Magnum Hunter Resources (MHR) gave an operational update today on two recently completed wells. The companies acreage spans over 51,000 gross acres in Gonzales and Lavaca counties. The Oryx Hunter #1H and Sable Hunter #1H were brought to production at 2,044 and 1,017 boepd, respectively. Oil made up more than 90% of the production stream in both wells. Magnum Hunter has a total of 198 possible drilling locations identified.
- The Oryx Hunter #1H which was drilled to a measured depth of 16,955 feet (horizontal lateral length of 6,687 feet), fraced with 21 stages and placed on production September 18, 2011. The initial flowing production rate was 2,044 Boepd (1,944 Bopd, 600 Mcf & 0 Water) on a 16/64" choke with 1,650 psi FCP.
- The Sable Hunter #1H was drilled to a measured depth of 15,728 feet (horizontal lateral length of 5,067 feet) fraced with 15 stages in early September and has posted a 24-hour IP rate of 1,017 Boepd (920 Bpds 581 Mcf & 0 Water) on a 16/64" choke with 1,900 psi FCP. This well went on production September 12, 2011.
"Over the last several weeks, our Eagle Ford Division has successfully put on production and into sales two extraordinary wells. The more experience we continue to obtain in this region is undoubtedly creating better production results. A combination of longer laterals, more frac stages, and certain modifications to downhole equipment has led to new well completions ranging from 1,000 - 2,000 Boepd per well. Our mineral lease acreage position is undoubtedly some of the best in the entire Eagle Ford Shale play when comparing rates of return on capital deployed due to our 90% oil component. We have plenty of running room for many years to come with 198 drilling locations currently identified across our 52,000 gross leasehold acreage positions. Our Company's in-house reservoir engineers have identified net unrisked resource potential of 39 Million Boe over this acreage position."