Current State of Magnum Hunter

Starting this thread to post info related to Magnum Hunter and its various business components.  First post is Triad Hunter opening office in Marietta, Ohio.  Definately Magnum Hunter is spending in Monroe, Noble and Washington counties in Ohio as well as Tyler and other WV counties.

http://www.mariettatimes.com/page/content.detail/id/549789/Triad-op...

 

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Permalink Reply by Jim Litwinowicz on April 17, 2013 at 2:17am

John;

Permalink Reply by searcherone on April 16, 2013 at 4:00am

http://www.b2i.us/profiles/investor/ResLibraryView.asp?ResLibraryID...

 

Magnum Hunter's 1st quarter 2013 report;   one highlight 20 miles of pipeline right of way obtained in Monroe Co. Ohio;

Permalink Reply by T. Alexander on April 16, 2013 at 8:20am

Magnum's presentation at the IPAA conference today was quite bullish on its East Ohio play (as one would expect).  Two interesting things to me: (1) they are putting in three pipes in their ROW, one for oil, one for NGL, and one for dry gas; they say most companies aren't doing this...what are other companies doing? (2) they said that where the Marcellus and Utica overlap, they are preparing wellpads to drill eight wells in the Marcellus and eight wells in the Utica, for a total of 16 wells on one pad. The potential for unit landowners in such a scenario is pretty spectacular, wouldn't you say?

Permalink Reply by searcherone on April 16, 2013 at 12:21pm

T.

I just finished listening to the IPAA presentation;  interesting to me was 7,000 foot lateral with 30 fracts for the utica well they are just starting;  the Ormet well in Ohio TWP, Monroe Co. is almost pure wet gas in the marcellus;  the HBP acerage they have acquired gives them more time to decide what to do; 

Personally I am wondering if the landowners with Eureka ROW are getting paid for three lines installed or one?  Anyone want to share that?   Also in my opinion this overlap of marcellus/utica is going to make the Monroe, Noble, Washington Cos. play very different than the rest of the Ohio utica play.  Lucky are the landowners who will get both a utica and a marcellus well!  

Permalink Reply by T. Alexander on April 16, 2013 at 6:05pm

Searcher,

My parents acreage is in that overlap window of Noble County; I just told them about Magnum's intention to drill in both shale formations from the same wellpad and asked them to inquire about Antero's plans in that regard (they are meeting with Antero representatives on Thursday to discuss drilling plans in their area).

Your point about three lines in the ROW is a good one...are landowners benefiting from Magnum's approach?

Permalink Reply by T. Alexander on April 17, 2013 at 5:54am

Wow, Magnum Hunter just dropped like a rock today after dismissing their accountant (Price Waterhouse).

Permalink Reply by searcherone on April 17, 2013 at 6:06am

http://www.sec.gov/Archives/edgar/data/1335190/000110465913029840/a...

Here is the link to the SEC document; lots to digest here.

Permalink Reply by J.D on April 17, 2013 at 8:52am

searcherone,

So what was your take on the document? I didn't see anything that could be construed as positive.

Permalink Reply by T. Alexander on April 17, 2013 at 10:46am

Let's put it this way: even though Magnum has some potentially great acreage and has some of the most advanced rigs, the mess they have in their back room will be troubling to investors and landowners for some time.

Permalink Reply by searcherone on April 17, 2013 at 5:34pm

J.D  and T

I see nothing positive either, I do see the inability to set the tone of accountability which comes from the top.

If they held my lease I would be concerned about "division orders needing adequate legal support" and also their inability to adequately manage the lease and land records.

Do either of you think MH inherited some substandard record keeping when they purchased Triad (out of a bankruptcy situation)  and the purchase of Virco in 2012?

Permalink Reply by J.D on April 17, 2013 at 10:49pm
Virco was a complete cluster, and my experience with triad has me wondering who does their thinking for them.
Permalink Reply by searcherone on April 18, 2013 at 6:38am

J.D

Did you mean to say "cluster" as in the acerage of Virco was in a cluster as the map shows in Ritchie Co. WV?  Other Virco acerage seems to be fairly scattered.

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