UPDATE: Magnum Hunter Resources Adds 3% - Says Shale Well Results Are Significant, May Keep the Properties
Magnum Hunter Resources ( MHR ) is now up 3.17% to $3.90, adding to pre-market gains after the company reported its 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."
Shares are trading at the lower end of the 52-week range of $3.29 - $7.71.
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