HOUSTON, TX -- (Marketwire) -- 12/20/12 -- Magnum Hunter Resources Corporation (NYSE: MHR) (NYSE MKT: MHR.PRC) (NYSE MKT: MHR.PRD) (NYSE MKT: MHR.PRE) (the "Company") announced today that it has begun flowing liquids-rich natural gas production to the Mobley gas processing plant located in Wetzel County, West Virginia and owned by MarkWest Energy Partners ("MarkWest"), via high pressure pipeline owned by our midstream subsidiary, Eureka Hunter Pipeline, LLC ("Eureka Hunter").
Eureka Hunter is supplying the Mobley processing plant, which is currently operating at approximately 60% utilization, with both Company-owned and third-party natural gas being produced predominately from the Marcellus Shale formation. On December 19, 2012 Eureka Hunter began flowing approximately 36 mmcfe/d directly to the Mobley Plant with plans to ramp up daily volumes to approximately 100 mmcfe/d over the next six weeks as additional production is brought online. Eureka Hunter and Triad Hunter have committed to approximately 95% of the 200 mmcfe/d capacity of this new gas processing plant beginning in April 2013. The ability to process Company-owned natural gas now provides a significant increase to the realized price of our liquids produced in this natural gas stream.
Magnum Hunter Management Comments
Mr. Don Kirkendall, Senior Vice President of the Company's midstream subsidiary, Eureka Hunter Pipeline, commented, "We have worked all year in preparation for this milestone event and are now finishing up low pressure gathering and compression facilities at our Carbide, WV site. While the start-up of the plant was behind schedule, we can now finally begin realizing the benefits of natural gas processing in this region. This also allows drilling efforts in northwest West Virginia by Magnum Hunter's wholly-owned subsidiary, Triad Hunter, as well as a number of other producers committed to our gathering system, to accelerate drilling and completion operations which have to-date been on hold. Separately, Eureka Hunter has completed the bore under the Ohio River and we will begin laying multiple pipelines in Ohio. Our new systems in Ohio will allow future Marcellus and Utica well gathering of gas and condensate in the state of Ohio."
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and subsidiaries are a Houston, Texas-based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in the states of West Virginia, Kentucky, Ohio, Texas and North Dakota, and Saskatchewan, Canada. The Company is presently active in five of the most prolific unconventional shale resource plays in North America, namely the Marcellus Shale, Utica Shale, Eagle Ford Shale, Pearsall Shale and Williston Basin/Bakken Shale.
For more information about Magnum Hunter, please visit www.magnumhunterresources.com.
Most Popular Stories
- Boehner Lashes Out Against Ted Cruz, Far Right
- Hawaii Official Who Release Obama Certificate Only Victim of Plane Crash
- Ford Plans New Cars, Jobs in 2014
- 'Rape Insurance' Bill Passes in Michigan
- Ted Cruz Coloring Book Selling Briskly
- Holiday Shopping Off to a Slow Start This Season
- Gold, Silver Slide on Prospects of Fed Exit
- Kim Jong Un's Uncle Executed
- Grizzly Bears Could Be Taken Off Endangered List
- TFA Recruiting DACA Recipients