Magnum Hunter Resources 2012 Capital Expenditures Down $55 Million

Magnum Hunter released its capital spend for 2012. The company will spend a total of $200 million with $50 million directed to midstream investments through Eureka Hunter Pipeline.  That's a drop of approximately $55 million from 2011, but 2012's budget will be funded without the need for raising external capital.

Magnum Hunter Resources Corporation MHR announced today that the Company's Board of Directors has approved a capital expenditure budget for fiscal year 2012 of $200 million. The 2012 budget includes an upstream capex budget of $150 million which will be allocated to fund the exploration and development programs within the Company's three unconventional resource plays: (i) the Williston Basin -- Bakken/Three Forks Sanish/Madison; (ii) the Appalachian Basin -- liquids rich Marcellus/Utica/Huron/Weir; and, (iii) the Eagle Ford Shale oil play of Central and South Texas. In addition, the Company has allocated $50 million of capex to the midstream division, Eureka Hunter Pipeline. The 2012 capital budget does not include any expenditures for potential acquisition activities.

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