Magnum Hunter Resources Discloses 2013 Drilling Plans to Begin

Magnum Hunter Resources Discloses 2013 Drilling Plans to Begin
Developing Its Substantial Utica Leasehold Position in Ohio 
HOUSTON, TX -- (Marketwire) -- 01/22/13 --  Magnum Hunter Resources
Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE
MKT: MHR.PRE) (the "Company") announced today that it intends to
drill a minimum of four (4) Utica test wells in Ohio this year. If
results are similar to those experienced by offset Operators in the
area, then further development on the leasehold position is planned
later in the year. 
The Company through its wholly-owned subsidiary, Triad Hunter, LLC
("Triad Hunter"), is currently building its first Utica Pad in
Washington County, Ohio. The Farley Pad is designed for potentially
drilling four (4) horizontal wells to the Utica formation. The first
well will be a vertical pilot for extensive logging and coring, then
plans are to plug back and drill an approximately 6,000 foot lateral
in the Point Pleasant portion of the Utica. The well will then be
fracture stimulated and tested. Plans are to spud this first well in
late February or early March. Triad Hunter has mineral rights on
about 107,000 gross acres (81,000 net acres) of Utica potential,
largely held by production. About 41,000 gross acres (26,514 net
acres) are deemed to be in the wet gas window.  
Three (3) additional Utica/Point Pleasant wells are planned in
conjunction with the previously announced Joint Operating Agreement
with Eclipse Resources I, LP, to form three drilling Units in Monroe
County, Ohio. Production from these Utica wells, along with the
twelve (12) "Magnum Rich" Marcellus wells will be gathered and
delivered to the MarkWest processing facility at Mobley, West
Virginia. This will be accomplished by laying three separate
pipelines in the same right-of-way. One for wet gas, one for dry gas,
and one for produced liquids to be separated at a central facility.  
Anticipating favorable results, the Company has already commissioned
engineering drawings and Unit preparation on two (2) additional Utica
Pads. The Crooked Tree Pad located in Noble County, Ohio is being
designed around the potential for ten horizontal wells, five updip,
and five downdip. The Woodchopper Pad located in Washington County,
Ohio is being designed for four Point Pleasant horizontal wells. 
Magnum Hunter Management Comments 
Mr. James W. Denny, III, President of Triad Hunter, commented, "We
are very excited to begin accelerating our testing program in the
Utica formation located in Ohio. Development of this exciting and
highly productive unconventional play could have significant impact
to our Company. As nearby offset operators results have validated our
geologic interpretation, we are confident that our leasehold position
will yield anticipated results. Additionally, we have recently
drilled and cased two new Marcellus wells on our Ormet acreage
located in Monroe County, Ohio adjacent to leases where Utica
potential exists. We are planning to complete these new liquids rich
Marcellus wells this summer when Eureka Hunter, our midstream
division, has completed the necessary infrastructure." 
About Magnum Hunter Resources Corporation 
Magnum Hunter Resources Corporation and subsidiaries are a Houston,
Texas-based independent exploration and production company engaged in
the acquisition, development and production of crude oil, natural gas
and natural gas liquids, primarily in the states of West Virginia,
Kentucky, Ohio, Texas and North Dakota, and Saskatchewan, Canada. The
Company is presently active in five of the most prolific
unconventional shale resource plays in North America, namely the
Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and
Williston Basin/Bakken Shale. 
For more information about Magnum Hunter, please visit
www.magnumhunterresources.com. 
Forward-Looking Statements 
The statements and information contained in this press release that
are not statements of historical fact, including any estimates and
assumptions contained herein, are "forward looking statements" as
defined in Section 27A of the Securities Act of 1933, as amended,
referred to as the Securities Act, and Section 21E of the Securities
Exchange Act of 1934, as amended, referred to as the Exchange Act.
These forward-looking statements include, among others, statements,
estimates and assumptions relating to our business and growth
strategies, our oil and gas reserve estimates, our ability to
successfully and economically explore for and develop oil and gas
resources, our exploration and development prospects, future
inventories, projects and programs, expectations relating to
availability and costs of drilling rigs and field services,
anticipated trends in our business or industry, our future results of
operations, our liquidity and ability to finance our exploration and
development activities and our midstream activities, market
conditions in the oil and gas industry and the impact of
environmental and other governmental regulation. In addition, with
respect to any pending acquisitions described herein, forward-looking
statements include, but are not limited to, statements regarding the
expected timing of the completion of the proposed transactions; the
ability to complete the proposed transactions considering the various
closing conditions; the benefits of such transactions and their
impact on the Company's business; and any statements of assumptions
underlying any of the foregoing. In addition, if and when any
proposed transaction is consummated, there will be risks and
uncertainties related to the Company's ability to successfully
integrate the operations and employees of the Company and the
acquired business. Forward-looking statements generally can be
identified by the use of forward-looking terminology such as "may,"
"will," "could," "should," "expect," "intend," "estimate,"
"anticipate," "believe," "project," "pursue," "plan" or "continue" or
the negative thereof or variations thereon or similar terminology. 
These forward-looking statements are subject to numerous assumptions,
risks, and uncertainties. Factors that may cause our actual results,
performance, or achievements to be materially different from those
anticipated in forward-looking statements include, among others, the
following: adverse economic conditions in the United States, Canada
and globally; difficult and adverse conditions in the domestic and
global capital and credit markets; changes in domestic and global
demand for oil and natural gas; volatility in the prices we receive
for our oil and natural gas; the effects of government regulation,
permitting and other legal requirements; future developments with
respect to the quality of our properties, including, among other
things, the existence of reserves in economic quantities;
uncertainties about the estimates of our oil and natural gas
reserves; our ability to increase our production and therefore our
oil and natural gas income through exploration and development; our
ability to successfully apply horizontal drilling techniques; the
effects of increased federal and state regulation, including
regulation of the environmental aspects, of hydraulic fracturing; the
number of well locations to be drilled, the cost to drill and the
time frame within which they will be drilled; drilling and operating
risks; the availability of equipment, such as drilling rigs and
transportation pipelines; changes in our drilling plans and related
budgets; regulatory, environmental and land management issues, and
demand for gas gathering services, relating to our midstream
operations; and the adequacy of our capital resources and liquidity
including, but not limited to, access to additional borrowing
capacity. 
These factors are in addition to the risks described in the "Risk
Factors" and "Management's Discussion and Analysis of Financial
Condition and Results of Operations" sections of the Company's 2011
annual report on Form 10-K, as amended, filed with the Securities and
Exchange Commission, which we refer to as the SEC. Most of these
factors are difficult to anticipate and beyond our control. Because
forward-looking statements are subject to risks and uncertainties,
actual results may differ materially from those expressed or implied
by such statements. You are cautioned not to place undue reliance on
forward-looking statements contained herein, which speak only as of
the date of this document. Other unknown or unpredictable factors may
cause actual results to differ materially from those projected by the
forward-looking statements. Unless otherwise required by law, we
undertake no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. We urge readers to review and consider
disclosures we make in our reports that discuss factors germane to
our business. See in particular our reports on Forms 10-K, 10-Q and
8-K subsequently filed from time to time with the SEC. All
forward-looking statements attributable to us are expressly qualified
in their entirety by these cautionary statements. 
Contact: 
Chris Benton 
Assistant Vice President of Finance and Capital Markets
ir@magnumhunterresources.com
(832) 203-4539 
 
 
Press spacebar to pause and continue. Press esc to stop.