Shale Daily / NGI All News Access

Industry Brief

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.

Recent Articles by NGI Staff Reports

Comments powered by Disqus