Magnum Hunter Resources (MHR) announced the company’s capital budget for 2012. The company will spend a total of $200 million, including $150 million dedicated to the upstream segment.
Magnum Hunter Resources has allocated $70 million to the exploration and development of the Bakken and other formations in the Williston Basin. This level of expenditure represents 27.5% of the total capital budget for the year. The company is also evaluating other plays on its leasehold including the Three Forks, Sanish and Madison formations.
Magnum Hunter Resources estimates that this capital program will generate an annual production growth rate between 80% and 90% in 2012.