18 Marcellus, Utica Wells to Be Drilled on Single Pad
HOUSTON -- Magnum Hunter Resources Corp. says it will drill 18 wells at from the Stalder pad site in eastern Monroe County, Ohio -- 10 in the Marcellus shale and eight in the deeper Utica shale formation.
The company said its first well drilled on this multi-well pad site will test the Marcellus formation and the second well will test the Utica formation. Triad Hunter LLC, a wholly-owned subsidiary, is operating the well and owns a 50% 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 during the fourth quarter.
"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,” said Gary C. Evans, chairman and CEO of Magnum Hunter Resources. “ 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."
Magnum Hunter Resources is an independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in West Virginia, Ohio, North Dakota, Kentucky, Texas and Saskatchewan, Canada. The company is active in the Marcellus, Utica and Williston Basin/Bakken shale plays.
Shares of Magnum Hunter are traded on the New York Stock Exchange. Last month the company reported 2012 total revenue of $271 million, a 138% increase compared to 2011.
Published by The Business Journal, Youngstown, Ohio.
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