Magnum Hunter Spuds Monroe Country, Ohio Well
Magnum Hunter Resources Corporation announced Tuesday that it has spud its first well on the Stalder Pad site located in eastern Monroe County, Ohio. This pad has been designed and permitted to drill up to 18 gross wells (10 Marcellus and 8 Utica), and will be drilled using the Company's new Schramm T500XD robotic drilling rig. The first well drilled on this multi-well pad site will test the Marcellus formation and the second well on this pad will test the Utica formation. Triad Hunter, LLC, a wholly-owned subsidiary of the Company, is operating the well and owns a 50 percent working interest in this drilling unit. The development plan is to drill both Utica and Marcellus wells first, then fracture stimulate them, and subsequently test the wells sometime during the fourth quarter of 2013. The Company's midstream subsidiary, Eureka Hunter Pipeline, LLC, is currently laying a new 20" high pressure gas line to the Stalder Pad with first deliveries from this area anticipated in October of this year.
Gary C. Evans, chairman of the Board and chief executive officer of Magnum Hunter Resources, commented, "The eastern portion of Monroe County is an exciting region for us, especially due to our significant acreage position and the ability to exploit so many wells on just one drilling pad site targeting both the Marcellus and Utica formations. This will be our first well utilizing our new Schramm T500XD robotic drilling rig which should create significant savings on costs as well as time. As we continue to delineate our acreage position in southeast Ohio, we anticipate significant production growth coming from this region."
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