Magnum Hunter Resources (MHR) issued an operational update on the Eagle Ford Shale play in Texas. The company has approximately 51,664 gross acres prospective for this formation in Texas.
Magnum Hunter Resources reported that the Furrh #2H well produced at an initial rate of 1,270 barrels of oil equivalent (BOE) per day. The Furrh #2H well was drilled with a lateral of 5,945 feet and completed with a twenty stage hydraulic fracturing operation.
Magnum Hunter Resources reported that the Kudu Hunter #1H well produced at an initial rate of 1,590 BOE per day. The Kudu Hunter #1H well was drilled with a lateral of 5,751 feet and completed with a twenty stage hydraulic fracturing operation.
Magnum Hunter Resources has ten other Eagle Ford Shale wells in various stages of drilling or completion. These wells include the Snipe Hunter #1H, Hawg Hunter #1H, Leopard Hunter #1H, JP Ranch #1H, Gonzo North #2H, Southern Hunter #2H, Shiner Ranch #1H, Oryx Hunter #2H, Hippo Hunter #1H and Leopard Hunter.
The company plans to spend $75 million in capital in the Eagle Ford Shale in fiscal 2011. This budget will cover 16 gross or 8.4 net wells.
Magnum Hunter Resources is currently producing 9,500 BOE per day and expects to reach production of 10,000 BOE per day by the end of 2011.
