HOUSTON -- Magnum Hunter Resources Corporation announced today a $400 million capital expenditure budget for 2014, including approximately $260 million in the Utica Shale and Marcellus Shale plays,
According to EIN Newsdesk, the budget includes the acquisition of mineral leases in the Utica and Marcellus plays. The Company's development plan will be to further delineate its acreage in Monroe, Noble and Washington counties in Ohio and Tyler and Richie counties, West Virginia.
Magnum Hunter expects to operate two to three drilling rigs in Appalachia during 2014, and anticipates drilling approximately 23-25 gross horizontal wells, according to EIN.
Magnum Hunter is a Houston-based independent exploration and production company engaged in the acquisition, development and production of crude oil, natural gas and natural gas liquids, primarily in West Virginia, Ohio, Kentucky and North Dakota.