SOURCE: Magnum Hunter Resources

Magnum Hunter Resources

January 07, 2014 07:00 ET

Eureka Hunter Announces Record Gas Gathering Throughput

HOUSTON, TX--(Marketwired - Jan 7, 2014) - Eureka Hunter Pipeline, LLC ("Eureka Hunter"), a majority-owned subsidiary of Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) ("Magnum Hunter" or the "Company"), announced today that throughput volumes on Eureka Hunter's gas gathering pipeline system located in West Virginia and Ohio have increased to approximately 166,500 MMBtu per day. During December 2013, Triad Hunter, LLC ("Triad"), a wholly-owned subsidiary of the Company, produced approximately 45% of the volumes that flowed through the Eureka Hunter Pipeline System. The Company expects Eureka Hunter to flow an additional 40,000 MMBtu per day of throughput volumes (approximately 206,500 MMBtu per day total) from Triad's new WVDNR and Ormet wells located in Wetzel County, West Virginia and Monroe County, Ohio, respectively. These new wells are scheduled to go online sometime over the next three to six weeks. In addition, based upon new Marcellus and Utica drilling schedules, the Company expects Eureka Hunter to add significant throughput volumes shipped from a combination of third parties and Triad throughout 2014.

                                                     
Eureka Hunter Pipeline   2012 Avg.   Jan-13   Feb-13   Mar-13   Apr-13   May-13   Jun-13   Jul-13   Aug-13   Sep-13   Oct-13   Nov-13   Dec-13
                                                     
High Pressure Reservation Volume (MMBtu/d)                                                    
Magnum Hunter   40,000   87,950   87,950   87,950   91,117   92,950   92,950   75,000   75,000   75,000   75,000   75,000   75,000
Third-Parties   6,667   35,000   35,000   35,000   47,000   47,000   47,000   88,000   88,000   88,000   88,000   88,000   88,000
Total   46,667   122,950   122,950   122,950   138,117   139,950   139,950   163,000   163,000   163,000   163,000   163,000   163,000
                                                     
High Pressure Throughput Volume (MMBtu/d)                                                    
Magnum Hunter   23,291   16,055   20,137   29,448   27,876   49,201   59,461   53,984   37,601   26,677   41,729   44,071   77,120
Third-Parties   -   23,688   29,194   35,167   35,180   37,161   38,691   54,426   51,147   26,787   49,965   58,825   82,350
Total   23,291   39,743   49,331   64,615   63,056   86,362   98,152   108,410   88,748*   53,464*   91,694*   102,896   159,470
                                                     

* Throughput drop was due to MarkWest Mobley Plant shut-in

About Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas-based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the States of West Virginia, Ohio, Kentucky, and North Dakota. The Company is presently active in three of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, and Williston Basin/Bakken Shale. 

Availability of Information on the Company's Website

Magnum Hunter is providing a reminder that it makes available on its website (at www.magnumhunterresources.com) a variety of information for investors, analysts and the media, including the following:

  • annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and any amendments to those reports as soon as reasonably practicable after the material is electronically filed with or furnished to the Securities and Exchange Commission;
  • the most recent version of the Company's Investor Presentation slide deck;
  • announcements of conference calls, webcasts, investor conferences, speeches and other events at which Company executives may discuss the Company and its business and archives or transcripts of such events;
  • press releases regarding annual and quarterly earnings, operational developments, legal developments and other matters; and
  • corporate governance information, including the Company's corporate governance guidelines, committee charters, code of conduct and other governance-related matters.

Magnum Hunter's goal is to maintain its website as the authoritative portal through which visitors can easily access current information about the Company. Over time, the Company intends for its website to become a primary channel for public dissemination of important information about the Company. Investors, analysts, media and other interested persons are encouraged to visit the Company's website frequently.

Certain information included on the Company's website constitutes forward-looking statements and is subject to the qualifications under the heading "Forward-Looking Statements" below and in the Company's Investor Presentation slide deck.

Forward-Looking Statements

This press release includes "forward-looking statements." All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. Although Magnum Hunter believes that the expectations reflected in the forward-looking statements are reasonable, Magnum Hunter can give no assurance that such expectations will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings made by Magnum Hunter with the Securities and Exchange Commission (SEC). Among the factors that could cause results to differ materially are those risks discussed in the periodic reports filed by Magnum Hunter with the SEC, including Magnum Hunter's Annual Report on Form 10-K for the fiscal year ended December 31, 2012 and its Quarterly Reports on Form 10-Q for the fiscal quarters ended after such fiscal year. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading "Risk Factors." Forward-looking statements speak only as of the date of the document in which they are contained, and Magnum Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.

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