During the first quarter of 2014, Magnum Hunter Resources participated in the drilling of 4 gross (0.7 net) non-operated wells in the Bakken/Three Forks Sanish formations in North Dakota. At the end of the quarter, 4 gross (1.0 net) wells were drilling or waiting on fracture stimulation. Capital expenditures since the first of the year in the Bakken amounted to $11.6 million.

Across the company's portfolio, oil and gas production increased 102% for the quarter to 14,796 boe/d, compared to the same time period last year.

Magnum Hunter First Quarter Bakken Operations Update

Magnum Hunter Resources reported one operated one-mile lateral well was completed in the Middle Bakken formation, with an average initial production (IP) 24-hour rate of 223 boe/d at a 35% water cut. Four non-operated two-mile lateral wells were completed in the Middle Bakken formation, with an average IP 24-hour rate of 534 boe/d. One non-operated, three-mile lateral well, was completed in the Middle Bakken formation, with an average IP 24-hour rate of 949 Boe/d, and seven non-operated two-mile lateral wells were completed in the Three Forks Sanish formation with an average IP 24-hour rate of 544 boe/d.

Magnum Hunter Bakken Midstream Update

In May of 2014, Magnum Hunter revealed it will begin transporting oil from some of its non-operated wells in Divide County, North Dakota, through a third-party, to the Colt Hub in Epping, North Dakota. The company expects ~51 existing wells, combined with 18 wells scheduled under the 2014 drilling program, to be connected to the gathering system, which is slated to be fully operational by September 2014. A truck terminal will also be constructed and connected to the gathering system to minimize oil hauling costs from wells not connected to the gathering system.

Furthermore, ~125 gross wells have now been connected into the Oneok gas gathering system in North Dakota. The company estimates current net throughput volumes on this system at approximately 1,000 Mcf/d and 170 barrels of NGLs, or 340 boe/d.