Magnum Hunter Resources Corporation announced today that the Company's first dry gas Utica Shale well, the Stalder #3UH located on the Stalder Pad (18 potential wells) in Monroe County, Ohio, was placed on production earlier this week and has recently tested at a peak rate of 32.5 MMCF of natural gas per day on an adjustable rate choke with 4,300 psi FCP. The well is still producing significant amounts of frac water at a current rate of 1,400 Bbls/d.
The well is continuing to clean up, and the Company believes that the actual gas sales rate will likely increase further over the next several days as this water production declines. The Stalder #3UH well was drilled and cased to a true vertical depth of 10,653 feet with a 5,050 foot horizontal lateral, and successfully fraced with 20 stages. Triad Hunter, LLC, a wholly-owned subsidiary of the Company, is the operator with a 47% working interest. Other non-operated partners include Eclipse Resources, Statoil and Northwood Energy Corporation.