Magnum Hunter Resources (MHR): Marcellus Shale Update

By Andrea: http://oilshalegas.com

Magnum Hunter Resources Corporation (MHR) announced this afternoon that the Supreme Court of British Columbia today issued a final order approving the acquisition by Magnum Hunter of NGAS Resources, Inc. in an all-stock transaction structured as a statutory arrangement under British Columbia law, where NGAS is organized. NGAS Resources' primary function is in the Appalachian Basin where Marcellus Shale can be found.

Additionally, the NGAS shareholders approved the acquisition of NGAS by Magnum Hunter on April 8, 2011. The transaction, which is subject to additional closing conditions, is expected to close tomorrow, April 13, 2011. Upon closing of the transaction, each outstanding common share of NGAS will be transferred to Magnum Hunter for the right to receive 0.0846 shares of Magnum Hunter common stock, and NGAS will become a wholly-owned subsidiary of Magnum Hunter.

For more shale updates, visit: http://blackberrystocks.blogspot.com

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Magnum Hunter Resources (MHR) approved for New York Stock Exchange (NYSE)

By Andrea: http://oilshalegas.com

Magnum Hunter Resources Corporation (Amex:MHR) announced today that shares of its Common Stock have been approved for listing on The New York Stock Exchange. The Common Stock will continue to trade under the ticker symbol "MHR". The Company's shares will begin trading on the NYSE sometime during the first ten trading days of January 2011.

Mr. Gary C. Evans, Chairman and Chief Executive Officer of Magnum Hunter Resources Corporation, commented, "As part of our business plan to improve the liquidity and exposure of our shares to the investment community here in the United States and worldwide, which includes both institutional and retail investors, we are pleased to announce this new milestone achievement by our Company. As the world's largest equity market, The New York Stock Exchange listing achieves that goal."

This is exciting news for Magnum Hunter Resources as it will increase the company's exposure and thus increase the sale of the stock.

For more shale updates, visit: http://blackberrystocks.blogspot.com

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Tyler County, WV: Marcellus Shale Update

By Andrea: http://oilshalegas.com

Magnum Hunter Resources Corp. (MHR) recently announced the completion of its first well drilled in the Marcellus Shale, located in Tyler County, West Virginia. The well is the Weese Hunter #1001.

Alpha Hunter Drilling, a wholly owned subsidiary of Magnum Hunter, spud the Weese Hunter #1001 in late July 2010 and reached vertical total depth of approximately 6,510 feet in mid August 2010. A third party drilling rig commenced the horizontal leg in mid September 2010 and reached a horizontal length of approximately 4,028 feet. Total measured depth for the Weese Hunter #1001 is approximately 10,388 feet. A twelve stage frac job was successfully completed in December. The Weese Hunter #1001 well recently tested at an initial production rate ("IP") of 7.0 MMcfe per day with flowing tubing pressures of 2350 psi on a 22/64 inch choke. The British Thermal Unit ("BTU") content of the well was measured at approximately 1,225. The Weese Hunter #1001 began producing yesterday into the recently completed Eureka Hunter pipeline system. The currently estimated economic ultimate recovery ("EUR") for the Weese Hunter #1001 is estimated by the Company's in-house reservoir engineers to be approximately 4 Bcfe. Magnum Hunter's wholly-owned subsidiary, Triad Hunter, LLC, is the operator of this well and owns a 100% working interest with a 84.3% net revenue interest.

For more shale updates, visit: http://blackberrystocks.blogspot.com

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