Magnum Hunter Resources (MHR) reported its earnings for the fourth quarter of 2010 and updated its activities in several onshore United States oil and gas basins, including the Eagle Ford Shale in Texas.
Magnum Hunter Resources has established a 2011 capital budget of approximately $150 million, of which $65 million has been allocated to drill seven net wells into the Eagle Ford Shale.
Magnum Hunter Resources has 48,159 gross, or 23,704 net acres exposed to the Eagle Ford Shale. The acreage is distributed as follows:
Gonzales County - 34,876 gross, 16,740 net acres
Fayette and Lee Counties - 7,890 gross, 3,764 net acres
Atascosa County - 5,393 gross, 3,200 net acres
Magnum Hunter Resources is currently drilling two wells in Gonzales County, and has two wells waiting to be completed.
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