Exploration & Production | Operational Updates
Magnum Hunter Ramps Up Proved Reserves by 63%
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Magnum Hunter Resources Corporation reported a 63% increase in the quantity of the Company's estimated total proved oil and gas reserves at December 31, 2012 as compared to December 31, 2011. The present value of estimated future cash flows, before income taxes, of the Company's estimated total proved reserves as of year-end 2012, discounted at 10% (PV-10), also increased 59% to $981.2 Million as compared to one year ago.
Magnum Hunter's total proved reserves increased by 28.2 million barrels of oil equivalent (Boe) to 73.1 million Boe (62.9% crude oil and ngls; 52% proved developed producing) at December 31, 2012 as compared to 44.9 million Boe (48% crude oil and ngls; 51% proved developed producing) at December 31, 2011. The Company's reserve life (R/P ratio) based on current production…
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