Magnum Hunter Resources Corp. (NYSE: MHR) said Jan. 22 that total proved reserves in oil, natural gas and NGL increased by 25% at year-end 2014 over year-end 2013.
As of Dec. 31, 2014, there were 83.8 million barrels of oil equivalent (MMboe) vs. Dec. 31, 2013’s 67.3 MMboe. This was due to ongoing operations on about 80,000 leasehold acres in the Marcellus and about 125,000 in the Utica. Magnum Hunter plans to keep increasing proved reserves in the Utica.
About 266% of 2014 production was “successfully replaced” with “reserve additions through the drillbit.”
The present value of estimated future net cash flows increased by 22% to $909.3 million vs. the value in 2013, which was not disclosed.
At year-end 2014, about 90% of total proved reserves volumes came from work in Appalachian Basin, while work in the Williston Basin accounted for about 10%, the company said.
The total proved reserves estimates for year-end 2013 and year-end 2014 were prepared by petroleum engineering consultant Cawley Gillespie & Associates Inc.
Houston-based Magnum Hunter Resources Corp. explores and produces oil, natural gas and NGL in North America.
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