Magnum Hunter Resources Corp. is raising its production guidance for this year and next year based upon better-than-expected well results, according to the Houston-based company. Magnum Hunter is currently producing 12,500 boe/d, compared to its 10,000 boe/d guidance for the year. The company expects to close out 2012 producing 14,500 boe/d, up from its previous projection of 13,000 boe/d. Magnum Hunter operates in the Marcellus, Eagle Ford and Bakken shales. "We are very fortunate to have three resource plays within our portfolio that are now 'hitting on all cylinders' and providing an increase in our overall production levels well above expectations," said CEO Gary C. Evans. "This is especially rewarding when our management team has been able to achieve these milestones while also staying within our original capital budget plan."
Breitling Oil and Gas Corp. plans to drill six Bakken and Three Forks wells during the next 24-36 months on a large acreage position it has acquired in the Sand Creek field in McKenzie County, ND. They would be the first Bakken and Three Forks wells for the Irving, TX-based exploration and production company, which has oil and gas exploration projects in other areas across the United States, including focus areas in Texas, Oklahoma and Louisiana. Breitling also holds ownership interests in both operated and outside-operated leases in Canada, Europe and the Middle East.