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Magnum Hunter Says May Have ‘Second Thoughts’ on Eagle Ford Sale

Dec. 28 (Bloomberg) -- Magnum Hunter Resources Corp. said it may have “second thoughts” about selling assets in the Eagle Ford shale after getting results from two wells.

The Rhino Hunter No. 1 and Zebra Hunter No. 1 wells, both in Lavaca County, Texas, “are by far our best producers since we initiated drilling operations in this play in 2010,” Gary Evans, chairman and chief executive officer of Magnum Hunter, said in a statement today.

“With these consistent results, and the significant reserve additions we are seeing from new wells that are now exceeding 500,000 barrels of oil equivalent per well, our management and board may very well have second thoughts about our decision to possibly completely divest these properties at this time,” Evans said.

The CEO said last month that the company was shopping the assets and may have “some sort of understanding” on a sale of its 26,000 acres in the Eagle Ford by the end of the year.

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To contact the editor responsible for this story: Tina Davis at tinadavis@bloomberg.net

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