Magnum Hunter Resources Says Shale Well Results Are Significant, May Keep the Properties; Shares Rise 2% in Pre Market
Magnum Hunter Resources ( MHR ) says Rhino Hunter #1 well located in Lavaca County, Texas is producing approximately 2,033 barrels of oil per day.
The Zebra Hunter #1 is also located in Lavaca County, Texas and is producing approximately 1,995 barrels of oil per day and 898 mcf of natural gas (2,145 boe/d) on a 16/64" choke.
The CEO said in a statement that "our management and board may very well have second thoughts about our decision to possibly completely divest these properties at this time."
Share of MHR are up 2.12% to $3.86 in the pre-market session, near the low end of a 52-week range of $3.29 - $7.71.
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