Midstream - Pipelines | Midstream - Transportation & Pipelines | Midstream - Gas Gathering
Eureka Hunter Hits Record 700,000 MMBtu/d Throughput
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Eureka Hunter Pipeline, LLC reported that throughput volumes on Eureka Hunter's gas gathering pipeline system located in West Virginia and Ohio, have now reached a new record high of over 700,000 MMBtu per day on Thursday, July 2, 2015.
The Company recently announced its intention to pursue the sale of 100% of its equity ownership interest in Eureka Hunter pursuant to a Current Report on Form 8-K filed by the Company with the Securities and Exchange Commission on June 25, 2015. Based upon current market conditions, the Company believes that a sale of all of its equity interest in Eureka Hunter could generate up to approximately $600 - $700 million in gross cash proceeds to Magnum Hunter.
Mr. Gary C. Evans, Chairman of the Board and Chief Executive Officer of Magnum Hunter and Eureka Hunter, commented, "The calculated risks and subsequent capital resources that were deployed over the last year into Eureka Hunter to build out the interconnects (now nine) with the various pipelines located within our area of operation, are proving to be a wise decision. Based upon management projections derived from producer volumes expected for the remainder of 2015, we are anticipating throughput volumes approaching 1.0 Bcf per day on Eureka Hunter by year-end. We believe the continued dramatic growth in throughput volumes will enable us to receive an optimal price from potential suitors."
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