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Industry Brief

January 23, 2015
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Magnum Hunter Resources Corp. said its proved reserves increased from 67.3 million boe in 2013 to 83.8 million boe at the end of last year. The 25% increase, though, was short of the 40% increase analysts expected. The shortfall mainly resulted from a lack of production history in the Appalachian Basin, where the company has been increasingly focused (see Shale DailyAug. 11, 2014). Magnum said the present value of its proved reserves is $909.3 million. The company has been focused on selling noncore assets in North Dakota, Canada and Texas (see Shale DailyOct. 2, 2014). The Appalachian Basin now accounts for 90% of its proved reserves. The company's stock fell more than 10% to $1.65/share on Thursday, a day after it announced year-end reserves.

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