Magnum Provides Production Results on Stewart Winland Utica Well

Source: www.gulfoilandgas.com 9/24/2014, Location: North America

Magnum Hunter Resources Corporation's 100% owned Stewart Winland 1300U well located in Tyler County, West Virginia was placed on production last weekend. The Company's first Utica Shale well drilled and completed in the State of West Virginia and the most southeastern well in the entire play tested at a peak rate of 46.5 MMCF of natural gas per day (~7,750 BOE per day) on an adjustable rate choke with 7,810 psi FCP and has been flowing to sales through the Company's Eureka Hunter Pipeline system. The Stewart Winland 1300U well was drilled and cased to a true vertical depth of 10,825 feet with a 5,289 foot horizontal lateral, and successfully fraced with 22 stages.

Additionally, three new Marcellus Shale wells (Stewart Winland 1301M, Stewart Winland 1302M and Stewart Winland 1303M), which are also 100% owned by the Company, have all been fracture stimulated and are ready for sales. The Company is awaiting an air permit from the State of West Virginia to begin flowing these Marcellus wells to sales. The Stewart Winland 1301M was drilled and cased to a true vertical depth of 6,155 feet with a 5,762 foot horizontal lateral, and successfully fraced with 27 stages. The Stewart Winland 1302M was drilled and cased to a true vertical depth of 6,147 feet with a 5,676 foot horizontal lateral, and successfully fraced with 29 stages. The Stewart Winland 1303M was drilled and cased to a true vertical depth of 6,149 feet with a 5,762 foot horizontal lateral, and successfully fraced with 29 stages. Triad Hunter, LLC, a wholly-owned subsidiary of the Company, is the operator of all of the wells on the Stewart Winland Pad.

The Company owns in excess of 200,000 net acres (~43,000 overlap) in the Marcellus/Utica Shale plays of West Virginia and Ohio.

Management Comments
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter, commented, "This new well further delineates the southeastern acreage position that Magnum Hunter has been assembling over the past three years in this region. By owning and controlling our midstream operations, we were able to test this well directly into pipeline sales, which continue today. The gas composition of this new Utica well is 97.88% methane with only 1.52% ethane and a Btu factor of 1,023. Additionally, we are most anxious to put our three new 100% owned Marcellus wells on production, which have been drilled and completed on this same pad, hopefully over the next few weeks. These Marcellus wells represent some of the longest lateral wells we have drilled to-date. We believe that this new discovery on the Stewart Winland Pad announced today represents the greatest flow rate and one of the highest sustained flowing casing pressures of any Utica well drilled in the entire play of Ohio and West Virginia. Additionally, it is one of the highest flow rate gas wells ever reported in any shale play located in the U.S. The initial shut-in casing pressure of this monster well was 9,050 psi. Even at a gas flow rate of 46.5 MMCF and choke size of 32/64 inches, flowing casing pressure was maintained at 7,810 psi. We look forward to further extending this play to the south with our existing lease acreage position."


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