Magnum Hunter Announces 3 Gulf of Mexico Discoveries
Magnum Hunter Resources has participated in three new field discoveries in the Gulf of Mexico. The Company estimates that when these new discoveries are placed on production later this year, the combined initial daily production rates should be approximately 36 million cubic feet of gross equivalent production ("MMcfe") or 12 MMcfe net to Magnum Hunter's interest.
The Main Pass 163 #3 discovery well encountered natural gas in four sands with approximately 70 feet of net pay. The well was tested in one sand below 9,000' at a daily production rate of over 11.5 MMcfe. Magnum Hunter is the operator and owns a 60% working interest in the well. The anticipated date of first production is scheduled sometime in the fourth quarter of 2003. Magnum Hunter also operates a development well with a 50% working interest in the Main Pass 263 lease block. This well is scheduled to be on production in the third quarter of this year.
The Vermilion 100 discovery was tested from two wells with a combined gross rate of over 17 MMcfe. Magnum Hunter owns a 40% working interest in this discovery and Remington Oil and Gas is the operator with a 60% working interest. The anticipated date of first production is scheduled sometime in the fourth quarter of 2003. Another discovery in the Vermilion 117 lease block is in the process of being completed. Magnum Hunter owns a 40% working interest in this lease block with initial production anticipated prior to year-end.
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