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Magnum Hunter Resources Corp. Message Board

  • hoopsyah hoopsyah Jun 25, 2013 2:52 AM Flag

    10k factoids

    Here are some interesting things I gleaned from the 10k that was news to me:

    Our daily production volumes at June 10, 2013 were approximately 17,500 boepd. Our sale of the Eagle Ford Properties in April 2013 reduced our current volumes by approximately 3,500 boepd.

    As of May 1, 2013, we had approximately 338,800 net leasehold acres in our core operating areas, including (i) approximately 81,000 net acres in the Marcellus Shale, (ii) approximately 79,000 net acres prospective for the Utica Shale (a portion of which acreage overlaps our Marcellus Shale acreage) and (iii) approximately 178,000 net acres in the Williston Basin/Bakken Shale.

    Our drilling activities in 2012 and 2013 in our Company-operated Tableland Field area in Saskatchewan in the Bakken/Three Forks Sanish formations have shown consistently improved results. The implementation of our re-designed fracture stimulation technique in the Tableland Field area has substantially increased the initial productivity of our more recent wells. As of May 1, 2013, our eight most recently completed horizontal wells in the Tableland Field generated an average IP-24 hour rate of approximately 358 boepd.

    As of May 1, 2013, our Williston Basin properties included approximately 178,000 net leasehold acres consisting of approximately 124,600 net acres and 53,400 net acres in the Bakken/Three Forks Sanish formations in North Dakota and Saskatchewan, respectively. As of May 1, 2013, (i) our five most recently completed third-party-operated one-mile horizontal wells in Divide County, North Dakota generated an average IP-24 hour rate of approximately 594 boepd and (ii) our five most recently completed third-party-operated two-mile horizontal wells in Divide County North, Dakota generated an average IP-24 hour rate of approximately 732 boepd.

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    • part 2:

      As of May 1, 2013, the Company was operating 16 horizontal Marcellus Shale wells, and 10 horizontal wells (six net) were awaiting completion, one horizontal well (one-half net) was drilling and one drilling rig was operating on our Company-operated Marcellus Shale properties. As of May 1, 2013, approximately 76% of our mineral leases in the Marcellus Shale area were held by production. As of May 1, 2013, our 11 most recently completed Company-operated horizontal wells targeting the Marcellus Shale generated approximately 9,525 mcfepd and 5,800 mcfepd average IP-24 hour and IP-30 day rates, respectively.

      In March and April 2012, Eureka Holdings sold preferred units to Ridgeline for an aggregate cash purchase price of $106.8 million. We received this cash purchase price (a portion of which we used to purchase the assets of TransTex Gas Services, LP described below) and retained approximately $300 million in agreed-upon value of common units in Eureka Holdings, in exchange for the total 25% preferred equity ownership interest in Eureka Holdings we sold to Ridgeline at that time. Since then, Ridgeline has invested an additional $65 million in Eureka Holdings in exchange for preferred units.

      As of May 1, 2013, our total outstanding indebtedness was approximately $673.2 million. This indebtedness consisted primarily of borrowings under the the indenture governing our Senior Notes and Eureka Pipeline’s term loan credit facility.

      During 2013, we plan to drill a total of 65 gross (22.0 net) wells in the Bakken/Three Forks Sanish.

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