By Tom Knox
Houston-based Magnum Hunter Resources Corp. (NYSE: MHR) thinks it could soon take the throne as owner of the most productive well in the Utica shale play. Magnum Hunter’s well is only the second in the Utica shale in West Virginia (Chevron Corp. (NYSE: CVX) drilled the first in Marshall County earlier this year). It’s located on the Steward-Winland pad in Tyler County, just east of Marietta. “We think this well is on the equivalent of (Rice Energy Inc.’s Bigfoot 9H) well,” Gary Evans, Magnum Hunter’s CEO, told CNBC host Jim Cramer June 2. “We’ll be fracking that well over the next 30 to 45 days.”
Evans shared more news, telling Cramer that the company expects to sell off $100 million in noncore assets later this month and another $100 million later this year, bringing its total noncore sales to $300 million this year. It sold $500 million last year and sold its Canada holdings for $67.5 million in April. Magnum Hunter is focusing on the Marcellus and Utica shale plays more than North Dakota because its Eureka Hunter subsidiary has pipeline there to easily move its product. It doesn’t in North Dakota.
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