter and other companies to drill in either the Marcellus or Utica Shale…
Read More “Magnum Hunter JV Deal with EdgeMarc to Drill 1,080 Acres in OH”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies

Magnum Hunter’s Gary Evans: My Well’s Bigger than Your Well
June 4, 2014June 4, 2014

On Monday MDN told you the great news that Rice Energy has the new all-time most productive Utica Shale well (see Rice Energy’s Bigfoot New Reigning Utica Well Champ – 42 Mmcf/d!) Rice’s Bigfoot well is located in Belmont County, OH. Apparently Rice’s announcement upstaged a forthcoming announcement by Gary Evans, CEO of Magnum Hunter Resources (MHR). Lately Gary has been on a mission to raise money for MHR’s drilling program in the Marcellus and Utica. He went on Jim Cramer’s Mad Money program on Monday to do some of his own bragging in what can only be termed “my Utica well’s bigger than your Utica well”…
Read More “Magnum Hunter’s Gary Evans: My Well’s Bigger than Your Well”
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies

Magnum Hunter Sells $150M in Stock Deal to “Activist Investor”
May 29, 2014May 29, 2014

Magnum Hunter Resources (MHR) has quickly become a big player in the Marcellus/Utica region. They have a laser focus on northeast drilling, quickly building up a 200,000 acre position, largely in West Virginia and Ohio. Yesterday MHR announced they’ve cut a deal with Relational Investors LLC, granting Relational common stock and stock options in return for a tidy $150 million in cash–money MHR intends to use for more drilling in the northeast. Who’s behind Relational Investors, and should landowners (and MHR investors) be concerned? The answers may surprise you…
Read More “Magnum Hunter Sells $150M in Stock Deal to “Activist Investor””
Blue Ridge Mtn Res/Magnum Hunter | Energy Companies | Monroe County | Ohio | Tyler County | Utica Shale | West Virginia

Magnum Hunter 3rd Driller to Target the Utica in WV
May 27, 2014May 27, 2014

Magnum Hunter Resources, a driller with a big presence in the West Virginia Marcellus Shale and increasingly in the Ohio Utica Shale, is now the third driller to tap the Utica Shale in West Virginia. The lucky WV county where Magnum Hunter is drilling its first Utica well in the Mountain State? Tyler County…
Read More “Magnum Hunter 3rd Driller to Target the Utica in WV”