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Magnum Hunter reports total proved reserves of 75.9 MMBoe at year-end 2013


Published Jan 16, 2014
Magnum Hunter Resources Corporation

Magnum Hunter Resources Corporation announced a 23% increase in the quantity of the Company's estimated total proved oil and natural gas reserves at December 31, 2013, as compared to such reserves at December 31, 2012 (as adjusted for the Company's Eagle Ford divestiture described below). The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of year-end 2013, discounted at 10% ("PV-10"), also increased 22% or $168.7 million to $922.1 million, as compared to the PV-10 of such reserves at year-end 2012 (as adjusted for such divestiture).

Please note the Company's December 31, 2012 total proved reserves decreased from 73.1 million barrels of oil equivalent ("MMBoe") to 61.6 MMBoe as a result of the Company's Eagle Ford divestiture that was completed on April 24, 2013. The Company divested its ownership interests in approximately 19,000 net acres located in Gonzales and Lavaca Counties of South Texas in April 2013 for approximately $401 million (before purchase price adjustments).

Tags: Magnum Hunter Resources Corporation




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