The Company's proved reserves, which were disclosed in the Company's previously released December 31, 2012 reserve update, are not expected to change. Below is a detailed reserve breakdown.
Net Proved Reserves as of Year-End 2012 (SEC PRICING) -------------------------------------- Liquids Gas TotalCategory (MMBbls) (Bcf) (MMBoe) %PDP 20.8 102.9 38.0 52%PDNP 1.8 22.7 5.6 8%PUD 23.3 37.1 29.5 40% --------------------------------------Total Proved Reserves 45.9 162.7 73.1 100%
The Company will host a conference call at 10:30 AM (Central Time), Monday, March 18, 2013, to discuss the information set forth in this press release along with other matters.
To access the conference call, dial (866) 348-0480 (international dial-in use (706) 643-5340) and provide the access code #25535820 when prompted.
An audio recording of this conference call will be available on Tuesday, March 19, 2013, on the Company's website, www.magnumhunterresources.com, under 'Investors.' The audio recording will be available for 12 months.
Non-GAAP Financial Measures
Magnum Hunter defines Adjusted EBITDAX as earnings before (1) exploration expense, (2) depreciation, depletion and amortization expense, (3) non-recurring transaction and other expense, (4) impairments of oil and gas properties, (5) unrealized (gain) loss on derivatives, (6) (gain) loss on sale of assets, (7) interest expense and fees, (8) income tax benefit, (9) non-cash stock compensation expense and (10) non-recurring lease operating expense. Adjusted EBITDAX is not a measure of net income or cash flows as determined by GAAP.
Magnum Hunter defines recurring loss per common share as reported net loss attributable to common shareholders, plus non-recurring and non-cash items which include (1) exploration expense, (2) impairment of oil and gas properties, (3) non-cash stock compensation expense, (4) non-recurring and non-cash transaction and other expense, (5) unrealized (gain) loss on derivatives, (6) interest expense fees, (7) (gain) loss on sale of assets, (8) (gain) loss from sale of discontinued operations and (9) income from discontinued operations.
These non-GAAP financial measures should be considered in addition to, but not as a substitute for, measures for financial performance prepared in accordance with GAAP. We believe these non-GAAP financial measures to be important measures for evaluating the relative significance of our financial information used by equity analysts and investors.
About Magnum Hunter Resources Corporation
Magnum Hunter Resources Corporation and its 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.