Magnum Energy Touts Sedalia Sales Rate
Magnum Energy's current daily sales are 2.75 mmcfe/day. With the benefit of flush production rates the recent production has exceeded 3.0 mmcfe/day (500 boe/day) and the Company anticipate sales will be sustained above 2.4 mmcfe/day (400 boe/day) in the coming months prior to additional rate increases from pending operations.
This 129% increase in Sedalia daily sales rate is the result of the completion of seven of nine planned winter operations. The new sales rate also represents a 227% increase from prior to the Sedalia acquisition. To date, Magnum has re-completed five existing wells with fracture stimulations, re-entered one well to test a new zone and drilled and completed one new multi-zone gas well. Two existing wellbores remain to be fracture stimulated, tied in and placed on production. Magnum anticipates completing its total winter program by early April.
The Company's newly upgraded 100% owned compression facilities at Sedalia are now operating at 40% of licensed capacity. Magnum is encouraged by the results of the recent program and plans on drilling between 4 and 6 new wells this summer with the objective of fully utilizing the remaining capacity at the Sedalia facilities.
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