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NEW YORK (AP) — Shares of Magnum Hunter Resources climbed more than 6 percent Friday as the company appeared to back away from plans to sell its Eagle Ford Shale properties in Texas after seeing results from two wells.
The oil and gas producer said that Rhino Hunter (hash)1 and Zebra Hunter (hash)1 in Texas — are its best producers since it started drilling operations in Eagle Ford in 2010. Chairman and CEO Gary Evans said that the company's net daily production in Eagle Ford is currently more than 4,100 barrels of oil equivalent a day.
The production levels, coupled with reserve additions from new wells, have all but forced the company to reconsider a sale that it had discussed as recently as last month.
Shares of Magnum Hunter Resources Corp. rose 23 cents, or 6.1 percent, to $4.01 in midday trading Friday. Over the past year, the shares have traded between $3.29 and $7.71.