IRVING, Texas, Jan. 10, 2018 /PRNewswire/ — Energy Hunter Resources, Inc., an exploration and production company headquartered in Irving, Texas (www.energyhunter.energy), announced today that the Gap Band #2H well located in Karnes County, Texas reached a peak 24-hour flow rate of 1,322 Boe per day from a 3,855 foot lateral drilled and completed in the Eagle Ford shale. The well is currently producing approximately 900 barrels of oil per day and 2,594 Mcf per day (approximately 68% liquids).
The Gap Band #2H well has been online since January 1, 2018 and is producing on a 18/64 choke. The Gap Band #2H 3,855 foot lateral was completed with 21 frac stages and placed approximately 2,990 pounds of sand per lateral foot.
Gary C. Evans, Chairman and Chief Executive Officer of Energy Hunter Resources said, “The Gap Band #2H is presently exceeding our initial type curve projections and is the first well of an ultimate seven well Eagle Ford drilling program. Our management team’s previous work experience in the Eagle Ford shale, combined with our strategic lease acreage position located in Karnes County, Texas, one of the top oil producing counties in the State of Texas by volume, all contributed to this initial success. We currently plan to drill two additional horizontal Eagle Ford wells and a minimum of two horizontal San Andres wells this calendar year.”
“Evans continued, “After nearly a three year downturn in the energy industry, we are finally starting to see our sector begin to recover and stabilize as commodity prices continue to improve. The combination of WTI oil now trading over $60 per barrel, our total drilling and completion costs for this first Eagle Ford shale well at $5.5 million, and utilizing our current estimated production curve, should generate an internal rate of return on this well exceeding 100%. We now plan to commence workover and drilling operations on our first San Andres property acquisition over the next few months. This 9,413 gross acreage position was acquired on December 4, 2017 and allows infill drilling of up to 45 new horizontal wells.”
About Energy Hunter Resources, Inc.
Energy Hunter Resources, Inc. is an independent oil company headquartered in Irving, Texas with a mission to own and operate properties within some of the most prolific resource plays in the United States. Focusing on the Permian Basin and the Eagle Ford shale regions, our aim is to create substantial shareholder value through a balanced program of acquisitions and low-risk development and exploitation opportunities utilizing horizontal drilling and fracture stimulation technology.
Energy Hunter Resources, Inc. can give no assurance that such expectations will prove to be correct. All forward-looking statements should be evaluated with the understanding of their inherent uncertainty. Factors that could cause the company’s actual results to differ materially from those expressed or implied by forward-looking statements include, but are not limited to: The success of the company’s exploration and development efforts; the price of oil, gas and other produced gasses and liquids; the worldwide economic situation; changes in interest rates or inflation; the ability of the company to transport gas, oil and other products; the ability of the company to raise additional capital, as it may be affected by current conditions in the stock market and competition in the oil and gas industry for risk capital; the company’s capital costs, which may be affected by delays or cost overruns; cost of production; environmental and other regulations, as the same presently exist or may later be amended; the company’s ability to identify, finance and integrate any future acquisitions; and the volatility of the company’s stock price. You are urged to carefully review and consider the cautionary statements and other disclosures. Forward-looking statements speak only as of the date of the document in which they are contained, and Energy Hunter does not undertake any duty to update any forward-looking statements except as may be required by law.
Energy Hunter Resources, Inc. has filed an offering statement on Form 1-A relating to its securities with the Securities and Exchange Commission but it has not yet become qualified. You may obtain a copy of the most recent version of the offering statement containing the preliminary offering circular with the following link: https://www.sec.gov/cgi-bin/browse-edgar?company=Energy+Hunter+Resources&owner=exclude&action=getcompany. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. No money or other consideration is being solicited at this time with respect to such an offering, and if sent in response to these materials for such an offering, it will not be accepted. No securities may be sold, and no offer to buy securities can be accepted and no part of the purchase price can be received for an offering under Regulation A, until an offering statement is qualified by the U.S. Securities and Exchange Commission, and any such offer may be withdrawn or revoked, without obligation or commitment of any kind, at any time before notice of its acceptance given after the qualification date. An indication of interest made by a prospective investor in a Regulation A offering is non-binding and involves no obligation or commitment of any kind.
SOURCE Energy Hunter Resources, Inc.