Magnum Hunter Beats on Revenues

From Yahoo!InPlay:

Magnum Hunter reports EPS in-line, beats on revs; provides early Q1 production figures: Reports Q4 (Dec) adj. loss of $0.05 per share, in-line with the Capital IQ Consensus Estimate consensus of ($0.05); revenues rose 404% year/year to $49.1 mln vs the $46.27 mln consensus.

Average daily production increased 547% for the three months ended December 31, 2011 to 9,124 barrels of oil equivalent per day (37% oil/liquids) as compared to the 1,410 Boepd reported for the three months ended December 31, 2010.

The daily production rate in Q4 represents a 73% increase over the production rate of 5,270 Boepd reported during Q3, demonstrating success from the co's organic drilling programs in each of its operating regions. The co had a year-end 2011 exit rate in excess of 12,500 Boepd.

The co averaged ~13,000 Boepd for the month of January 2012 and is currently producing above 13,000 Boepd. The co expects to exit 2012 in excess of 16,000 Boepd, with ~55% of the production mix being oil/liquids. Average daily production for fiscal year 2011 was 5,510 Boepd (43% oil/liquids) which represents a 324% increase over the 1,301 Boepd reported for fiscal year 2010. This significant production increase is due primarily to the drilling and completion success achieved with new wells in each of the co's operating regions.