Magnum Hunter Resources (MHR) disclosed information on one of its Eagle Ford Shale prospects located in Texas.
The Peach Creek prospect is located in Gonzales County, Texas, and comprises 18,500 gross acres. Magnum Hunter Resources believes that it has 48 possible well locations on its acreage here, and spud its first well in June 2010.
Magnum Hunter Resources estimates that its completed well costs here will range from $5.25 - $6.0 million, and have an estimated ultimate recovery (EUR) of 350,000 to 520,000 barrels oil equivalent (BOE). The company is looking for initial production rates from 700-1500 barrels of oil per day.