Magnum Hunter enters Pearsall play

New play: Magnum Hunter enters Pearsall

Luke Johnson

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Luke Johnson

 08 August 2012 22:55 GMT

US explorer Magnum Hunter Resources staked its claimed in the emerging Pearsall shale play in South Texas, closing on new acreage and spudding its first well there.

Magnum Hunter said it bought 1885 net acres located in Atascosa County, Texas, for about $2.35 million, or about $1246 per acre. The deal brings its total holdings in the county to 5212 net acres.

The acreage has both Eagle Ford and Pearsall potential, including about 40 net Pearsall drilling locations assuming 750-foot spacing.

Magnum Hunter said it spud its first well on the new acreage on Saturday. It plans to drill vertically to the run logs and cores for a full formation evaluation on the Pearsall. The well will then be…

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