Multiple Appalachian operators have earnestly started to delineate their Utica Shale acreage in West Virginia, delivering on the promises they’ve made in recent months to push the formation’s boundaries south beyond Ohio and drill deeper and longer on the lateral (see Shale Daily, March 26).
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Articles from Magnum
Magnum Hunter Exits Canada, Narrowing Focus On the Appalachian Basin
Magnum Hunter Resources Corp. on Tuesday announced a definitive agreement to sell subsidiary Williston Hunter Canada Inc. and its last remaining oil and gas properties in Canada for $67.5 million as part of a strategy to dump more capital into its core assets in the Appalachian Basin.
Magnum Hunter to Flow Long-Awaited Appalachian Wells
Magnum Hunter Resources Corp. said Friday that a series of its long-awaited wells in the Utica and Marcellus shale plays will begin flowing into sales within the next two months, which the company estimates will net it up to 8,000 boe/d.
Magnum Shakes Off Cold, Increases Appalachian Gathering System Flows
Just weeks after Magnum Hunter Resources Corp. said inclement weather and heavy liquids volume had combined with a rush of infrastructure buildout in the Appalachian Basin to delay production at some of its Marcellus wells in southeast Ohio, the company said Tuesday that throughput volumes on its gas gathering system there have increased by roughly 35% since January 2012.
Cold Weather Delays Some Magnum Appalachian Production
Magnum Hunter Resources Corp. said it was encouraged by early well results in the Appalachian Basin, where it continues to focus on accelerating drilling. Inclement weather, coupled with heavy liquids volume and a bevy of infrastructure activity in the region has delayed midstream construction in Ohio and West Virginia.
Magnum Hunter Ramping Up Activity in the Utica Shale
Despite problems with their first well targeting the Utica Shale, executives with Magnum Hunter Corp. said the company plans to speed up leasing activity and deploy a second drilling rig in the play, based on encouraging results by their competitors.
Magnum Hunter Drilling First Utica Target
Magnum Hunter Resources Corp. said Friday it has dropped a drillbit into its first Utica Shale horizontal target in Ohio’s northern Washington County.
Industry Brief
Magnum Hunter Resources Inc. is in talks with three parties for the potential sale of Eagle Ford Shale assets as part of plans this year to sell $400-500 million of assets. An announcement is expected soon, according to the company. During a recent conference call, CEO Gary Evans said all three Eagle Ford bidders have made offers in the same price range. Two are offering all cash and one is offering cash and equity, he said. “So from our perspective, it doesn’t really matter who ends up with it. But we do feel like we will have an announcement on that in short order,” he said.The company also is considering selling assets in the Pearsall Shale as well, and assets in the Williston Basin and potentially in Kentucky, Evans said.
Magnum Hunter Grows Reserves, Oil/Liquids Exposure
Magnum Hunter Resources Corp. posted a 51% increase in estimated total proved reserves as of June 30 compared to the year-ago period, the shale-focused producer said.
Industry Briefs
Houston-based independent Magnum Hunter Resources Corp.’s Triad Hunter LLC unit has bought Marcellus Shale oil and gas properties and leasehold mineral interests in Wetzel County, WV, for $20 million, the company said. The assets acquired include 2,225 net contiguous acres containing 20 identified horizontal drilling locations, of which seven gross locations are currently booked as proved undeveloped. A company analysis conducted in December found that the assets contained total proved reserves of about 11.5 Bcfe (16% proved developed producing) with net production of 517 Mcfe/d (100% natural gas).