Magnum Hunter Resources Corporation (the "Company" or "Magnum Hunter"), announced the commencement of drilling its first Utica Shale well on the Farley Pad (4 Well Pad) located in northern Washington County, Ohio along the Noble County, Ohio border.
Triad Hunter, LLC ("Triad Hunter"), a wholly-owned subsidiary of the Company, is operating the well and owns 100% working interest in this drilling unit. The development plan is to first drill a vertical pilot hole for extensive logging and core analysis, and then to plug back and drill a 6,000+ foot lateral in the Point Pleasant portion of the Utica Shale. The well will then be fracture stimulated and tested this summer.
Triad Hunter has mineral rights on approximately 88,000 gross acres (79,000 net acres) of Utica potential in Ohio and West Virginia, with a significant portion of this mineral acreage held by existing production. Based on offset well results and industry analysis, we believe approximately one-half of our existing acreage position is located in the wet gas window of this emerging play.
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter Resources, commented, "While this new well currently drilling represents our first horizontal Utica Shale test in Ohio, we have three other horizontal wells already drilled in the Marcellus formation located nearby in Monroe County, two of which are waiting on fracture stimulation and new pipeline installation by our midstream affiliate, Eureka Hunter.
Having the opportunity of possessing two significant production horizons at one location is unique in this region. The down hole log interpretations of these two new wells which indicate a very high liquids content is most encouraging. We believe our activities in Southeastern Ohio will have significant economic impact on our Company in the ensuing months. We continue to assemble mineral acreage in the region to increase our inventory and foothold position."
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