Magnum Hunter Resources announced well results from its two most recent Eagle Ford wells in Lavaca County, TX. The two wells produced an average of 1,270 boe/d and 1,590 boe/d over the first 24 hours of production. The wells are the most recent of a 16 well program planned for 2011.
- The Furrh #2H which was drilled to a measured depth of 15,876 feet (horizontal lateral length of 5,945 feet), was fraced with 20 stages and placed on production November 15, 2011. The 24 hour flowing initial production rate ("IP") was 1,270 Boepd on a 19/64" choke with 1,680 psi FCP.
- The Kudu Hunter #1H was drilled and cased to a measured depth of 16,302 feet (horizontal lateral length of 5,751 feet), was fraced with 20 stages in mid-November. The 24 hour IP rate was 1,590 Boepd on a 22/64" choke with 2,200 psi FCP.
The capital expenditure budget for the Eagle Ford Division for fiscal 2011 remains at approximately $75 million (30% of the total company wide capex budget) to drill 16 gross wells (8.4 net wells). Magnum Hunter's spudded its first Eagle Ford Shale horizontal well in June 2010 and to-date, the Company has drilled and completed 13 gross wells (7.8 net wells), all of which are on production.
The Snipe Hunter #1H and Leopard Hunter #1H wells (50% working interest each) are located in Lavaca County, Texas and are both currently drilling. Each of these wells will have an approximate 25 stage frac job beginning in mid-December. EA new gas gathering system went operational in June with all of Magnum Hunter's existing wells connected and selling wet gas into this new gas gathering system.
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