magnum hunter

Just a general post whilst we wait for an update from the Company.

And for those who are wondering who are Magnum Hunter...they are Petroesources re-badged. Note the additional wells tbe drilled on this field.

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HOUSTON, TX--(Marketwire - September 15, 2009) - Magnum Hunter Resources Corporation (NYSE Amex: MHR) (the "Company") announced today the execution of a definitive agreement to acquire an additional 37.5% working interest in the Company operated East Chalkley Field from an undisclosed private seller. The East Chalkley Field is located in Cameron Parish, Louisiana.

Magnum Hunter has an approximate 34.4% working interest covering approximately 714 gross mineral acres in the East Chalkley Field. Today's announced purchase will increase the Company's working interest to approximately 72%. Funding will be from the Company's existing cash. The effective date for this purchase will be July 1, 2009 with an anticipated closing date on or about October 15, 2009.

The Company operates the East Chalkley Field where the recent focus has been on developing and producing crude oil reserves bypassed earlier in the history of the field when the focus was on developing deep natural gas reserves. Currently, the East Chalkley Field is producing approximately 80 to 90 Barrels of Oil Equivalent ("BOEs") per day net to the Company's pre-purchase working interest. With the additional acquisition of the ownership interest announced today, the Company's net daily production from this field will increase to the new range of 170 to 190 BOEs per day.

Additionally, three new drill site locations have been identified within this field by the Company and its third party petroleum engineers. Magnum Hunter had approximately 93.0 MBOEs booked as net proved reserves in the East Chalkley Field as of June 30, 2009 (37% proved developed producing and 94% crude oil) and pro forma for the acquisition, there will be 258.5 MBOEs attributable to the East Chalkey Field.