Houston company to spend $260M in shale plays

YOUNGSTOWN — Magnum Hunter Resources, a Houston-based company, plans to spend $260 million in the Marcellus and Utica shale plays next year.

Magnum Hunter today announced the investment was part of its approved $400 million capital expenditure budget for the 2014 fiscal year, which includes the acquisition of mineral leases.

“Our ability to grow both production and reserves at the highest internal rate of return within our existing asset base, undoubtedly lies in our acreage position located in the Utica and Marcellus Shale resource plays,” Gary C. Evans, Magnum Hunter chairman of the board and CEO, said in a statement.

“Therefore, this region will be allocated the largest portion of our 2014 capital expenditure budget,” he said.

Most of the company’s drilling capital will be concentrated in its combined 180,000 mineral acres in Ohio and West Virginia.

Magnum Hunter Resources is an independent company focused on acquisition, development and production of crude oil, natural gas and natural-gas liquids, mostly in Ohio, West Virginia, Kentucky and North Dakota.