Magnum Hunter Resources Corp. updated the company’s oil and gas exploration and development activities for the second quarter of 2010. The company reported strong sequential and year over year production growth.
Magnum Hunter Resources Corporation reported average daily production of 1,755 barrels of oil equivalent during the second quarter of 2010, compared to average production of 737 barrels of oil equivalent per day in the same quarter of 2009.
Magnum Hunter Resources Corporation also increased production sequentially from the first quarter of 2010, when the company reported average daily production of 1,374 barrels of oil equivalent per day. The company said that production in all three quarters was composed of approximately one-third natural gas, with the balance crude oil and natural gas liquids.
Magnum Hunter Resources Corporation attributed the strong increase in production to the acquisition of Triad Energy Corporation, which the company purchased in February 2010.
Magnum Hunter Resources Corporation recently completed the drilling of the company’s first well in the Eagle Ford Shale. The well is set to undergo completion operations in September 2010, with results expected before the end of the month. The company said that a second well would be spud shortly.
Magnum Hunter Resources Corporation is also active in Appalachian Basin, the Cinco Terry Field in Texas and the East Chalkley Field in Louisiana.
For more information on the company, go to www.magnumhunterresources.com
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